HCS#2 SB 123 -- CORPORATIONS

SPONSOR:  Bartle (Byrd)

COMMITTEE ACTION:  Voted "do pass" by the Committee on Judiciary
by a vote of 12 to 0.

This substitute allows a corporation, through its articles of
incorporation or bylaws, to specify that classes or series of its
stock will be uncertificated shares.  Corporations must, upon
request, furnish to holders of uncertified shares information
regarding the voting powers, designations, and preferences, as
well as relative, participating, optional, or other special
rights of each class of stock.  The substitute requires every
holder of stock represented by certificates to be entitled to
have a certificate, and every holder of uncertificated shares to
be entitled to receive a statement of holdings as evidence of
share ownership.

If a corporation is administratively dissolved for failure to
file an annual registration report and the Secretary of State
determines that the failure was due to military service, the
substitute authorizes the Secretary of State to waive the
reinstatement fees and other associated penalties, cancel the
certificate of dissolution, prepare a certificate of
reinstatement, and provide a copy to the corporation.

FISCAL NOTE:  No impact on state funds in FY 2006, FY 2007, and
FY 2008.

PROPONENTS:  Supporters say that corporations will be allowed to
specify that certain classes or series of its stock will be
uncertificated shares.

Testifying for the bill was Senator Bartle.

OPPONENTS:  There was no opposition voiced to the committee.

Amy Woods, Senior Legislative Analyst

Missouri House of Representatives
93rd General Assembly, 1st Regular Session
Last Updated August 25, 2005 at 1:21 pm