§414-288 - Amendment pursuant to reorganization. - Hawaii Statutes

     [§414-288]  Amendment pursuant to reorganization.  (a)  A corporation's articles of incorporation may be amended without action by the board of directors or shareholders to carry out a plan of reorganization ordered or decreed by a court of competent jurisdiction under federal statute, if the articles of incorporation after amendment contain only provisions required or permitted by section 414-32.

     (b)  The individual or individuals designated by the court shall deliver to the department director for filing articles of amendment setting forth:

     (1)  The name of the corporation;

     (2)  The text of each amendment approved by the court;

     (3)  The date of the court's order or decree approving the articles of amendment;

     (4)  The title of the reorganization proceeding in which the order or decree was entered; and

     (5)  A statement that the court had jurisdiction of the proceeding under federal statute.

     (c)  Shareholders of a corporation undergoing reorganization do not have dissenters' rights except as and to the extent provided in the reorganization plan.

     (d)  This section does not apply after entry of a final decree in the reorganization proceeding even though the court retains jurisdiction of the proceeding for limited purposes unrelated to consummation of the reorganization plan. [L 2000, c 244, pt of §1]