Pete Lee
- Democratic
Primary
The act modifies the "Public Benefit Corporation Act of Colorado" as follows: Eliminates the requirement for approval of two-thirds of the outstanding shares to convert an existing corporation to a public benefit corporation (PBC) or an existing PBC into a non-PBC, thereby defaulting to the majority vote requirement applicable to other corporate conversions; Eliminates the application of appraisal rights for shareholders objecting to the conversion of a non-PBC to a PBC; Clarifies that a director's ownership of stock in a PBC does not inherently create a conflict of interest and specifies that, absent a conflict of interest, a director does not act in bad faith and does not breach a duty of loyalty if the director, in directing the business of the PBC, fails to satisfy a requirement to balance shareholder pecuniary interests, the best interests of those materially affected by the action, and the specific public benefit of the PBC; and Clarifies the requirements for actions to enforce the requirements imposed on directors to balance the interests of shareholders, those materially affected by the corporate action, and the public benefit of the PBC.(Note: This summary applies to this bill as enacted.)
Governor Signed
Sent to the Governor
Signed by the Speaker of the House
Signed by the President of the Senate
House Third Reading Passed - No Amendments
House Second Reading Special Order - Passed - No Amendments
House Committee on Business Affairs & Labor Refer Unamended to House Committee of the Whole
Introduced In House - Assigned to Business Affairs & Labor
Senate Third Reading Passed - No Amendments
Senate Second Reading Passed - No Amendments
Senate Committee on Business, Labor, & Technology Refer Unamended to Senate Committee of the Whole
Introduced In Senate - Assigned to Business, Labor, & Technology
| Bill Text Versions | Format |
|---|---|
| Signed Act (03/17/2022) | |
| Final Act (03/11/2022) | |
| Rerevised (03/07/2022) | |
| Revised (03/04/2022) | |
| Reengrossed (02/14/2022) | |
| Engrossed (02/11/2022) | |
| Introduced (01/18/2022) | |
| Committee Amendment |
| Document | Format |
|---|---|
| Fiscal Note FN1 (01/26/2022) | |
| Fiscal Note FN2 (05/31/2022) |
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