HB17-1200

HB17-1200 - Update Public Benefit Corporation Requirements

Passed/Signed into Law
Concerning modification of the laws regulating public benefit corporations, and, in connection therewith, making an appropriation.

The bill:

 

  • Authorizes a limited cooperative association to operate as a public benefit corporation;
  • Deletes the requirement that a public benefit corporation's entity name explicitly refer to its status as a public benefit corporation, and instead requires that before issuing shares of stock or disposing of treasury shares that are not required to be federally registered, the public benefit corporation must provide notice to the person to whom the stock is issued or who acquires the treasury shares that it is a public benefit corporation ( section 1 of the bill);
  • Subjects transactions to opt out of status as a public benefit corporation to the requirement to get shareholder approval ( section 2 );
  • Clarifies the requirements applicable to the filing of the annual public benefit report ( section 4 );
  • Clarifies that the existence of a provision of the public benefit corporation law does not of itself create an implication that a contrary or different rule of law is or would be applicable to an entity that is not a public benefit corporation ( section 5 ); and
  • Appropriates $30,488 from the department of state cash fund to the department of state for the implementation of the act.
    (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

     

Latest update: June 6, 2017
06/06/2017 - Governor Signed
05/02/2017 - Sent to the Governor
05/01/2017 - Signed by the President of the Senate
05/01/2017 - Signed by the Speaker of the House
04/19/2017 - Senate Third Reading Passed - No Amendments
04/18/2017 - Senate Second Reading Passed - No Amendments
04/13/2017 - Senate Committee on Appropriations Refer Unamended to Senate Committee of the Whole
04/10/2017 - Senate Committee on Business, Labor, & Technology Refer Unamended to Appropriations
04/05/2017 - Introduced In Senate - Assigned to Business, Labor, & Technology
04/03/2017 - House Third Reading Passed - No Amendments
03/31/2017 - House Second Reading Special Order - Passed with Amendments - Committee
03/31/2017 - House Committee on Appropriations Refer Amended to House Committee of the Whole
03/09/2017 - House Committee on Business Affairs and Labor Refer Unamended to Appropriations
02/22/2017 - Introduced In House - Assigned to Business Affairs and Labor