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MS SB2699

Bill

Status

Failed

2/10/2011

Primary Sponsor

Joey Fillingane

Click for details

Origin

Senate

2011 Regular Session

AI Summary

SB 2699 Summary

  • Amends Mississippi's Business Corporation Act to modernize and align with the Model Business Corporation Act, affecting corporate governance, shareholder meetings, and administrative procedures.

  • Clarifies and expands electronic communication provisions by authorizing electronic transmission of notices, consents, and proxy appointments; permits remote participation in shareholder meetings with board authorization.

  • Revises director liability standards by clarifying the burden of proof and conduct standards, including provisions for sustained failure to provide oversight and receipt of unauthorized financial benefits.

  • Updates corporate name reservation, registered agent requirements, and merger/dissolution procedures; adds provisions for cancellation of reserved names and clarifies reinstatement procedures following administrative dissolution or revocation.

  • Modifies foreign corporation requirements, shareholder inspection rights, and financial statement delivery obligations; repeals reporting requirements for director indemnification and expense advances; establishes compliance with federal electronic signatures law.

Legislative Description

Model Business Corporation Act; amend to conform Mississippi Act to Uniform Act.

Last Action

Died In Committee

2/10/2011

Full Bill Text

No bill text available