90th General Assembly
Summary of SB1729
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Status
Senate Sponsors:

Short description: 
BUS CORP ACT-SHRHLDRS-OFFICERS                                             

Synopsis of Bill as introduced:
        Amends the Business Corporations Act of 1983. Changes the  number      
   of  members  of  the  board  of  directors  who may sit on a committee      
   created by the board from 2 or more  to  one  or  more.  Adds  to  the      
   existing  powers of a committee the authority to fix the pricing terms      
   or the designation and relative rights, preferences,  and  limitations      
   of  a series of shares with regard to the issuance or sale or contract      
   for sale of shares, within certain parameters set by the board, and to      
   fix the price of shares under an employee benefit plan.   Changes  the      
   requirement  to  allow  a  majority of disinterested directors to make      
   indemnification decisions regardless of whether they are a  quorum  of      
   all  directors.    Distinguishes  between  officers  and directors and      
   employees and agents in the  standard  applied  for  deciding  whether      
   indemnification  is  available.  Requires the corporation to report to      
   the  shareholders  of  indemnification  or  expense   advancement   to      
   directors, rather than to directors, officers, employees, or agents.        
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


 Full Text  Bill Status