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HB20-1013

Specify Procedure Ratify Defective Corporate Actions

Concerning the specification of procedures for the ratification of defective corporate actions.
Session:
2020 Regular Session
Subject:
Financial Services & Commerce
Bill Summary

The bill provides a statutory procedure for the ratification or validation of corporate actions that may not have been properly authorized and for shares that may not have been properly issued. The statutory ratification procedure supplements common-law ratification and is available only when the board of directors specifies the nature of the defective authorization. Prompt judicial review and validation of the ratification process is available when a listed person claims to be substantially and adversely affected by the ratification.


(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Under Consideration

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Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Rep. M. Snyder
Sen. P. Lee

Sponsor

Co-sponsor

Rep. S. Bird, Rep. T. Exum, Rep. T. Kraft-Tharp, Rep. S. Woodrow

Upcoming Schedule