[§420D-3] Election of a domestic corporation to become a sustainable business corporation.
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/hi/420d-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
[§420D-3] Election of a domestic corporation to become a sustainable business corporation.
(a)A domestic corporation incorporated under chapter 414 may elect to become a sustainable business corporation under this chapter by including in its articles or amending its articles to include a statement that the corporation is a sustainable business corporation. An amendment pursuant to this subsection shall not be effective unless it is adopted by at least the minimum status vote.
(b)If a corporation that is not a sustainable business corporation is a party to a merger, consolidation, or division, or is the exchanging corporation in a share exchange, and the surviving, new, or any resulting corporation in the merger, consolidation, division, or share exchange is to be a sustainable business corporation, then the plan of merger, consolidation, division, or share exchange shall not be effective unless it is adopted by the corporation by at least the minimum status vote. [L 2011, c 209, pt of §1]