House Bill 320 Summary

• Authorizes corporations to hold annual and special shareholder meetings solely by remote communication if the board of directors determines to do so, provided reasonable measures verify shareholder identity and enable participation.

• Permits nonprofit corporations to conduct all business electronically through designated email addresses, voting systems, and electronic ballots unless prohibited in articles of incorporation or bylaws.

• Allows mutual insurance company policyholders to participate in meetings remotely and enables boards to hold meetings entirely by remote communication with proper verification and participation safeguards.

• Exempts not-for-profit corporations formed before July 1, 1989, from the requirement to have at least one class of shares with unlimited voting rights.

• Effective upon enactment for meetings noticed after that date, with transitional provisions for remote meetings held under prior emergency executive orders.