Legislative Session number- 84

Bill Name: SF0767

1E Relating to corporations

ARTICLE 1 - FINANCIAL CORPORATIONS

Recodifying and
modernizing the provisions regulating the formation, structure and operation of
certain corporations; providing for the application of the business corporation
act; specifying certain requirements for the organization, boards of directors,
officers, powers, bylaws, statements, certificates of incorporation, capital
stock and shares of financial corporations; specifying certain preemptive rights
of shareholders; providing for the governance of corporations organized under
general provisions under the business corporation act; specifying certain
renumbering and cross reference change instructions to the revisor of statutes


ARTICLE 2 - INSURANCE CORPORATIONS

Modifying certain requirements for the
incorporation of domestic insurance corporations, specifying certain certificate
of incorporation and certificate of authority requirements, authorizing the
adoption of bylaws; regulating amendments to certificates of incorporation;
applying provisions of the business corporation act to domestic stock
corporations formed to carry on the business of insurance; eliminating the
effective date for the reorganization of mutual companies converting to stock
companies based on a certain filing date; providing for filing of dissolutions
by the commissioner of commerce with the secretary of state; authorizing certain
life insurance companies to indemnify persons serving as members of account
managing committees; expanding the scope of certain provisions regulating mutual
insurance companies and applying the business corporation act to the provisions,
expanding the definition of domestic mutual insurance company to mutual
insurance holding companies, specifying certain terms and exceptions; modifying
certain requirements for domestic mutual insurance company incorporation and for
renewal of corporate existence; separately defining members of mutual life
insurance companies; providing for proxies and membership interest; eliminating
the restriction on insurance against loss or damage for persons employed by the
insured; applying certain provisions to hail, tornado and cyclone companies;
specifying certain renumbering and cross reference change instructions to the
revisor of statutes; repealing certain existing provisions regulating mutual
insurance companies

ARTICLE 3 - CONFORMING CHANGES

Making conforming
amendments to certain provisions relating to state banks, trust companies,
savings banks or associations, stock or mutual life insurance companies, the
life and health guaranty association, township mutual companies, mutual
reinsurance or guaranty associations, direct purchase under eminent domain,
trunk highways, employee indemnification, telecommunications, development,
foreign and nonprofit corporations, limited liability companies (LLC), regional
railroad authorities and municipal power and gas agencies

ARTICLE 4 -
MISCELLANEOUS

Repealing the general corporate law
(ja)