COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
LR No.: 1411-01
Bill No.: Perfected SB 394
Subject: Secretary of State: Business and Commerce
Type: Original
Date: March 18, 2003
FISCAL SUMMARY
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on General Revenue Fund |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on Other State Funds |
$0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 4 pages.
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Local Government | $0 | $0 | $0 |
ASSUMPTION
Officials of the Office of Secretary of State- Corporations Division assume no fiscal impact.
Officials of the Office of Attorney General assume no fiscal impact.
Officials of the Department of Labor and Industrial Relations assume no fiscal impact.
Officials of the Department of Insurance assume no fiscal impact.
| FISCAL IMPACT - State Government | FY 2004
(10 Mo.) |
FY 2005 | FY 2006 |
| $0 | $0 | $0 |
| FISCAL IMPACT - Local Government | FY 2004
(10 Mo.) |
FY 2005 | FY 2006 |
| $0 | $0 | $0 |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
This act allows a signature on any document filed with the Secretary of State under Chapter 351 RSMo, to be done by a facsimile, conformed signature or electronically transmitted signature.
A corporation may by including a provision in its articles of incorporation allow creditors the right to vote, inspect records or any other rights that a shareholder possesses.
The Board of Directors by resolution may authorize officers of a corporation to designate individuals within the corporation or its subsidiaries to receive stock options in some situations.
Notice of postponement of a shareholders meeting no longer must precede the date originally set for the meeting.
A class or series of stockholders may elect directors in accordance with the article of incorporation, provided the articles of incorporation allow such an election. When vacancies occur in such directorships, a majority of the then existing directors of such class, classes or series may fill the vacancy.
A corporation in its articles or incorporation or by action of its Board of Directors may waive in advance opportunities the corporation might be entitled under the corporate opportunity doctrine.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.
SOURCES OF INFORMATION
Office of Secretary of State- Corporations
Office of Attorney General
Department of Insurance
Department of Labor and Industrial Relations
NOT RESPONDING
None
Mickey Wilson, CPA
Director
March 18, 2003