SB197 - Modifies Internal Governing Procedures of Certain Corporations
SB 0197 Modifies Internal Governing Procedures of Certain Corporations
LR Number:S0800.02T Fiscal Note:0800-02
Committee:Financial and Governmental Operations
Last Action:07/07/97 - Signed by Governor Journal page:
Effective Date:August 28, 1997
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Current Bill Summary

SB 197 - The act revises Chapter 351, RSMo, relating to the organization and powers of corporations. It modifies voting requirements to provide that holders of a class of stock are required to vote on an amendment to the articles of incorporation only if the amendment would adversely affect those holders. A merger or consolidation would not be considered an amendment to the articles. A corporation which has a provisional director appointed by circuit court because the directors were deadlocked, may be judicially dissolved pursuant to Section 351.494, RSMo (which provides for dissolution for a variety of reasons, including deadlock).