SB 123 – Modifies provisions relating to corporate stock issuance and sales of corporate assets and allows not-for-profit corporations to apply for reinstatement after forfeiture for failing to file an annual report

• Sponsor: Bartle
• LR Number: 0582L.05C
• Committee: Judiciary and Civil & Criminal Jurisprudence
• Last Action: 5/13/2005 - H Calendar S Bills for Third Reading w/HCS#2
• Title: HCS#2 SB 123
• Effective Date: August 28, 2005
• House Handler: Byrd

Current Bill Summary

HCS#2/SCS/SB 123 - The act allows a corporation to specify that classes or series of its stock will be uncertificated shares. Corporations must, upon request, furnish to holders of uncertificated shares information regarding the voting powers, designations, and preferences, as well as relative, participating, optional, or other special rights of each class of stock.

If a corporation is administratively dissolved for failure to file an annual registration report and the Secretary of State determines that the failure was due to military service, the substitute authorizes the Secretary of State to waive the reinstatement fees and other associated penalties, cancel the certificate of dissolution, prepare a certificate of reinstatement, and provide a copy to the corporation.

ANDY LYSKOWSKI