NC H649

Adds definition of "complaint" as a civil complaint filed in a derivative proceeding to G.S. 55-7-40.1.

Modifies the demand rejection process in G.S. 55-7-42 by requiring corporations to promptly provide written notice to shareholders that includes the reasons for rejection and identities of directors who approved the rejection.

Clarifies that a corporation's failure to respond to a demand does not constitute acceptance or compromise of the corporation's rights under derivative suit procedures.

Allows courts to approve settlement or discontinuance notices for public corporations through press release distribution with national distribution, in addition to other notification methods.

Extends the repose period in G.S. 55-7-48(2) to foreign corporations whose principal office is located in North Carolina.

Effective October 1, 2015 for demands made and complaints filed on or after that date.