HB2060 Changes provisions of corporation law relating to directors' personal liability.
Sponsor: May, Brian H. (108) Effective Date:00/00/0000
CoSponsor: LR Number: 4529L.01I
Last Action: COMMITTEE: JUDICIARY
03/07/2000 - Public Hearing Held (H)
HB2060
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 HB2060 Copyright(c)
* Introduced

Available Bill Text for HB2060
* Introduced *

BILL SUMMARIES

INTRODUCED

HB 2060 -- Corporations

Sponsor:  May (108)

This bill modifies statutes relating to corporations by allowing
the articles of incorporation to set forth a provision limiting
the personal liability of a director to the corporation or its
shareholders.  The provision may not limit the director's
liability for a breach of the director's duty of loyalty to the
corporation, for acts of intentional misconduct, for knowingly
paying a dividend in violation of law, or for any transaction
from which the director derived an improper personal benefit.
The articles of incorporation may include provisions concerning
the indemnification of a director, officer, or employee of the
corporation when that person has been successful on the merits
in defending an action related to the fact that the person was a
director, officer, employee of the corporation.  The bill also
prohibits a person from being admitted to vote on any shares
belonging to the corporation which issued the shares.  In
addition, a corporation is authorized to pay cash equal to the
value of a fractional share.


redbar

Missouri House of Representatives' Home Page
Last Updated October 5, 2000 at 11:35 am