Amends, repeals, and adds to existing law to revise the requirements for general business corporations.

This legislation amends the Idaho Business Corporations Act (IBCA), Title 30, Chapter 29, Idaho, to (i) bring it into conformity with the Model Business Corporations Act (Model Act); and (ii) to harmonize the IBCA with the Uniform Business Organizations Code (UBOC), Title 30, Chapter 21, Idaho Code. Idaho adopted the UBOC in 2015 (SB 1025). The IBCA has been based on the Model Act since 1979, and has periodically incorporated Model Act changes. It has not yet, however, incorporated the Model Act's most recent changes from 2016, and that is the purpose of this legislation. The UBOC pertains to all business organizations, including corporations. By agreement between the Uniform Law Commission and the American Bar Association (ABA), the ABA has responsibility for the Model Business Corporations Act. Consequently, Idaho's adoption of the UBOC did not serve to update the ICBA. This legislation provides the needed update.