Bill Summary for S 622 (2017-2018)

Summary date: 

Jun 14 2017

Bill Information:

View NCGA Bill Details2017-2018 Session
Senate Bill 622 (Public) Filed Tuesday, April 4, 2017
Intro. by Barringer, Newton.

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Bill summary

Senate committee substitute makes the following changes to the 1st edition.

Amends GS 55-2-02 to allow articles of incorporation to include a provision limiting or eliminating the duty of a director, officer, or any other person, to offer the corporation the right to have or participate in one or more specific classes or categories of business opportunities (was, in any business opportunities, or class or categories of business opportunities), before the pursuit or taking of the opportunity by the director, officer, or other person.

Amends GS 55-8-11 to provide that the compensation established under the statute of directors of a public corporation or of a corporation that so provides in its articles of incorporation (was, applicable only to compensation of directors established under the statute) is presumed to be fair to the corporation unless proven otherwise by a preponderance of the evidence. 

Correct a statutory cross-reference in GS 55-13-21(b)(1).

Amends GS 55-1-40 to clarify that the term mail, when used as a verb, means to deposit in the US mail with postage prepaid and a correct address.

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