Bill Text: MS SB2792 | 2025 | Regular Session | Introduced
Bill Title: Nonprofit corporations; clarify penalty for failure to file annual report, repeal related provision.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced) 2025-01-20 - Referred To Judiciary, Division A [SB2792 Detail]
Download: Mississippi-2025-SB2792-Introduced.html
MISSISSIPPI LEGISLATURE
2025 Regular Session
To: Judiciary, Division A
By: Senator(s) McCaughn
Senate Bill 2792
AN ACT TO AMEND SECTION 79-11-407, MISSISSIPPI CODE OF 1972, TO CLARIFY THAT A NONPROFIT CORPORATION THAT FAILS TO FILE TIMELY OR FAILS TO DISCLOSE THE INFORMATION REQUIRED UNDER THIS SECTION MAY BE SUBJECT TO THE PENALTIES OF ADMINISTRATIVE DISSOLUTION; TO REPEAL SECTION 79-11-391, MISSISSIPPI CODE OF 1972, WHICH AUTHORIZES A STATUS REPORT OF A NONPROFIT CORPORATION; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 79-11-407, Mississippi Code of 1972, is amended as follows:
79-11-407. (1) Each nonprofit corporation, as defined in Section 79-11-127(z), shall file an annual report with the Secretary of State Business Services Division before May 15 of each year on a form prescribed by the Secretary of State.
(2) Each domestic nonprofit corporation and each foreign nonprofit corporation authorized to transact business in this state shall deliver an annual report to the Secretary of State for filing, on such date as may be established by the Secretary of State, which provides the following information:
(a) The name of the nonprofit corporation and the state or country or other foreign jurisdiction under whose law it is organized;
(b) The name, email address and street or physical address of its registered agent in this state;
(c) The address of its principal office;
(d) The name, titles and business address of its principal officer;
(e) A brief description of the nature of its business; and
(f) Whether it has received public funds and a listing of any governmental entity that distributed the public funds. The term "public funds" means funds received by the organization during its most recently completed fiscal year which were received from the State of Mississippi or any local governmental authority located within the State of Mississippi.
(3) Information in the annual report must be current as of the date the annual report is executed on behalf of the nonprofit corporation.
(4) If an annual report does not contain the information required by this section, the Secretary of State shall provide written notice promptly to the reporting nonprofit corporation and return the report for correction. If the report is corrected to contain the information required by this section and delivered to the Secretary of State within thirty (30) days after the effective date of notice, the report is deemed to be timely filed.
(5) If the nonprofit corporation fails to file timely or fails to
disclose the information required under this section, the corporation may
be subject to the penalties of administrative dissolution * * *.
(6) The requirements of this section shall not apply to water associations as defined in Section 79-11-394.
SECTION 2. Section 79-11-391, Mississippi Code of 1972, which authorizes a status report of a nonprofit corporation, is repealed.
SECTION 3. This act shall take effect and be in force from and after July 1, 2025.
