|SB 0463||Increases term of director for nonprofit corporation from five to six years|
|LR Number:||1573S.01T||Fiscal Note:||1573-01|
|Committee:||Pensions and General Laws|
|Last Action:||05/30/03 - Signed by Governor||Journal page:|
|Effective Date:||August 28, 2003|
SB 463 - Section 355.331 was amended by the General Assembly in SB 768 (1996) to increase the term of office for directors of nonprofit corporations from five to six years. The Missouri Supreme Court then found that bill to be in violation of the clear title requirement in the Constitution. Thus, the amendment to Section 355.331 was invalidated and the law went back to a term of five years for a director.
However, once SB 768 passed, the Revisor of Statutes amended
the section to show the term limit of directors to be six years
in the printed version of the Revised Statutes. This act makes a
substantive change in the law by increasing the term of office
for a director from five to six years.