Business corporations act rewrite signed into law
The BIA led efforts this session to update and modernize New Hampshire’s business corporations act, which will make the state a more attractive place to do business.
CONCORD, N.H. - June 27, 2013 - Today, Gov. Maggie Hassan signed SB 41 into law. A signature issue for the Business and Industry Association, SB 41 updates and modernizes the New Hampshire Business Corporations Act, which provides guidance to New Hampshire corporations in all areas of corporate governance, from incorporation through dissolution.
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BIA President Jim Roche, who spoke at the bill-signing ceremony, said the association is pleased with the outcome of SB 41. He commended the governor, prime sponsor Sen. Jeb Bradley (R-Wolfeboro), Senate President Peter Bragdon, House Speaker Terie Norelli, Senate Democratic Leader Sylvia Larsen, Senate Commerce Committee Chair Andy Sanborn, House Commerce Committee Chair Ed Butler, House Majority Leader Steve Shurtleff, House Republican Leader Gene Chandler, representatives Chris Muns and Ken Gidge, co-sponsors, and all legislators who voted to pass SB 41 for their support and leadership on this important pro-business issue.
“SB 41 had many Democratic and Republican co-sponsors and supporters,” said Roche. “In fact, I believe it is a shining example of bipartisan cooperation from the 2013 session.”
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The BIA was active 20 years ago in providing the initial language for what eventually became RSA 293-A, the New Hampshire Business Corporations Act, in 1993. When the time came to update the act, BIA convened a team of New Hampshire’s finest corporate counsels, CPAs and business attorneys to review the current act, identify deficiencies and draft appropriate, up-to-date language using the American Bar Association model corporations act as a guide. The improvements in SB 41 reflect the most current version of the model act and reflect best practices with regard to formation, governance and dissolution of corporations.
Roche also recognized and thanked attorney Pat Clossen from McLane, Graf, Raulerson and Middleton, who chaired the BIA committee to update the act, and committee members Steve Lawlor, a CPA with Nathan Wechsler and Co., and Colleen Lyons, an attorney with Sheehan, Phinney, Bass and Green, for their work.
The revised act will go into effect Jan. 1, 2014.
