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House Bill 1187


 

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House Bill 1187

ARCHIVE (2008)

Latest Information

 
DIGEST OF HB 1187 (Updated March 13, 2008 5:28 pm - DI 106)

Nonprofit corporations. Provides that notice given by a nonprofit corporation (corporation) is fair and reasonable if the corporation provides notice by: (1) communicating in person; (2) mail or other method of delivery; or (3) other electronic means capable of verification. Requires a corporation to maintain a notice in a record unless the notice was given orally. Establishes when notice is effective. Requires a corporation to retain ballots for a certain period. Establishes circumstances under which contracts or transactions that involve conflicting interests of members, directors, members of a designated body, or officers are not void or voidable. (Current law establishes the circumstances under which contracts or transactions that involve conflicting interests of directors are not void or voidable.) Amends provisions that restrict certain actions by committees of directors. Allows: (1) boards of directors; and (2) members present at a committee meeting; to appoint alternate members of a committee. Allows corporations to create or authorize the creation of advisory committees. Provides that a constituent of a business entity and the business entity are presumed to have agreed to conduct certain actions electronically unless conducting the actions electronically is prohibited by the governing documents of the business entity or an express statement by the business entity. Establishes certain guidelines for the use of electronic records or electronic signatures. Makes other changes and conforming amendments. Repeals a provision that is replaced concerning conflicting interest contracts or transactions.
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