SB 41's aim is to spur economic development
Supporters of the new laws say it will make New Hampshire more attractive to companies and help create jobs.
"SB 41 had many Democratic and Republican co-sponsors and supporters," said BIA President Jim Roche. "In fact, I believe it is a shining example of bipartisan cooperation from the 2013 session."
The N.H. Corporations Act was originally passed in 1993, but few changes have been made to the statute since that time.
Several years ago, the BIA formed a group of corporate counsels, CPAs and business attorneys to review the act, identify problem areas and draft up-to-date language using the American Bar Association model corporations act as a guide.
The bill's prime sponsor, Senate Majority Leader Jeb Bradley, R-Wolfeboro, introduced it again this session with bipartisan co-sponsors.
The revised act will go into effect Jan. 1.
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