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



ESTIMATED NET EFFECT ON GENERAL REVENUE FUND
FUND AFFECTED FY 2004 FY 2005 FY 2006
Total Estimated

Net Effect on

General Revenue

Fund

$0 $0 $0



ESTIMATED NET EFFECT ON OTHER STATE FUNDS
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.











ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED FY 2004 FY 2005 FY 2006
Total Estimated

Net Effect on All

Federal Funds

$0 $0 $0



ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED FY 2004 FY 2005 FY 2006
Local Government $0 $0 $0




FISCAL ANALYSIS



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