Fiscal Note - SB 0197 - Modifies Internal Governing Procedures of Certain Corporations
L.R. NO. 0800-02
BILL NO. Truly Agreed To And Finally Passed SB 197
SUBJECT: Business and Commerce; Corporations
TYPE: Original
DATE: May 2, 1997
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
None $0 $0 $0
Total Estimated
Net Effect on All
State Funds $0 $0 $0
ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
None $0 $0 $0
Total Estimated
Net Effect on All
Federal Funds $0 $0 $0
ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
Local Government $0 $0 $0
FISCAL ANALYSIS
ASSUMPTION
Officials from the Office of the Secretary of State (SOS) assume the proposed
legislation would have no fiscal impact on their agency.
FISCAL IMPACT - State Government FY 1998 FY 1999 FY 2000
$0 $0 $0
FISCAL IMPACT - Local Government FY 1998 FY 1999 FY 2000
$0 $0 $0
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of
this proposal.
DESCRIPTION
The proposed legislation would make revisions to the organization and powers
of corporations. It would modify voting requirements to provide that holders
of a class of stock are required to vote on an amendment to the articles of
incorporation only if the amendment would adversely affect those holders. A
merger or consolidation would not be considered an amendment to the articles.
A corporation which has a provisional director appointed by circuit court
because the directors were deadlocked, may be judicially dissolved pursuant
to Section 351.494, RSMo.
This legislation is not federally mandated, would not duplicate any other
program and would not require additional capital improvements or rental
space.
SOURCES OF INFORMATION
Office of the Secretary of State
This Fiscal Note is not an official copy and should not be quoted or cited.