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Senate Bill 0450


 

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Senate Bill 0450

ARCHIVE (2009)

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DIGEST OF SB450 (Updated April 29, 2009 1:15 pm - DI 84)

Business corporation law. Makes changes and additions to business corporation law provisions concerning: (1) requirements for, effective dates of, and corrections of documents; (2) appealing a refusal of a filing of a document; (3) definitions; (4) notice requirements; (5) corporate names; (6) terms and conditions of rights, options, and warrants for the purchase of shares or other securities; (7) meetings of shareholders; (8) record dates for determining shareholders entitled to demand a special meeting; (9) terms of office of directors; (10) effective date of a notice of resignation; (11) actions taken by boards of directors without a meeting; (12) standards of conduct for directors; (13) conversion; (14) bylaws; (15) merger or share exchange; (16) disposition of assets; (17) dissenters' rights; and (18) actions taken by consent. Defines: (1) "beneficial owner"; (2) "delivery"; (3) "derivative instrument"; (4) "electronic transmission"; and (4) "sign". Establishes a presumption that the terms of members of a board of directors will be staggered. Repeals a provision that requires a corporation to report to shareholders an indemnification or advance of expenses to a director and the issuance of shares for promissory notes or for promises to render services. Makes changes to the law concerning businesses operating under an assumed name.
    Current Status:
     Law Enacted
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