COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
LR No.: 1573-01
Bill No.: Perfected SB 463
Subject: Secretary of State: Corporations, Directors
Type: Original
Date: April 3, 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 assumes no fiscal impact.
Oversight assumes no fiscal impact to political subdivisions.
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
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.
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.
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
Secretary of State
Mickey Wilson, CPA
Director
April 3, 2003