Legislative Session number- 81

Bill Name: SF2692

Relating to business organizations; modifying the procedure for proposing
amendments to shareholders, eliminating certain exemptions from the procedure;
requiring the disclosure of director interests to all voting and nonvoting
shareholders; consideration in the form of services to the corporation to be
considered fully paid upon authorization or approval of the issuance of the
shares; authorizing officers upon board authorization to fix the terms,
provisions and conditions of the rights to purchase; expanding the provision
providing for the nonapplication of the right to obtain payment upon merger;
clarifying the procedure for determination of eligibility for indemnification;
expanding certain plan approval requirements to plans of exchange; authorizing
managers of limited liability companies to fix the terms, provisions and
conditions of contribution allowance agreements upon board authorization;
requiring disclosure of governor interests to all voting and nonvoting members;
clarifying the procedure for determination of eligibility for indemnification
and expanding certain plan approval requirements to plans of exchange (mk)