Business Organizations

Plain English Breakdown

The official summary does not provide specific information on how the bill affects existing corporations or penalties for non-compliance, which were included as assumptions in the candidate explanation.

Business Meeting Notice Requirements

This bill changes the notice period for-profit corporations must give before meetings to elect directors or organize the company from two days to three days.

What This Bill Does

• Changes the number of days' notice a corporation needs to give before certain meetings from two days to three days.

Who It Names or Affects

• For-profit corporations in Tennessee

Terms To Know

Charter

A document that outlines the rules and purposes of a corporation.

Directors

People elected by members or shareholders to manage a corporation's affairs.

Limits and Unknowns

• The bill does not specify how this change will affect existing corporations.
• It is unclear if there are any penalties for not following the new notice requirements.

Official Summary Text

Abstract summarizes the bill.

Current Bill Text

HOUSE BILL 2417
By Boyd

SENATE BILL 2592
By Bailey
SB2592
012767
- 1 -

AN ACT to amend Tennessee Code Annotated, Title 4;
Title 29; Title 39; Title 46; Title 47; Title 48; Title
50; Title 61; Title 62 and Title 66, relative to
business.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
SECTION 1. Tennessee Code Annotated, Section 48-12-105(a)(2), is amended by
deleting "two (2) days'" and substituting "three (3) days'".
SECTION 2. This act takes effect upon becoming a law, the public welfare requiring it.