HOUSE BILL 359

Sponsored By:

Delegate Frank

Entitled:

Corporations - Power to Transact Business and Make Gifts

Synopsis:

Altering the locations in which a corporation has the power to transact its business, carry on its operations, and exercise its powers; altering the power of a corporation to make gifts or contributions by repealing specified restrictions on the power and allowing gifts or contributions to be made in cash, other property, or stock or other securities of the corporation; and allowing a corporation to issue stock or other securities of the corporation without consideration of any kind under specified circumstances.

History by Legislative Date

House Action

1/30

First Reading Economic Matters

2/4

Hearing 2/19 at 1:00 p.m.

3/24

Favorable Report by Economic Matters

Favorable Report Adopted

Second Reading Passed

3/25

Third Reading Passed (128-1)

Senate Action

3/26

First Reading Judicial Proceedings

4/1

Hearing 4/7 at 1:00 p.m.

4/10

Unfavorable Report by Judicial Proceedings

Bill indexed under the following Subjects:

CORPORATIONS -see also- MERGERS; MUNICIPAL CORPORATIONS

GIFTS

SECURITIES

Bill affects the following Statutes:

Corporations and Associations

( 2-103 , 2-203 )

Documents:

Bill Text: First Reading (PDF), Third Reading (PDF), Enrolled

Fiscal Note: Available (PDF)

Amendments: None offered

Roll Call Vote (Legislative date is shown):

House

March 25, 1998: Third Reading Passed (128-1)