SB0062. Securities and flexible purpose corporations.

Indiana General Assembly. 2012 Regular Session. Senate.

Introduced:
Jan 04, 2012
Last Action:
Jul 05, 2012
Bill Withdrawn
Official Source

State legislative information provided by LegiNation, Inc. and LegiScan, Inc. Some information also from Open States.

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History

Jan 04, 2012: Authored by Senator Long

Jan 04, 2012: First reading: referred to Committee on Rules and Legislative Procedure

Jan 17, 2012: Committee report: amended, reassigned to Committee on Commerce & Economic Development

Jan 17, 2012: Senator Long removed as first author

Jan 17, 2012: Senator Delph added as first author

Jan 26, 2012: Committee report: amend do pass, adopted

Jan 31, 2012: Bill Withdrawn

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Summary

Securities and flexible purpose corporations. Provides that the legislative council shall assign the following topics to an interim study committee in 2012: (1) The advisability of creating an exemption from Indiana''s securities laws for annual issues of securities whose aggregate value is less than approximately $1,000,000. (2) The advisability of providing for a form of business association, sometimes known as a flexible purpose corporation, which would allow the management of a profit seeking business to pursue an objective other than profit maximization without incurring liability for violation of the management''s fiduciary duty.