FL S0554

Renames the "Florida Not For Profit Corporation Act" to the "Florida Nonprofit Corporation Act" and makes comprehensive revisions to chapter 617, F.S., governing nonprofit corporations

Establishes new procedures for derivative proceedings, allowing directors, officers, or members to commence legal actions in the right of a corporation under specified circumstances with court oversight for settlements and dismissals

Creates detailed standards of conduct for directors and officers, including conflict of interest transaction rules, qualified director definitions, and provisions limiting personal liability for volunteer directors and officers

Revises merger procedures to allow parent entities holding at least 80% voting power to merge subsidiaries without separate board or member approval, and specifies required contents for articles of merger

Updates provisions for foreign corporations operating in Florida, including certificate of authority requirements, registered agent duties, grounds for revocation, and reinstatement procedures after revocation