GALLAGHER & KENNEDY SHAREHOLDER LEADS EFFORT TO PASS
SENATE BILL 1353: ARIZONA ENTITY RESTRUCTURING ACT (AERA)
PHOENIX, Ariz. (May 7, 2014) – The law firm of Gallagher & Kennedy has announced that shareholder Terence W. Thompson’s work as co-chair of the Mergers and Conversion Committee of the Business Law Section of the State Bar of Arizona has led to the recent passage of Senate Bill 1353, the Arizona Entity Restructuring Act (AERA). Senate Bill 1353 was signed into law by Arizona Governor Janice Brewer on April 23, 2014 and will go into effect in late 2014.
The legislation provides a more streamlined legal framework for businesses undergoing mergers, acquisitions, conversions and other types of changes to the entity. Under AERA, various entity-level transactions will be made easier, more accessible and may be completed in a more timely manner. In some cases, transactions may be completed in one step instead of multiple steps.
Mr. Thompson began work with the State Bar of Arizona’s committee to write SB1353 in April 2010. At Gallagher & Kennedy, Mr. Thompson focuses his practice in all aspects of business law and transactions, including corporate business acquisitions and financings and public-private projects. He has been consistently listed in Southwest Super Lawyers®, The Best Lawyers in America® and AZ Business Magazine’s Top Lawyers list. He earned his J.D. from Harvard University and his B.A. from the University of Arizona.