Bill > H816

This bill aims to revise Massachusetts corporate charter revocation laws. It amends the state's General Laws to add several key provisions: 1) Prohibits individuals who have previously served as directors or officers of a corporation found to have exceeded or abused its legal authority from serving as directors of other corporations. 2) Allows any citizen or shareholder to initiate proceedings to revoke a corporation's charter if the corporation has continued to exceed or abuse its legal authority, based on evidence of at least three criminal felonies within a 10-year period resulting in convictions, guilty pleas, or deferred prosecution agreements with payment over $1 million. 3) Allows the state Secretary to revoke the certificate of authority for a foreign corporation authorized to do business in Massachusetts if the corporation has continued to exceed or abuse its legal authority, using the same criteria from the citizen-initiated proceedings. 4) Establishes a new section allowing any Massachusetts citizen to sue in superior court to revoke the certificate of authority for a foreign corporation doing business in the state if it has continued to exceed or abuse its legal authority.

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https://malegislature.gov/Bills/190/H816