Text: HF00439 Text: HF00441 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. NEW SECTION. 504A.30A REINCORPORATION. 1 2 The trustees, directors, or members of a corporation 1 3 organized under this chapter, or a predecessor chapter, may 1 4 reincorporate the corporation, and all the property and rights 1 5 of the corporation shall vest in the corporation as 1 6 reincorporated. When the term of incorporation of a 1 7 corporation organized or existing under this chapter or under 1 8 a predecessor chapter, has expired, but the organization has 1 9 continued to act as a corporation, the trustees, directors, or 1 10 members of the original corporation may reincorporate, and the 1 11 property rights of the original corporation shall vest in the 1 12 reincorporation for the use and benefit of the original 1 13 corporation. The corporation shall reincorporate in the same 1 14 manner as though voluntarily electing to adopt the provisions 1 15 of this chapter in accordance with section 504A.100. 1 16 Sec. 2. Section 504A.100, subsection 13, Code 1995, is 1 17 amended to read as follows: 1 18 13. Corporations existing under chapter 504 shall be 1 19 subject to this chapter on July 1, 1990, except that the 1 20 corporations shall be subject to sections 504A.8 and 504A.83 1 21 on January 1,19951997. A corporate existence of a 1 22 corporation that is not in compliance on the records of the 1 23 secretary of state with sections 504A.8 and 504A.83 on June 1 24 30,19951997, is terminated, effective July 1,19951997. A 1 25 corporation whose existence is terminated pursuant to this 1 26 subsection may be reinstated. When the reinstatement is 1 27 effective, it relates back to and takes effect as of the 1 28 effective date of the termination of its corporate existence 1 29 as if such termination had never occurred. The secretary of 1 30 state shall adopt rules governing the reinstatement of a 1 31 corporation pursuant to this subsection. 1 32 Sec. 3. RETROACTIVE APPLICABILITY. Section 1 of this Act 1 33 applies retroactively to July 1, 1990. 1 34 Sec. 4. EFFECTIVE DATE. This Act, being deemed of 1 35 immediate importance, takes effect upon enactment. 2 1 EXPLANATION 2 2 This bill amends chapter 504A which applies to nonprofit 2 3 corporations. The bill provides that the trustees, directors, 2 4 or members of a corporation organized under the chapter may 2 5 reincorporate the corporation. Upon reincorporation, the 2 6 property and rights for the corporation vest in the 2 7 corporation as reincorporated. The reincorporation may be by 2 8 a corporation which was organized under a predecessor chapter, 2 9 and whose term of incorporation has expired. The corporation 2 10 must reincorporate in the same manner as though voluntarily 2 11 electing to adopt the provisions of chapter 504A. This bill 2 12 also allows corporations organized under chapter 504 two 2 13 additional years to reorganize under chapter 504A which 2 14 includes having a registered office and agent and filing an 2 15 annual report. Failure to comply by January 1, 1997, will 2 16 cause the corporate existence to terminate. Reinstatement of 2 17 a terminated corporate charter is also provided. 2 18 The bill applies retroactively to July 1, 1990, and takes 2 19 effect upon enactment. 2 20 LSB 1927HV 76 2 21 da/jj/8
Text: HF00439 Text: HF00441 Text: HF00400 - HF00499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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