Florida Statute 607.505 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXVI
BUSINESS ORGANIZATIONS

Chapter 607
FLORIDA BUSINESS CORPORATION ACT

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F.S. 607.505

607.505 Termination of social purpose corporation status.—

(1) A social purpose corporation may terminate its status as such and cease to be subject to this part by amending its articles of incorporation to delete the provision required under s. 607.503 or s. 607.504. The amendment must be adopted by the minimum status vote.

(2) A plan of merger, conversion, or share exchange which has the effect of terminating the status of a corporation as a social purpose corporation must be adopted by the minimum status vote. A sale, lease, exchange, or other disposition of all or substantially all of the assets of a social purpose corporation is not effective unless the transaction is approved by the minimum status vote. However, a minimum status vote is not required if the transaction is in the usual and regular course of business, is pursuant to court order, or is a sale pursuant to which all or a substantial portion of the net proceeds of the sale will be distributed to the shareholders within 1 year after the date of the sale.

(3) If a corporation’s status as a social purpose corporation is terminated pursuant to subsection (1) or subsection (2), shareholders of the corporation are entitled to appraisal rights under and pursuant to ss. 607.1301-607.1333.

History.—s. 11, ch. 2014-209.

F.S. 607.505 on Google Scholar

F.S. 607.505 on Casetext

Amendments to 607.505

Arrestable Offenses / Crimes under Fla. Stat. 607.505

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 607.505.

Annotations, Discussions, Cases:

Cases Citing Statute 607.505

Total Results: 2

Danny's Fuel Corp. v. Brinks US, a Division of Brink's Incorporated

Court: Fla. Dist. Ct. App. | Date Filed: 2024-10-16T00:00:00-07:00

Snippet: a registered office and a registered agent. § 607.0505(1)(b), Fla. Stat. (2023). The Department of Legal

Seymour Ex Rel. Williams v. Panchita Investment, Inc.

Court: Fla. Dist. Ct. App. | Date Filed: 2010-02-24T00:00:00-08:00

Citation: 28 So. 3d 194, 2010 Fla. App. LEXIS 2097, 2010 WL 624129

Snippet: and 1.080, and §§ 48.081, 48.21, 607.0504 and 607.0505, Fla. Stat. (2009). [3] Our Supreme Court'