mbca.docx
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mbca.docx
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mbca
MODELBUSINESSCORPORATIONACT-CHAPTER2-INCORPORATION
§2.01.Incorporators
§2.02.Articlesofincorporation
§2.03.Incorporation
§2.04.Liabilityforpre-incorporationtransactions
§2.05.Organizationofcorporation
§2.06.Bylaws
§2.07.Emergencybylaws
§2.01.INCORPORATORS
Oneormorepersonsmayactastheincorporatororincorporatorsofacorporationbydeliveringarticlesofincorporationtothesecretaryofstateforfiling.
OFFICIALCOMMENT
TheonlyfunctionsofincorporatorsundertheModelActare:
(1)tosignthearticlesofincorporation,
(2)todeliverthemforfilingwiththesecretaryofstate,and
(3)tocompletetheformationofthecorporationtotheextentsetforthinsection2.05.
Oneormore‘‘persons’’mayserveasincorporator;‘‘person’’isdefinedinsection1.40toincludebothindividualsandentities;‘‘entity’’isalsodefinedinthatsectiontoincludecorporations,unincorporatedassociations,partnerships,trusts,estates,andgovernments.TheModelActalsosimplifiestheformalitiesofexecutionandfiling.TherequirementinearlierversionsoftheModelActandinmanystatestatutesthatarticlesbeacknowledgedorverifiedhasbeeneliminated.Also,therequirementthat‘‘duplicateoriginals’’(eachbeingexecutedasanoriginaldocument)besubmittedhasbeenreplacedwiththerequirementthatasignedoriginalandan‘‘exactorconformed’’copybesubmitted.
§2.02.ARTICLESOFINCORPORATION
(a)Thearticlesofincorporationmustsetforth:
(1)acorporatenameforthecorporationthatsatisfiestherequirementsofsection4.01;
(2)thenumberofsharesthecorporationisauthorizedtoissue;
(3)thestreetaddressofthecorporation’sinitialregisteredofficeandthenameofitsinitialregisteredagentatthatoffice;and
(4)thenameandaddressofeachincorporator.
(b)Thearticlesofincorporationmaysetforth:
(1)thenamesandaddressesoftheindividualswhoaretoserveastheinitialdirectors;
(2)provisionsnotinconsistentwithlawregarding:
(i)thepurposeorpurposesforwhichthecorporationisorganized;
(ii)managingthebusinessandregulatingtheaffairsofthecorporation;
(iii)defining,limiting,andregulatingthepowersofthecorporation,itsboardofdirectors,andshareholders;
(iv)aparvalueforauthorizedsharesorclassesofshares;
(v)theimpositionofpersonalliabilityonshareholdersforthedebtsofthecorporationtoaspecifiedextentanduponspecifiedconditions;
(3)anyprovisionthatunderthisActisrequiredorpermittedtobesetforthinthebylaws;
(4)aprovisioneliminatingorlimitingtheliabilityofadirectortothecorporationoritsshareholdersformoneydamagesforanyactiontaken,oranyfailuretotakeanyaction,asadirector,exceptliabilityfor:
(A)theamountofafinancialbenefitreceivedbyadirectortowhichheisnotentitled;
(B)anintentionalinflictionofharmonthecorporationortheshareholders;
(C)aviolationofsection8.33;or
(D)anintentionalviolationofcriminallaw;and
(5)aprovisionpermittingormakingobligatoryindemnificationofadirectorforliability(asdefinedinsection8.50(5))toanypersonforanyactiontaken,oranyfailuretotakeanyaction,asadirector,exceptliabilityfor:
(A)receiptofafinancialbenefittowhichheisnotentitled,
(B)anintentionalinflictionofharmonthecorporationoritsshareholders,
(C)aviolationofsection8.33,or
(D)anintentionalviolationofcriminallaw.
(c)ThearticlesofincorporationneednotsetforthanyofthecorporatepowersenumeratedinthisAct.
(d)Provisionsofthearticlesofincorporationmaybemadedependentuponfactsobjectivelyascertainableoutsidethearticlesofincorporationinaccordancewithsection1.20(k).
OFFICIALCOMMENT
1.INTRODUCTION.Section2.02(a)setsforththeminimummandatoryrequirementsforallarticlesofincorporationwhilesection2.02(b)describesoptionalprovisionsthatmaybeincluded.AcorporationthatisformedsolelypursuanttothemandatoryrequirementswillgenerallyhavethebroadestpowersandleastrestrictionsonactivitiespermittedbytheModelAct.TheModelActthuspermitsthecreationofa‘‘standard’’corporationbyasimpleandeasilypreparedone-pagedocument.Noreferenceismadeinsection2.02(a)eithertotheperiodofdurationofthecorporationortoitspurposes.Acorporationformedundertheseprovisionswillautomaticallyhaveperpetualdurationundersection3.02
(1)unlessaspecialprovisionisincludedprovidingashorterperiod.Similarly,acorporationformedwithoutreferencetoapurposeclausewillautomaticallyhavethepurposeofengaginginanylawfulbusinessundersection3.01(a).Theoptionofprovidinganarrowerpurposeclauseisalsopreservedinsections2.02(b)
(2)and3.01,withtheeffectdescribedintheOfficialCommenttosection3.01.
2.REQUIREMENTS.Theonlyinformationrequiredinthearticlesofincorporationtoforma‘‘standard’’corporationis:
(1)Thename,whichmustmeettherequirementsofchapter4oftheModelAct.
(2)Thenumberofsharesthecorporationisauthorizedtoissue.Ifasingleclassofsharesisauthorized,onlythenumberofsharesauthorizedneedbedisclosed;ifmorethanoneclassofsharesisauthorized,however,boththenumberofauthorizedsharesofeachclassandadescriptionoftherightsofeachclassmustbeincluded.SeetheOfficialCommenttosections6.01and6.02.Itisunnecessarytospecifyparvalue,expectedminimumcapitalization,orcontemplatedissueprice.
(3)Thestreetaddressofthecorporation’sinitialregisteredofficeandthenameofitsinitialregisteredagent.Amailingaddressconsistingonlyofapostofficeboxisnotsufficient.
(4)Thenameandaddressofeachincorporator.
3.OPTIONALPROVISIONS.Section2.02(b)describesspecificoptionsthatmaybeelectedbythedraftsmanandcontainsgeneralauthorizationtoincludeotherprovisionsrelevanttotheauthorityofthecorporation,itsofficersandboardofdirectors,ortothemanagementofthecorporation’sinternalaffairs.Theseprovisionsinclude:
a.Initialdirectors.Undersection2.02(b)
(1)anelectionmaybemadetohavethecorporationorganizedbyapersonorpersonsotherthantheincorporators.SeetheOfficialCommenttosection2.03.Thesepersons,describedas‘‘initialdirectors,’’maybeeitherthepermanentdirectorsorinterimdirectorstobereplacedbytheshareholdersafterthecorporationisorganized.
b.Purposeclause.Undersection2.02(b)
(2)(i),thecorporationmayelectalimitedpurposeclauseorprovideforspecificpurposeswithoutlimitingthebroadpurposesprovidedinsection3.01.(Specificpurposesmaybeneeded,amongotherreasons,forqualificationincertaindomesticandforeignjurisdictionsandinordertoobtainlicenses.)
c.Duration.Nearlyeverycorporationtodayisformedwithperpetualduration,butacorporationmayelectashorterdurationundersection2.02(b)
(2)(iii).
d.Parvalue.Whileparvalueisnolongeramandatorystatutoryconcept,section2.02(b)
(2)(iv)permitstheinclusionofoptional‘‘parvalue’’provisionswithregardtoshares.Specialprovisionsmaygiveeffectormeaningto‘‘parvalue’’essentiallyasamatterofcontractbetweentheparties.Theseprovisions,whetherappearinginthearticlesorinotherdocuments,haveonlytheeffectanypermissiblecontractualprovisionhasintheabsenceofaprohibitionbystatute.Provisionsinthearticlesestablishinganoptionalparvaluemayalsobeofusetocorporationswhicharetobequalifiedinforeignjurisdictionsinthatfranchiseorothertaxesarecomputeduponthebasisofparvalue.
e.Shareholderliability.Thebasictenetofmoderncorporationlawisthatshareholdersarenotliableforthecorporation’sdebtsbyreasonoftheirstatusasshareholders.Section2.02(b)
(2)(v)neverthelesspermitsacorporationtoimposethatliabilityunderspecifiedcircumstancesifthatisdesirable.Ifnoprovisionofthistypeisincludedshareholdershavenoliabilityforcorporatedebtsexcepttotheextenttheybecomeliablebyreasonoftheirownconductoracts.
f.Corporatepowers.Section2.02(c)makesitunnecessarytosetforthanycorporatepowersinthearticles.Section3.02grantseverycorporationessentiallythesamepowerthatanindividualpossesseswithrespecttohisaffairs.Thisgrantofpower,however,maybeconsideredoverbroadforcertaincorporations;ifso,itmaybequalifiedornarrowedbyappropriateprovisionsinthearticles.
g.Miscellaneous.Undersection2.02(b)
(2)(ii)and(iii)thedraftsmanmayincludeanyprovisionnotinconsistentwithlawfor‘‘managingthebusinessandregulatingtheaffairsofthecorporation’’and‘‘defining,limiting,andregulatingthepowersofthecorporation,itsboardofdirectorsandshareholders.’’Thislanguageisdesignedtoallowthedraftsmantoplaceinthearticlesanynumberofmiscellaneousprovisionsthathebelievessufficientlyimportanttobeofpublicrecordorsubjecttoamendmentonlybytheprocessesapplicabletoamendmentsofarticlesofincorporation.Basically,theprocessofamendmentofarticlesofincorporationrequiresshareholderapproval,whilebylawstypicallymaybeamendedbytheboardofdirectorsactingalone,thoughinsomeinstancesthepowerofdirectorstoamendbylawsisrestricted.Provisionsrelatingtothebusinessoraffairsofthecorporationthatmaybeincludedinthearticlesmaybesubdividedintothreegeneralclasses:
(1)ProvisionsthatundertheModelActmaybeelectedonlybyspecificinclusioninthearticlesofincorporation.Alistoftheseprovisionsissetforthinpart4ofthisComment.
(2)ProvisionsthatundertheModelActmaybeelectedbyspecificinclusion
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