North Carolina S267 amends the Business Corporations Act to revise share certificates, clarify emergency bylaws, and update derivative proceeding.

North Carolina S267 amends the Business Corporations Act by modifying the requirements for share certificates, ensuring they must state specific details and cannot be issued in bearer form. The bill also clarifies provisions for emergency bylaws, allowing the board of directors to adopt emergency bylaws that become effective during a defined emergency. Additionally, it updates derivative proceeding procedures, including the definition of a derivative proceeding and the conditions under which a proceeding can be dismissed.

North Carolina S267 amends the Business Corporations Act to revise share certificates, clarify emergency bylaws, and update derivative proceeding.

North Carolina S267 amends the Business Corporations Act by modifying the requirements for share certificates, ensuring they must state specific details and cannot be issued in bearer form. The bill also clarifies provisions for emergency bylaws, allowing the board of directors to adopt emergency bylaws that become effective during a defined emergency. Additionally, it updates derivative proceeding procedures, including the definition of a derivative proceeding and the conditions under which a proceeding can be dismissed.