Bill > SB325

This bill creates the Montana Business Corporation Act, which replaces the prior Montana corporation laws. The key provisions are: This bill creates a comprehensive new law governing business corporations in Montana, replacing the previous corporation statutes. It includes provisions on incorporation, corporate powers and operations, shareholders' rights and obligations, director and officer duties and liabilities, mergers and other reorganizations, dissolution, administrative dissolution, and requirements for foreign corporations doing business in Montana. The bill modernizes Montana's corporation laws to align with current national standards. Some important aspects include: - Streamlining incorporation, filing, and administrative processes with the Secretary of State - Updating shareholder rights and procedures, including voting, access to corporate records, and shareholder litigation - Clarifying directors' and officers' fiduciary duties and standards of conduct - Providing detailed procedures for mergers, share exchanges, domestications, and conversions - Establishing clear rules for voluntary and involuntary dissolution - Outlining requirements and processes for foreign corporations operating in Montana Overall, this bill is intended to create a more flexible, efficient, and comprehensive legal framework for businesses to incorporate and operate in Montana. The new law aligns Montana more closely with prevailing corporate governance practices nationwide.

Business and Industry

http://laws.leg.mt.gov/legprd/LAW0210W$BSIV.ActionQuery?P_BILL_NO1=325&P_BLTP_BILL_TYP_CD=SB&Z_ACTION=Find&P_SESS=20191