Senate Bill 1356 signed by the governor May 19 and effective August 8 enacted the Business Entities Competitive Omnibus Act which among other things modifies the corporation statute relating to corporate actions, proxies, remote communications, shareholder agreements and standards of conduct and liability for directors and officers. The application for authority to transact business by a foreign corporation no longer will require par value of shares, and a foreign corporation qualified after January 1, 1996 shall amend its application for authority for a change to its corporate name, duration, state of incorporation or if a statement in the application for authority was inaccurate when made.
May 25, 2016