MS SB2408

Business corporations created before April 18, 1988, with a limited period of existence automatically receive perpetual charter status if they continue doing business for 30 days after the act's effective date

Nonprofit corporations created before January 1, 1988, with a limited period of existence similarly receive automatic perpetual charter status under the same 30-day condition

Corporations whose limited existence periods have already expired will have their charters retroactively deemed to have been amended to perpetual status before the original expiration date

No additional action is required by affected corporations to receive the automatic charter extension

Corporations may still voluntarily amend their articles of incorporation after the act takes effect to establish a limited period of existence