Bill: Rejected Shareholder Law Quick Fix Act

[Real42]

A
BILL
To
Correct Shareholder Acts To Protect Public Companies​

The people of the Commonwealth of Redmont, through their elected Representatives in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:

1 - Short Title and Enactment
(1) This Act may be cited as the 'Shareholder Law Quick Fix Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by Senator v__d, error discovered by antilethal.
(4) This act has been proposed by Rep. TheReal42Person.
(5) This Act has been co-sponsored by Senator v__d.

2 - Reasons
(1) The current shareholder laws are broken and can easily be abused putting shareholders in danger.
(2) The previous bill was too vague and used odd wording which almost allowed anyone with 3/4 of a single share in a company to liquidate that company.

3 – Amendments
(1) The Commercial Standards Act shall be amended from:

“(2) A Public Company may be liquidated at the request of the holders of three-fourths or any greater proportion of the shares of the company.
(3) A non-Public Company may be liquidated at the request of the partial owners of three-fourths or any greater proportion of the company’s equity.”

To the following,

“(2) A Public Company may be liquidated at the request of the holders of 75% of the Common Stock of the company.
(3) A non-Public Company may be liquidated at the request of the partial owners of equity stakes 75% or greater in the company.”

 

[Dartanboy]

I meant to vote Aye.

 

[v__d]

I meant to vote "Sen: Aye"