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Specify Procedure Ratify Defective Corporate Actions

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

The act 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 this bill as enacted.)


Became Law


Bill Text

  • All Versions (7 )
    Date Bill Type Documents
    03/20/2020 Signed Act PDF
    03/14/2020 Final Act PDF
    03/03/2020 Rerevised PDF
    03/02/2020 Revised PDF
    02/12/2020 Reengrossed PDF
    02/10/2020 Engrossed PDF
    01/08/2020 Introduced PDF


Sponsor Type Legislators
Prime Sponsor

Rep. M. Snyder
Sen. P. Lee



Rep. S. Bird, Rep. T. Exum, Rep. T. Kraft-Tharp, Rep. S. Woodrow
Sen. B. Gardner

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details