HI SB893

Establishes conversion procedures allowing domestic nonprofit corporations to convert to foreign corporations and foreign corporations to convert to domestic nonprofit corporations, subject to approval by the board and members.

Requires a plan of conversion to specify the names of converting and converted entities, their organizational forms, and the state or country of incorporation, with provisions allowing abandonment before effectiveness.

Imposes a duty of loyalty on nonprofit corporation directors and officers, requiring them to act in a manner consistent with that duty in addition to existing fiduciary standards.

Prohibits directors with conflicts of interest from voting on transactions in which they have a direct or indirect interest, with approval requiring affirmative vote of disinterested directors or member authorization.

Increases the attorney general's review period for public benefit corporation dissolutions from twenty days to twenty business days before assets may be transferred.