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March 28. 2012 9:02PM

Senate OKs corporate law reforms

CONCORD -- The state Senate has passed a bill that aims to modernize the state's Business Corporation Act.

Senate Bill 205, approved 22-2 on Wednesday, would allow for electronic delivery of corporate documents to the Secretary of State, authorize the remote participation by shareholders at shareholders meetings, and make it easier for entities to convert to corporations.

Prime sponsor Sen. Jim Luther, R- Hollis, said the changes are necessary for the Granite State to stay competitive in the region. “Just by accommodating changes in technology alone, we can sprint from the back of the pack. We'll be able to attract and retain more new business and just as important, we'll make businesses already established here in New Hampshire even more competitive -- that will mean more jobs,” he said.

The bill has strong support from the Business and Industry Association of New Hampshire.

The bill now goes to the House.


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