US Laws, Codes, Statutes & Cases

 
  § 1321. Exemption from certain provisions.
    (a)    Notwithstanding  any other provision of this chapter, a foreign
  corporation conducting activities in  this  state  which  is  authorized
  under this article, its directors, officers and members, shall be exempt
  from  the  provisions  of  paragraph  (e)  of section 1317 (Voting trust
  records), subparagraph (a) (1) of section 1318 (Liabilities of directors
  and officers of foreign  corporations),  and  subparagraph  (a)  (2)  of
  section  1320 (Applicability of other provisions) if when such provision
  would otherwise apply:
    (1)  The corporation is a Type A corporation under this  chapter;  its
  principal  activities are conducted outside this state; the greater part
  of its property is located outside this state; and less than  one  third
  of its members are residents of this state; or
    (2)    The corporation is a Type B corporation under this chapter; its
  principal activities are conducted outside this state; the greater  part
  of  its  property  is  located outside this state; and less than ten per
  cent of its annual revenues is derived from solicitation of funds within
  this state; or
    (3)  The corporation is a Type C corporation under this  chapter;  its
  principal  activities are conducted outside this state; the greater part
  of its property is located outside this state; and less than one half of
  its revenues for the preceding  three  fiscal  years,  or  such  portion
  thereof  as  the  foreign corporation was in existence, was derived from
  sources within this state.