Bill Text: IN SB0062 | 2012 | Regular Session | Amended
Bill Title: Securities and flexible purpose corporations.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2012-07-05 - Bill Withdrawn [SB0062 Detail]
Download: Indiana-2012-SB0062-Amended.html
Citations Affected: Noncode.
Effective: July 1, 2012.
January 4, 2012, read first time and referred to Committee on Rules and Legislative
Procedure.
January 17, 2012, amended; reassigned to Committee on Commerce and Economic
Development.
January 26, 2012, amended, reported favorably _ Do Pass.
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in
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A BILL FOR AN ACT concerning the general assembly.
(1) The advisability of creating an exemption to Indiana's securities laws for issues of securities that do not exceed approximately one million dollars ($1,000,000) in aggregate annually and, if so, what additional statutory provisions would be necessary or advisable to facilitate this proposed exemption.
(2) The advisability of providing for a type of profit-seeking business association, sometimes referred to as a flexible purpose corporation, that would allow the business entity's management to pursue in addition an objective other than maximization of profits for its shareholders, partners, or members without incurring liability for violation of the management's fiduciary duty and, if so, what statutory provisions would be necessary or advisable to facilitate this
proposed form of business association.
(b) The legislative council may create separate study committees
to examine any of the topics described in subsection (a).
(c) This SECTION expires December 31, 2012.