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