HB 479 -- Missouri Corporate Governance Act

Sponsor:  Byrd

This bill creates the Missouri Corporate Governance Act, relating
to the regulation of securities in the state.  In its main
provisions, the bill:

(1)  Requires corporations with at least 25 Missouri investors to
have two independent directors on their board of directors before
their securities can be sold in Missouri;

(2)  Prohibits corporations with at least 25 Missouri investors
from making loans to their officers or directors;

(3)  Prohibits the destruction of any evidence or documents
relating to any securities investigation;

(4)  Provides that violations of the act are class A
misdemeanors, with fines up to $1 million; and

(5)  Authorizes the Commissioner of Securities to enforce the
act.

Missouri House of Representatives
Last Updated July 25, 2003 at 10:12 am