COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
LR No.: 1148-02
Bill No.: SB 395
Subject: Corporations: Civil Procedures
Type: Original
Date: February 21, 2003
FISCAL SUMMARY
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on General Revenue Fund |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on Other State Funds |
$0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Local Government | $0 | $0 | $0 |
ASSUMPTION
Officials of the Office of Secretary of State- Corporations Division assume no fiscal impact.
Officials of the Office of Attorney General assume no fiscal impact.
Officials of the Department of Insurance assume no fiscal impact.
Officials of the Department of Labor and Industrial Relations assume no fiscal impact.
| FISCAL IMPACT - State Government | FY 2004
(10 Mo.) |
FY 2005 | FY 2006 |
| $0 | $0 | $0 |
| FISCAL IMPACT - Local Government | FY 2004
(10 Mo.) |
FY 2005 | FY 2006 |
| $0 | $0 | $0 |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
This act establishes that on a motion to dismiss for lack of applicability under Section 351.055(9) RSMo, the challenger must plead facts challenging such applicability with particularity, and on a motion for summary judgment the challenger has the burden of proving the provisions fail to apply.
An individual who is entitled to vote as a shareholder of a corporation which is a party to a merger or consolidation has the right to file an objection to such action prior to or at the merger or consolidation meeting and then seek appraisal for his stock. Further, when the remedy of appraisal is available under this section, it shall be the exclusive remedy of the shareholder except for in the case of fraud or lack of authorization for the transaction.
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 Secretary of State
Office of Attorney General
Department of Labor and Industrial Relations
Department of Insurance
Mickey Wilson, CPA
Director
February 21, 2003