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AR SB421
Bill
Status
3/21/2017
Primary Sponsor
Jason Rapert
Click for details
AI Summary
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Amends Arkansas Code § 4-27-1620 to replace the term "mail" with "furnish" when describing how corporations must deliver annual financial statements to shareholders within 120 days after the close of each fiscal year.
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Permits corporations to satisfy the annual financial statement requirement by sending statements to a shareholder's last known address by mail, electronic mail, or facsimile transmission if the shareholder has provided an appropriate address for notices.
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Allows corporations with outstanding securities registered under § 12 of the Securities Exchange Act of 1934 to comply with federal SEC regulations (17 C.F.R. § 240.14a-16 and § 240.14a-3(b)) as they existed on January 1, 2017 to satisfy the state financial statement requirement.
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Approved on March 21, 2017.
Legislative Description
To Amend The Arkansas Business Corporation Act Of 1987; And To Authorize Corporations Under Certain Circumstances To Provide Annual Financial Statements To Shareholders By Electronic Mail.
Last Action
Notification that SB421 is now Act 553
3/21/2017