Legislative Session number- 84

Bill Name: HF1043

HF 1043

FIRST ENGROSSMENT

Corporation law recodified.

ARTICLE 1 ¿ FINANCIAL
CORPORATIONS

Section 1: Financial corporation organization modified.
Sec. 2:
Business corporation act application specified.
Sec. 3: Bylaw adoption
provided.
Sec. 4: Filing certification by commissioner provided.
Sec. 5:
Certificates of incorporation provided with amendments and exceptions.
Sec. 6:
Restated certificates of incorporation provided.
Sec. 7: Repayment of capital
and surplus provided.
Sec. 8: Effect of transfer share books detailed.
Sec. 9:
Preemptive rights provided.
Sec. 10: Increase and reduction off capital
regulations modified.
Sec. 11: Board of directors specifications modified.
Sec.
12: Officer appointment and removal modified.
Sec. 13: Rights of dissenting
shareholders modified.
Sec. 14: Director specifications modified.
Sec. 15:
Savings bank officer requirements specified.
Sec. 16: ¿Articles¿ definition
modified.
Sec. 17: Chapter 300 corporation detailed.
Sec. 18: Technical
change.
Sec. 19: Perpetual duration granted for chapter 300 corporations.
Sec.
20: Statutory reference correction.
Sec. 21: Revisor¿s instruction.

ARTICLE
2 ¿ INSURANCE CORPORATIONS

Section 1: Incorporation procedure modified.
Sec.
2: Filing procedure modified.
Sec. 3: Certificate of authority required.
Sec.
4: Bylaws adoption manner specified.
Sec. 5: Certificate of incorporation
amendment procedure specified.
Sec. 6: Business corporation act application
specified.
Sec. 7: Conversion modified.
Sec. 8: Incorporation procedure
modified.
Sec. 9: Insurer dissolution modified.
Sec. 10: Life insurance
companies modified.
Sec. 11: Chapter scope modified.
Sec. 12: Business
corporation statutes applicability modified.
Sec. 13: Incorporation procedure
modified.
Sec. 14: Corporate existence renewal regulations provided.
Sec. 15:
Membership regulations provided.
Sec. 16: Casualty lines modified.
Sec. 17:
Special provisions relating to hail, tornado, and cyclone companies
provided.
Sec. 18: Revisor¿s instruction.
Sec. 19: Repealer.

ARTICLE 3 ¿
CONFORMING CHANGES

Sections 1-19: Technical and conforming changes and
statutory references added.
Sec. 20: Additional powers clarified.
Sec. 21:
Corporation definition modified.
Sec. 22: Law applicability modified.
Sec. 23:
Law application modified.
Sec. 24-26: Technical references added.

ARTICLE 4
¿ MISCELLANEOUS

Section 1: Repealer.
Sec. 2: Effective date.

AME
8-24-05