[§420D-4] Termination of sustainable business corporation status.

115 words·~1 min read·/hi/420d-4

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A sustainable business corporation may terminate its status as such and cease to be subject to this chapter by amending its articles to delete the 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 plan of merger, consolidation, division, or share exchange would have the effect of terminating the status of a business corporation as a sustainable business corporation, the plan shall not be effective unless it is adopted by at least the minimum status vote. [L 2011, c 209, pt of §1]