HB1544 Changes permitted distributions for not-for-profit corporations formed to provide liability insurance for political subdivisions.
Sponsor: Smith, Philip (11) Effective Date:00/00/0000
CoSponsor: LR Number: 3678L.01T
Last Action: 06/27/2000 - Approved by Governor (G)
06/27/2000 - Delivered to Secretary of State
HB1544
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
ACTIONS HEARINGS CALENDAR
BILL SUMMARIES BILL TEXT
BILL SEARCH HOUSE HOME PAGE

Available Bill Summaries for HB1544 Copyright(c)
* Truly Agreed * Perfected * Committee * Introduced

Available Bill Text for HB1544
* Truly Agreed * Introduced *

BILL SUMMARIES

TRULY AGREED

HB 1544 -- NOT-FOR-PROFIT CORPORATIONS

This bill clarifies that a not-for-profit business entity formed
by 3 or more political subdivisions for the purpose of providing
liability insurance for the political subdivisions may
distribute dividends to the political subdivisions as long as a
surplus of funds remains in the business entity.


PERFECTED

HB 1544 -- NOT-FOR-PROFIT CORPORATIONS (Smith)

This bill clarifies that a not-for-profit business entity formed
by 3 or more political subdivisions for the purpose of providing
liability insurance for the political subdivisions may
distribute dividends to the political subdivisions as long as a
surplus of funds remains in the business entity.

FISCAL NOTE:  No impact on state funds.


COMMITTEE

HB 1544 -- NOT-FOR-PROFIT CORPORATIONS

SPONSOR:  Smith

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee
on Civil and Administrative Law by a vote of 18 to 0.

This bill clarifies that a not-for-profit business entity formed
by 3 or more political subdivisions for the purpose of providing
liability insurance for the political subdivisions may
distribute dividends to the political subdivisions as long as a
surplus of funds remains in the business entity.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that the bill is needed to clean up
an ambiguity created by legislation enacted last year.  The
statutes referred to in this section relate to political
subdivisions that form an entity for the purpose of self-
insuring.  The authority for such an entity to distribute
surplus contributions (back to the government entities) needs to
also appear in Chapter 355, governing not-for-profit
corporations.

Testifying for the bill were Representative Smith; and Missouri
Housing Authorities.

OPPONENTS:  There was no opposition voiced to the committee.

Richard Smreker, Legislative Analyst


INTRODUCED

HB 1544 -- Not-for-Profit Corporations

Sponsor:  Smith

This bill clarifies that a not-for-profit business entity formed
by 3 or more political subdivisions for the purpose of providing
liability insurance for the political subdivisions may
distribute dividends to the political subdivisions as long as a
surplus of funds remains in the business entity.


redbar

Missouri House of Representatives' Home Page
Last Updated October 5, 2000 at 11:33 am