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SF 1829 Senate Long Description

Modifying certain provisions regulating the organization, structure +and governance of business corporations, nonprofit corporations and +limited liability companies; defining or redefining certain terms; requiring +the signing by all shareholders of written actions; modifying the right +of shareholders to vote as a class or series on proposed amendments; +regulating the election of directors; providing for the effectiveness of +electronic communication of board meeting notices; filing of amendments to filed statements to be considered amendments of the articles of +incorporation; providing for action without a meeting by nonpublic corporations and +requiring notice to and specifying the liability of shareholders for notice of +written actions; expanding the actions allowing shareholder dissent, +regulating the right to obtain payment and modifying certain requirements for notice+ of dissent; expanding the definition of official capacity for +indemnification purposes; creating an exception to the requirement for shareholder +approval of asset transfers; regulating the conversion of corporations and +limited liability companies, specifying certain plan and articles +requirements and providing for the effect, effectiveness and abandonment of +conversions; providing for the effectiveness of electronic communication of +nonprofit corporation board meetings and authorizing electronic communication +of action ballots under certain conditions; modifying the right of owners of +outstanding membership interests of LLCs to class or series voting on amendments +to the articles of organization; expanding the right of dissenters to obtain+ payment for the fair value of membership interests and modifying certain +notice requirements; filing of amendments to company statements to be +considered amendments of the articles of organization; regulating the election +of governors and providing for the effectiveness of electronic +communication of board meeting notices; creating an exception to the requirement for +member approval of asset transfers (ra)