Bill > H3290

This bill revises Massachusetts corporate charter revocation laws. It adds a provision prohibiting any person from serving as a director who has, within the past ten years, been a director or officer of a corporation that was found to exceed or abuse its legal authority. It also allows a citizen of the state or a shareholder to initiate a proceeding to revoke a corporation's charter if it has continued to exceed or abuse its legal authority, based on the corporation having committed at least three criminal felonies within a 10-year period. Additionally, the bill allows the Secretary of the Commonwealth to revoke the certificate of authority of a foreign corporation authorized to do business in the state if it has continued to exceed or abuse its legal authority, based on the same criteria. Finally, the bill creates a citizen action process for revoking the certificate of authority of a foreign corporation authorized to do business in the state on similar grounds.

Justice

https://malegislature.gov/Bills/191/H3290