Regards regulation of internal affairs of domestic corporations

Summary

The bill lets Ohio corporations form committees of directors who are not current officers or insiders to review and approve deals, even ones not anticipated when the committee is created. If a shareholder or the corporation doubts a committee member’s independence, they can ask a court to hold a hearing to determine whether the committee is truly independent. The court’s ruling then determines whether the committee’s decisions receive the usual legal protections for independent corporate actions.

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