summary
Introduced
01/22/2019
01/22/2019
In Committee
01/22/2019
01/22/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
191st General Court
Bill Summary
Relative to the revocation of corporate charters. The Judiciary.
AI Summary
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.
Committee Categories
Justice
Sponsors (1)
Last Action
Accompanied a study order, see H5081 (on 11/12/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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State Bill Page | https://malegislature.gov/Bills/191/H3290 |
Bill | https://malegislature.gov/Bills/191/H3290.pdf |
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