Terms Used In Kansas Statutes 17-72a07

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.

Any action to enforce the balancing requirement of Kan. Stat. Ann. § 17-72a05(a), and amendments thereto, including any individual, derivative, or any other type of action, shall not be brought unless the plaintiffs in such action own individually or collectively, as of the date the action is instituted, at least 2% of the corporation‘s outstanding shares or, in the case of a corporation with shares listed on a national securities exchange, the lesser of such percentage or shares of the corporation with a market value of at least $2,000,000 as of the date the action is instituted. This section shall not relieve the plaintiffs from complying with any other conditions applicable to filing a derivative action including Kan. Stat. Ann. § 60-223a(b)(1), and amendments thereto, and any rules of the court where the action is filed.