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MODELBUSINESSCORPORATIONACT-CHAPTER2-INCORPORATION

§2.01.Incorporators

§2.02.Articlesofincorporation

§2.03.Incorporation

§2.04.Liabilityforpre-incorporationtransactions

§2.05.Organizationofcorporation

§2.06.Bylaws

§2.07.Emergencybylaws

§2.01.INCORPORATORS

Oneormorepersonsmayactastheincorporatororincorporatorsofacorporationbydeliveringarticlesofincorporationtothesecretaryofstateforfiling.

OFFICIALCOMMENT

TheonlyfunctionsofincorporatorsundertheModelActare:

（1）tosignthearticlesofincorporation,

（2）todeliverthemforfilingwiththesecretaryofstate,and

（3）tocompletetheformationofthecorporationtotheextentsetforthinsection2.05.

Oneormore‘‘persons’’mayserveasincorporator;‘‘person’’isdefinedinsection1.40toincludebothindividualsandentities;‘‘entity’’isalsodefinedinthatsectiontoincludecorporations,unincorporatedassociations,partnerships,trusts,estates,andgovernments.TheModelActalsosimplifiestheformalitiesofexecutionandfiling.TherequirementinearlierversionsoftheModelActandinmanystatestatutesthatarticlesbeacknowledgedorverifiedhasbeeneliminated.Also,therequirementthat‘‘duplicateoriginals’’（eachbeingexecutedasanoriginaldocument）besubmittedhasbeenreplacedwiththerequirementthatasignedoriginalandan‘‘exactorconformed’’copybesubmitted.

§2.02.ARTICLESOFINCORPORATION

（a）Thearticlesofincorporationmustsetforth:

（1）acorporatenameforthecorporationthatsatisfiestherequirementsofsection4.01;

（2）thenumberofsharesthecorporationisauthorizedtoissue;

（3）thestreetaddressofthecorporation’sinitialregisteredofficeandthenameofitsinitialregisteredagentatthatoffice;and

（4）thenameandaddressofeachincorporator.

（b）Thearticlesofincorporationmaysetforth:

（1）thenamesandaddressesoftheindividualswhoaretoserveastheinitialdirectors;

（2）provisionsnotinconsistentwithlawregarding:

（i）thepurposeorpurposesforwhichthecorporationisorganized;

（ii）managingthebusinessandregulatingtheaffairsofthecorporation;

（iii）defining,limiting,andregulatingthepowersofthecorporation,itsboardofdirectors,andshareholders;

（iv）aparvalueforauthorizedsharesorclassesofshares;

（v）theimpositionofpersonalliabilityonshareholdersforthedebtsofthecorporationtoaspecifiedextentanduponspecifiedconditions;

（3）anyprovisionthatunderthisActisrequiredorpermittedtobesetforthinthebylaws;

（4）aprovisioneliminatingorlimitingtheliabilityofadirectortothecorporationoritsshareholdersformoneydamagesforanyactiontaken,oranyfailuretotakeanyaction,asadirector,exceptliabilityfor:

（A）theamountofafinancialbenefitreceivedbyadirectortowhichheisnotentitled;

（B）anintentionalinflictionofharmonthecorporationortheshareholders;

（C）aviolationofsection8.33;or

（D）anintentionalviolationofcriminallaw;and

（5）aprovisionpermittingormakingobligatoryindemnificationofadirectorforliability（asdefinedinsection8.50（5））toanypersonforanyactiontaken,oranyfailuretotakeanyaction,asadirector,exceptliabilityfor:

（A）receiptofafinancialbenefittowhichheisnotentitled,

（B）anintentionalinflictionofharmonthecorporationoritsshareholders,

（C）aviolationofsection8.33,or

（D）anintentionalviolationofcriminallaw.

（c）ThearticlesofincorporationneednotsetforthanyofthecorporatepowersenumeratedinthisAct.

（d）Provisionsofthearticlesofincorporationmaybemadedependentuponfactsobjectivelyascertainableoutsidethearticlesofincorporationinaccordancewithsection1.20（k）.

OFFICIALCOMMENT

1.INTRODUCTION.Section2.02（a）setsforththeminimummandatoryrequirementsforallarticlesofincorporationwhilesection2.02（b）describesoptionalprovisionsthatmaybeincluded.AcorporationthatisformedsolelypursuanttothemandatoryrequirementswillgenerallyhavethebroadestpowersandleastrestrictionsonactivitiespermittedbytheModelAct.TheModelActthuspermitsthecreationofa‘‘standard’’corporationbyasimpleandeasilypreparedone-pagedocument.Noreferenceismadeinsection2.02（a）eithertotheperiodofdurationofthecorporationortoitspurposes.Acorporationformedundertheseprovisionswillautomaticallyhaveperpetualdurationundersection3.02

（1）unlessaspecialprovisionisincludedprovidingashorterperiod.Similarly,acorporationformedwithoutreferencetoapurposeclausewillautomaticallyhavethepurposeofengaginginanylawfulbusinessundersection3.01（a）.Theoptionofprovidinganarrowerpurposeclauseisalsopreservedinsections2.02（b）

（2）and3.01,withtheeffectdescribedintheOfficialCommenttosection3.01.

2.REQUIREMENTS.Theonlyinformationrequiredinthearticlesofincorporationtoforma‘‘standard’’corporationis:

（1）Thename,whichmustmeettherequirementsofchapter4oftheModelAct.

（2）Thenumberofsharesthecorporationisauthorizedtoissue.Ifasingleclassofsharesisauthorized,onlythenumberofsharesauthorizedneedbedisclosed;ifmorethanoneclassofsharesisauthorized,however,boththenumberofauthorizedsharesofeachclassandadescriptionoftherightsofeachclassmustbeincluded.SeetheOfficialCommenttosections6.01and6.02.Itisunnecessarytospecifyparvalue,expectedminimumcapitalization,orcontemplatedissueprice.

（3）Thestreetaddressofthecorporation’sinitialregisteredofficeandthenameofitsinitialregisteredagent.Amailingaddressconsistingonlyofapostofficeboxisnotsufficient.

（4）Thenameandaddressofeachincorporator.

3.OPTIONALPROVISIONS.Section2.02（b）describesspecificoptionsthatmaybeelectedbythedraftsmanandcontainsgeneralauthorizationtoincludeotherprovisionsrelevanttotheauthorityofthecorporation,itsofficersandboardofdirectors,ortothemanagementofthecorporation’sinternalaffairs.Theseprovisionsinclude:

a.Initialdirectors.Undersection2.02（b）

（1）anelectionmaybemadetohavethecorporationorganizedbyapersonorpersonsotherthantheincorporators.SeetheOfficialCommenttosection2.03.Thesepersons,describedas‘‘initialdirectors,’’maybeeitherthepermanentdirectorsorinterimdirectorstobereplacedbytheshareholdersafterthecorporationisorganized.

b.Purposeclause.Undersection2.02（b）

（2）（i）,thecorporationmayelectalimitedpurposeclauseorprovideforspecificpurposeswithoutlimitingthebroadpurposesprovidedinsection3.01.（Specificpurposesmaybeneeded,amongotherreasons,forqualificationincertaindomesticandforeignjurisdictionsandinordertoobtainlicenses.）

c.Duration.Nearlyeverycorporationtodayisformedwithperpetualduration,butacorporationmayelectashorterdurationundersection2.02（b）

（2）（iii）.

d.Parvalue.Whileparvalueisnolongeramandatorystatutoryconcept,section2.02（b）

（2）（iv）permitstheinclusionofoptional‘‘parvalue’’provisionswithregardtoshares.Specialprovisionsmaygiveeffectormeaningto‘‘parvalue’’essentiallyasamatterofcontractbetweentheparties.Theseprovisions,whetherappearinginthearticlesorinotherdocuments,haveonlytheeffectanypermissiblecontractualprovisionhasintheabsenceofaprohibitionbystatute.Provisionsinthearticlesestablishinganoptionalparvaluemayalsobeofusetocorporationswhicharetobequalifiedinforeignjurisdictionsinthatfranchiseorothertaxesarecomputeduponthebasisofparvalue.

e.Shareholderliability.Thebasictenetofmoderncorporationlawisthatshareholdersarenotliableforthecorporation’sdebtsbyreasonoftheirstatusasshareholders.Section2.02（b）

（2）（v）neverthelesspermitsacorporationtoimposethatliabilityunderspecifiedcircumstancesifthatisdesirable.Ifnoprovisionofthistypeisincludedshareholdershavenoliabilityforcorporatedebtsexcepttotheextenttheybecomeliablebyreasonoftheirownconductoracts.

f.Corporatepowers.Section2.02（c）makesitunnecessarytosetforthanycorporatepowersinthearticles.Section3.02grantseverycorporationessentiallythesamepowerthatanindividualpossesseswithrespecttohisaffairs.Thisgrantofpower,however,maybeconsideredoverbroadforcertaincorporations;ifso,itmaybequalifiedornarrowedbyappropriateprovisionsinthearticles.

g.Miscellaneous.Undersection2.02（b）

（2）（ii）and（iii）thedraftsmanmayincludeanyprovisionnotinconsistentwithlawfor‘‘managingthebusinessandregulatingtheaffairsofthecorporation’’and‘‘defining,limiting,andregulatingthepowersofthecorporation,itsboardofdirectorsandshareholders.’’Thislanguageisdesignedtoallowthedraftsmantoplaceinthearticlesanynumberofmiscellaneousprovisionsthathebelievessufficientlyimportanttobeofpublicrecordorsubjecttoamendmentonlybytheprocessesapplicabletoamendmentsofarticlesofincorporation.Basically,theprocessofamendmentofarticlesofincorporationrequiresshareholderapproval,whilebylawstypicallymaybeamendedbytheboardofdirectorsactingalone,thoughinsomeinstancesthepowerofdirectorstoamendbylawsisrestricted.Provisionsrelatingtothebusinessoraffairsofthecorporationthatmaybeincludedinthearticlesmaybesubdividedintothreegeneralclasses:

（1）ProvisionsthatundertheModelActmaybeelectedonlybyspecificinclusioninthearticlesofincorporation.Alistoftheseprovisionsissetforthinpart4ofthisComment.

（2）ProvisionsthatundertheModelActmaybeelectedbyspecificinclusion