Relating to business organizations.
What changed between versions
Restated certificates of formation for corporations and LLCs can now omit prior director information and update current director details without requiring shareholder or member approval.
Restated certificates for real estate investment trusts can update trust manager information without requiring shareholder approval.
New section clarifies that business courts have concurrent jurisdiction with district courts for cases covered by the Business Organizations Code.
New provision allows governing authorities to approve plans and agreements in substantially final form and ratify documents after initial approval but before filing.
Updated language in liability limitation sections to clarify that managerial officials can be held liable for breaches of duty of loyalty, bad faith acts, or intentional misconduct.
Filing fees for various corporate documents were updated, including certificate of formation fees for for-profit corporations ($300), nonprofit corporations ($25), and various amendment and registration fees.