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Legislative updates

Senate Bill 359, effective January 1, 2020, creates procedures whereby a corporation’s board of directors may ratify a defective corporate action. It also requires the filing of articles of validation under certain circumstances, and authorizes the circuit court to take certain actions regarding the determination of the validity of corporate actions or ratifications. A defective corporate action is defined as an action that, but for a failure of authorization, is within the corporation’s power to take and would have been within the corporation’s power to take at the time the corporation took the action; and an overissue.
Senate Bill 360, operative January 1, 2020, amends numerous provisions of the Nonprofit Corporations Act on issues including electronic transmissions and notice, shell corporations, bylaws, directors, committees, quorums, rights of members, mergers, and inspection of records.

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Other notices

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