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Senate Bill 1518 |
Senate Author: Hancock |
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Effective: 9-1-17 |
House Sponsor: Oliveira |
Senate Bill 1518 amends the Business Organizations Code to revise and update provisions relating to for-profit corporations, nonprofit associations, real estate investment trusts, and corporation and association mergers and conversions. The bill, among other provisions, provides for uniformity in certain notice requirements, establishes certain filing fees for nonprofit associations and for-profit corporations, provides for the voting of jointly held ownership interests in a domestic entity, and sets out provisions regarding the authority for distributions by a for-profit corporation's board of directors. The bill revises provisions governing the proceedings involved in the ratification of defective corporate acts or shares and provisions relating to the members and management of nonprofit corporations. The bill provides for the perpetual duration of certain old domestic corporations.