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Bill > H3290


MA H3290

To revise Massachusetts corporate charter revocation


summary

Introduced
01/22/2019
In Committee
01/22/2019
Crossed Over
Passed
Dead
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)

bill text


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