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| SPONSOR: | Burpo | DATE TYPED: | 02/26/01 | HB | 917 | ||
| SHORT TITLE: | Shareholder Voting Procedures | SB | |||||
| ANALYST: | Wilson | ||||||
| Recurring
or Non-Rec |
Fund
Affected | ||||
| FY01 | FY02 | FY01 | FY02 | ||
| NFI | |||||
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
Economic Development Department (EDD)
Public Regulation Commission (PRC)
SUMMARY
Synopsis of Bill
HB 917 allows corporations in existence prior to 1983 and listed on a national securities exchange on July 1, 2001 to lower voting requirements from a two-third majority to a simple majority upon adoption of a bylaws provisions by the board of directors. Once lowered the voting majority requirement can only be raised by submission to the shareholders.
ADMINISTRATIVE IMPLICATIONS
The PRC has indicated that the administrative impact to the PRC is insignificant.
DW/ar