Chapter 607 Section 504 - 2023 Florida Statutes

2023 Florida Statutes

Title XXXVI BUSINESS ORGANIZATIONS

Chapter 607 FLORIDA BUSINESS CORPORATION ACT

SECTION 504Election of social purpose corporation status.

607.504 Election of social purpose corporation status.—

(1) An existing corporation may become a social purpose corporation under this part by amending its articles of incorporation to include a statement that the corporation is a social purpose corporation under this part. The amendment must be adopted by the minimum status vote.

(2) A plan of merger, domestication, conversion, or share exchange must be adopted by the minimum status vote if an entity that is not a social purpose corporation is a party to the merger, domestication, or conversion or if the exchanging entity in a share exchange and the surviving, new, or resulting entity is, or will be, a social purpose corporation.

(3) If an entity elects to become a social purpose corporation by amendment of the articles of incorporation or by a merger, domestication, conversion, or share exchange, the shareholders of the entity are entitled to appraisal rights under and pursuant to ss. 607.1301-607.1340.

History.—s. 10, ch. 2014-209; s. 232, ch. 2019-90; s. 69, ch. 2020-32.