Changes in the Model Business Corporation Act- Proposed Amendments to Section 2.02 Relating to Officer Exculpation.

The article deals with the approval by the Corporate Laws Committee of the American Bar Association (ABA) Business Law Section of proposed amendments to section 2.02 to permit a corporation to include in its articles of incorporation a provision to eliminate or limit the monetary liability of specified corporate officers. Topics include general classes of provisions relating to the business or affairs of the corporation that may be included in the articles and basic tenet of corporation law.