SB 217 Allows remote participation in certain corporate shareholders' meetings and allows limited liability companies and limited partnerships to administratively cancel their respective documents of organization
Sponsor: Goodman
LR Number: 0997S.01T Fiscal Note: 0997-01
Committee: Small Business, Insurance and Industry
Last Action: 7/7/2009 - Signed by Governor Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2009
House Handler: Stevenson

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Current Bill Summary

SB 217 - Shareholders and proxyholders may participate and vote in shareholders meetings by remote communication if authorized by the board of directors. The corporation shall attempt to reasonably verify that each remote participant is an actual shareholder or proxyholder. Remote participants shall be provided an opportunity to read or hear the proceedings of the meeting substantially concurrently with the actual proceeding, vote, and otherwise participate in the meeting. When a remote participant votes or takes other action, a record of the vote or action shall be retained by the corporation.

The secretaries of limited liability companies and limited partnerships shall have the power to administratively cancel an articles of organization or certificate of limited partnership if the entities duration expires as stated in the articles or certificate. Secretaries also have the power to rescind the cancellation and reinstate the articles or certificate.

This act is similar to HB 481 (2009), HB 187 (2009), HB 235 (2009), and HB 475 (2009).