Senate Sponsors: DILLARD. Short description: BUS CORP ACT-SHRHLDRS-OFFICERS Synopsis of Bill as introduced: Amends the Business Corporations Act of 1983. Changes the number of members of the board of directors who may sit on a committee created by the board from 2 or more to one or more. Adds to the existing powers of a committee the authority to fix the pricing terms or the designation and relative rights, preferences, and limitations of a series of shares with regard to the issuance or sale or contract for sale of shares, within certain parameters set by the board, and to fix the price of shares under an employee benefit plan. Changes the requirement to allow a majority of disinterested directors to make indemnification decisions regardless of whether they are a quorum of all directors. Distinguishes between officers and directors and employees and agents in the standard applied for deciding whether indemnification is available. Requires the corporation to report to the shareholders of indemnification or expense advancement to directors, rather than to directors, officers, employees, or agents. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status