Bill Text: MS SB2408 | 2011 | Regular Session | Enrolled

Mississippi Senate Bill 2408 (Prior Session Legislation)

Bill Title: Corporate charters; provide for automatic statutory extension.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2011-03-14 - Approved by Governor [SB2408 Detail]

Download: Mississippi-2011-SB2408-Enrolled.html

MISSISSIPPI LEGISLATURE

2011 Regular Session

To: Business and Financial Institutions

By: Senator(s) Hopson

Senate Bill 2408

(As Sent to Governor)

AN ACT TO AMEND SECTION 79-1-1, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE STATUTORY AUTOMATIC EXTENSION OF CORPORATE CHARTER FOR CERTAIN CORPORATIONS UNDER CERTAIN CIRCUMSTANCES; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 79-1-1, Mississippi Code of 1972, is amended as follows:

79-1-1. (1) (a) If a business corporation was created (i) for a limited period of existence, and (ii) before April 18, 1988, the life of the business corporation shall be perpetual if the business corporation continues to do business for thirty (30) days after the effective date of this act.

(b) If a nonprofit corporation was created (i) for a limited period of existence, and (ii) before January 1, 1988, the life of the nonprofit corporation shall be perpetual if the nonprofit corporation continues to do business for thirty (30) days after the effective date of this act.

(2) If * * * a business or nonprofit corporation * * * (a) has a limited period of existence that expired before the effective date of this act, and (b) the business or nonprofit corporation * * * continues to do business for thirty (30) days after the effective date of this act, * * * the * * * life of that corporation * * * shall be perpetual. The corporation's charter and articles of incorporation shall be deemed to have been automatically amended before the end of the limited period of existence to state that the corporation's life shall be perpetual. No further action on the part of the corporation is necessary to execute the provisions of this subsection. * * *