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The Model Business Corporation Act (MBCA) is a model act promulgated and periodically amended by the Corporate Laws Committee of the Business Law Section of the American Bar Association (Committee). The MBCA had been adopted by 36 states and other jurisdictions. [1]
Its most successful model law is probably the Model Business Corporation Act published in 1950. As of 2020 [update] , the act is followed by 24 states. [ 8 ] Another influential act ABA has drafted is the 1979 Model Procurement Code for State and Local Governments , which as of 2000 [update] had been adopted in full by 16 states and in part by ...
Other notable non-NCCUSL model laws include the Uniform Vehicle Code, the Model State Emergency Health Powers Act, the Model Business Corporation Act, the Model Nonprofit Corporation Act, UNCITRAL Model Law on International Commercial Arbitration and the Model Vital Statistics Act (1992). [6]
Section 8.60 of the Model Business Corporation Act [9] states there is a conflict of interest when the director knows that at the time of a commitment that he or a related person is 1) a party to the transaction or 2) has a beneficial financial interest in the transaction that the interest and exercises his influence to the detriment of the ...
In United States corporation and business association law (particularly Delaware law and the Revised Model Business Corporation Act), a duty of care is part of the fiduciary duty owed to a corporation by its directors.
New York Business Corporation Law section 1104-a, the holders of 20 per cent of voting shares of a non-public corporation may request that the corporation be wound up on grounds of oppression. NY Bus Corp Law §1118 and Alaska Plastics, Inc. v. Coppock , 621 P.2d 270 (1980) the minority can sue to be bought out at a fair value, determined by ...
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Model Business Corporation Act - A model set of law prepared by the Committee on Corporate Laws of the Section of Business Law of the American Bar Association MBCA Bank - A commercial bank in Zimbabwe