January 27, 2012





SENATE BILL No. 62

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DIGEST OF SB 62 (Updated January 25, 2012 1:58 pm - DI 113)



Citations Affected: Noncode.

Synopsis: Securities and flexible purpose corporations. Provides that the legislative council shall assign the following topics to an interim study committee in 2012: (1) The advisability of creating an exemption from Indiana's securities laws for annual issues of securities whose aggregate value is less than approximately $1,000,000. (2) The advisability of providing for a form of business association, sometimes known as a flexible purpose corporation, which would allow the management of a profit seeking business to pursue an objective other than profit maximization without incurring liability for violation of the management's fiduciary duty.

Effective: July 1, 2012.





Delph




    January 4, 2012, read first time and referred to Committee on Rules and Legislative Procedure.
    January 17, 2012, amended; reassigned to Committee on Commerce and Economic Development.
    January 26, 2012, amended, reported favorably _ Do Pass.






January 27, 2012

Second Regular Session 117th General Assembly (2012)


PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
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SENATE BILL No. 62



    A BILL FOR AN ACT concerning the general assembly.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: ; (12)SB0062.2.1. -->     SECTION 1. [EFFECTIVE JULY 1, 2012] (a) The legislative council shall assign the following topics for study to an interim committee of the general assembly in 2012:
        (1) The advisability of creating an exemption to Indiana's securities laws for issues of securities that do not exceed approximately one million dollars ($1,000,000) in aggregate annually and, if so, what additional statutory provisions would be necessary or advisable to facilitate this proposed exemption.
        (2) The advisability of providing for a type of profit-seeking business association, sometimes referred to as a flexible purpose corporation, that would allow the business entity's management to pursue in addition an objective other than maximization of profits for its shareholders, partners, or members without incurring liability for violation of the management's fiduciary duty and, if so, what statutory provisions would be necessary or advisable to facilitate this

proposed form of business association.
    (b) The legislative council may create separate study committees to examine any of the topics described in subsection (a).
    (c) This SECTION expires December 31, 2012.