HB 678 -- CORPORATIONS

SPONSOR:  Byrd

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee on
Judiciary by a vote of 12 to 0.

This bill allows a corporation, through its articles of
incorporation or bylaws, to specify that classes or series of its
stock will be uncertificated shares.  Corporations must, upon
request, furnish to holders of uncertified shares information
regarding the voting powers, designations, and preferences, as
well as relative, participating, optional, or other special
rights of each class of stock.  If the remedy provided for in the
section outlining the rights of dissenting shareholders is
available with respect to a transaction, that remedy is the
exclusive remedy for the shareholder unless there is fraud or
lack of authorization for the transaction.

FISCAL NOTE:  No impact on state funds in FY 2006, FY 2007, and
FY 2008.

PROPONENTS:  Supporters say that the bill reflects the movement
toward issuing uncertificated shares and makes some necessary
technical changes.

Testifying for the bill were Representative Byrd; and Emerson
Electric.

OPPONENTS:  There was no opposition voiced to the committee.

Amy Woods, Senior Legislative Analyst

Missouri House of Representatives
93rd General Assembly, 1st Regular Session
Last Updated August 25, 2005 at 1:20 pm