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By adding the foregoing optional provisions to its articles of incorporation, a social purpose corporation will look like the more prescriptive “benefit corporation” described above, and should qualify for certification by third party standards organizations like B Lab, a nonprofit corporation that has actively promoted socially and environmentally conscious corporate responsibility nationally. Section 101 of Act 177 of 1988 provided that the act shall be known and may be cited as the General Association Act of 1988.
Pages: 992
Publisher: Sweet & Maxwell; 7th edition (June 26, 2003)
ISBN: 0421788100
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No person shall exercise or attempt to exercise any rights, privileges, immunities, powers, franchises, or authority under the articles of a domestic corporation after such articles have been canceled or after such corporation has been dissolved or after the period of existence of the corporation specified in its articles has expired, except such acts as are incident to the winding up of the affairs of such corporation, or are required to obtain reinstatement of the articles in accordance with section 1701.07, 1701.921, 1785.06, or 5733.22 of the Revised Code, or are permitted upon reinstatement by division (C) of section 1701.922 of the Revised Code. (A) Except as provided in sections 1701.01 to 1701.98, inclusive, of the Revised Code, the provisions of said sections shall apply only to domestic corporations, and except as otherwise provided in this section, the provisions of said sections shall apply to all domestic corporations, whether formed under said sections or under previous laws of this state. (B) Special provisions in the Revised Code for the organization, conduct, or government of designated classes of corporations shall govern to the exclusion of sections 1701.01 to 1701.98, inclusive, of the Revised Code, on the same subject, except where it clearly appears that a special provision is cumulative, in which case it and the provisions of said sections on the same subject shall apply. (C) A corporation created before September 1, 1851, which (1) has expressly elected to be governed by the laws passed since that date, (2) subsequent to that date has taken such action under laws then in effect as to make it subject, as a matter of law, to the Constitution of 1851 and laws passed thereunder, or (3) subsequent to October 1, 1955, takes any action under sections 1701.01 to 1701.98, inclusive, of the Revised Code, or any of them, which but for said sections it would not be authorized to take, shall be deemed to be a corporation exercising its corporate privileges under the Constitution of this state and the laws passed in pursuance thereof, and not otherwise. (D) A corporation created before September 1, 1851, and actually carrying on its activities in this state, and which prior to October 11, 1955, has not taken action described in division (C) of this section, may accept the provisions of sections 1701.01 to 1701.98, inclusive, of the Revised Code, at a meeting of shareholders held for such purpose, by a resolution to that effect adopted by the affirmative vote of the holders of shares entitling them to exercise a majority of the voting power of the corporation on such proposal, and by filing in the office of the secretary of state a copy of said resolution certified by the president or a vice-president and the secretary or an assistant secretary of the corporation, for which filing the secretary of state shall charge and collect a fee of five dollars Company Law (Longman Law read for free http://ban61.wanhuabanye.com/library/company-law-longman-law-series.
Where the corporation is to have more than one class of shares, consider how many classes of shares the corporation should have and what will be the attributes of each class. For example, if the client's goal is simply to income split with a spouse and two children, then the corporation could have one class of common shares and Class A, B and C non-voting, redeemable (at stated capital) shares with the Class A shares going to the spouse, the Class B shares going to the first child and the Class C shares going to the second child Corporate and Partnership read online
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http://www.cmevolutionplast.com/library/international-business-law-journal-revue-de-droit-des-affaires-internationales-2014-bound-volume. The subject matter is now contained in Article XXIV of Act 284 of 1921. Section 5103 is referred to in sections 102, 511, 1103, 5725, 5734, 5751, 5752, 5903 of this title. 2013 Amendment. Section 5104 was deleted by amendment July 9, 2013, P. L.476, No.67, effective in 60 days. A member of a nonprofit corporation shall not have any right to claim the right to valuation and payment of the fair value of his membership interest or shares because of any proposed plan or amendment authorized under any provision of this subpart, or to obtain, in the absence of fraud or fundamental unfairness, an injunction against the plan or amendment. (a) General rule.--Except as provided in subsection (b), this title and its amendments are intended to provide uniform rules for the governance and regulation of the affairs of nonprofit corporations and of their officers, directors and members and of members of other bodies, regardless of the date or manner of incorporation or qualification, or of the issuance of any evidences of membership in or shares of a nonprofit corporation. (1) Unless expressly provided otherwise in any amendment to this title, the amendment shall take effect only prospectively. (2) Any existing corporation lawfully using a name or, as a part of its name, a word that could not be used as or included in the name of a corporation subsequently incorporated or qualified under this title may continue to use the name or word as part of its name if the use or inclusion of the word or name was lawful when first adopted by the corporation in this Commonwealth. (3) Subsection (a) shall not adversely affect the rights specifically provided for or saved in this subpart, including, without limiting the generality of the foregoing, the provisions of section 363 (relating to approval of division). (4) Nothing in this title shall be deemed to repeal or supersede any provision in section 7 of the act of April 26, 1855 (P , e.g. New Jersey Employment Law 2015 read for free
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http://natachavan.com/freebooks/tolleys-purchase-and-sale-of-a-private-companys-shares-a-summary-of-tax-considerations-for. Private FGCs, even those in which the federal government appoints directors, are not so constrained. {270} Thus, creating a private corporation with a source of funding not only creates a program that can be protected from future Congresses, it also creates one with special means of advancing its own interests. For example, when the Reagan administration indicated that it was considering making Fannie Mae fully independent, {271} Fannie Mae established a political action committee to oppose the Reagan administration initiatives. {272} It also took out more than $100,000 worth of newspaper advertisements to "raise housing as an issue in this election year." Duke University School of Law publishes a detailed and useful study guide to the UCC. Materials on the UCC available in the Law Library include: Uniform Commercial Code, James J Bromberg & Ribstein on LLP, RUPA, and ULPA, 2014 Edition
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