Protection of Shareholders Rights Act of 1980
Latest action. Referred to Senate Committee on Banking, Housing and Urban Affairs.
Protection of Shareholders' Rights Act of 1980 - Exempts affected corporations, engaged in interstate commerce and having 500 or more shareholders and specified inventories, sales, or assets, from the requirements of this Act, other than those relating to the duties of corporate directors, if such corporations are governed by a State law similar to this Act. Declares that each director of an affected corporation owes such corporation and its shareholders the duties of loyalty and care. Sets forth requirements of a director in carrying out such duties. Entitles directors to rely on information provided by corporation officers and employees. Prohibits a majority of the members of a corporation's board of directors from consisting of individuals with specified relationships to the corporation. Directs the corporation's board of directors to establish an audit committee and a nominating committee, neither of which shall contain individuals with such specified relationships. Gives shareholders the right to nominate any candidate for the board of directors if such candidate is supported by a specified minimum number of shareholders. Permits shareholders to cumulate their votes for one candidate or as many as they desire if: (1) the candidate's name has been placed in nomination; and (2) at least one shareholder has given notice of his or her intention to vote cumulatively. Authorizes shareholder civil actions to enforce this Act in any U.S. district court. Makes this Act effective three years from enactment.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on April 16, 1980. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on April 16, 1980: Referred to Senate Committee on Banking, Housing and Urban Affairs.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
HOWARD METZENBAUM (D-OH) introduced it on April 16, 1980. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on April 16, 1980, 16948 days ago. The most recent recorded action was 16948 days ago, on April 16, 1980.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers