COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
LR No.: 1411-10
Bill No.: Truly Agreed to and Finally Passed CCS for HCS for SB 394
Subject: Secretary of State: Business and Commerce
Type: Original
Date: June 2, 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 3 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 Department of Labor and Industrial Relations assume no fiscal impact.
Officials of the Department of Insurance assume no fiscal impact.
Officials of the Office of Attorney General assumed 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 bill makes several changes relating to business entities.
In its main provisions, the bill:
(1) Gives a shareholder with voting shares who objects to a merger or consolidation the right to an appraisal if the objection is filed prior to the meeting of shareholders;
(2) Allows a corporation to adopt a provision in its articles renouncing any interest in specified business opportunities;
(3) Establishes that the remedy available pursuant to Section 351.455, RSMo, will be the exclusive remedy (except in cases of fraud or lack of authorization for the transaction);
(4) Authorizes domestic general partnerships to merge or consolidate with other business entities and establishes a procedure for approving a merger or consolidation; and
(5) Establishes a procedure for approving a domestic limited partnership merger or consolidation.
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
Mickey Wilson, CPA
Director
June 2, 2003