House Bill 437

AN ACT TO CREATE THE "MISSISSIPPI BENEFIT CORPORATION ACT"; TO PROVIDE THAT A CORPORATION SUBJECT TO THE MISSISSIPPI BENEFIT CORPORATION ACT MAY BE SIMULTANEOUSLY SUBJECT TO THE MISSISSIPPI BUSINESS CORPORATION ACT AND THE MISSISSIPPI PROFESSIONAL CORPORATION ACT; TO PROVIDE CERTAIN DEFINITIONS; TO REQUIRE A BENEFIT CORPORATION TO BE INCORPORATED IN ACCORDANCE WITH THE MISSISSIPPI BUSINESS CORPORATION ACT; TO PROVIDE THAT A BUSINESS CORPORATION MAY ELECT TO BECOME A BENEFIT CORPORATION; TO PROVIDE THAT A BENEFIT CORPORATION MAY TERMINATE ITS BENEFIT CORPORATION STATUS; TO REQUIRE A BENEFIT CORPORATION TO HAVE A PURPOSE OF CREATING GENERAL PUBLIC BENEFIT; TO SPECIFY THE STANDARD OF CONDUCT FOR BENEFIT CORPORATION DIRECTORS; TO AUTHORIZE THE BOARD OF DIRECTORS OF A BENEFIT CORPORATION TO DESIGNATE A BENEFIT DIRECTOR; TO SPECIFY THE STANDARD OF CONDUCT FOR OFFICERS; TO AUTHORIZE A BENEFIT CORPORATION TO DESIGNATE A BENEFIT OFFICER; TO LIMIT THE LIABILITY OF BENEFIT CORPORATIONS FOR CERTAIN ACTIONS REGARDING ITS FAILURE TO PURSUE GENERAL PUBLIC BENEFIT; TO REQUIRE A BENEFIT CORPORATION TO PREPARE AN ANNUAL BENEFIT REPORT; TO REQUIRE A BENEFIT CORPORATION TO SEND ITS BENEFIT REPORT TO SHAREHOLDERS AND MAKE IT AVAILABLE ON ITS WEBSITE OR PROVIDE COPIES UPON REQUEST; TO BRING FORWARD SECTIONS 79-4-2.01, 79-4-2.02, 79-4-2.03, 79-4-2.04, 79-4-2.05, 79-4-2.06, 79-4-2.07, 79-4-3.01, 79-4-7.40, 79-4-7.48, 79-4-8.08, 79-4-8.09, 79-4-8.30, 79-4-8.41, 79-4-8.42 AND 79-10-19, MISSISSIPPI CODE OF 1972, FOR PURPOSES OF POSSIBLE AMENDMENT; TO AMEND SECTION 79-4-11.04, MISSISSIPPI CODE OF 1972, TO MAKE CERTAIN TECHNICAL AMENDMENTS; AND FOR RELATED PURPOSES.

In the House of Representatives

• Orlando Paden

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Jan 22 – Mar 5

1. Jan 22Referred to the House committees on Business and Commerce and on Appropriations A
2. Mar 5Died in committee in the House