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House restores corporate domestication provision, clears bill for Senate
Summary
House Bill 74 reintroduces a provision allowing foreign corporations to file articles of domestication in Utah; sponsors said the change corrects an omission in the revised Business Corporation Act. The bill passed the House 65-0 and will be referred to the Senate.
House members unanimously passed House Bill 74, a bill to reestablish a procedure permitting foreign corporations to file articles of domestication in Utah.
Representative Nancy S. Lyon, sponsor, told the House the provision had been inadvertently omitted when the Business Corporation Act was revised and that restoring it would help economic development by allowing businesses to establish domicile in Utah, pay taxes here and be regulated under state law.
During floor questions, members asked whether the procedure had existed before the revision of the act. Lyon said the prior statute allowed domestication, and the revised Model Act had omitted that particular provision. Representative questions and sponsor responses clarified that the bill closes that gap and would facilitate companies, including some insurance firms, to become domiciled in the state.
The clerk reported a final tally of 65 yes votes and 0 no votes; the bill passed the House and will be transmitted to the Senate.
