Model Business Corporation Act
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The Model Business Corporation Act (MBCA) is a model set of law prepared by the Committee on Corporate Laws of the Section of Business Law of the American Bar Association and is followed by twenty four states.[1]
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[edit] History
It was created due to variation in how states defined corporations after World War II, in 1950. The variation and uncertainty resulted in many lawsuits in which a promoter was sued personally for obligations ostensibly made in the name of a nascent corporation. The widespread adoption of the MBCA brought some clarity to this and other corporations law issues. Most states are now guided by a revised version of MBCA called Revised Model Business Corporation Act (RMBCA).
[edit] Use of Model
The Model Business Corporation Act (2002) is used by twenty four states. A partial list is as follows.
- Arizona Revised Statutes, Title 10
- Florida Business Corporation Act (FBCA)
- Georgia Business Corporation Code (GBCC)
- Illinois Business Corporation Act (IBCA)
- North Carolina Business Corporation Act (NCBCA)
- South Carolina Business Corporation Act (SCBCA)
- Washington Business Corporation Act (WBCA)
- Wisconsin Business Corporation Law (WBCL)
[edit] See also
[edit] Notes
- ^ L Bebchuk, 'The Case for Increasing Shareholder Power' (2004-5) 118 Harvard Law Review 833, 844
[edit] Further reading
- Kocaoglu, Kagan (March 2008). "A Comparative Bibliography: Regulatory Competition on Corporate Law". (Georgetown University Law Center Working Paper). http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1103644.
