CORP-RATIFY DEFECTIVE ACTIONS

Amends the Business Corporation Act of 1983. Adds an Article to the Act to provide for the ratification and validation of defective corporate actions. Authorizes corporations to correct actions taken without proper documentation or the overissuance of shares. Provides that such actions are not void if ratified as provided. Defines terms. Senate Floor Amendment No. 1 Makes references to "election or designation" of initial directors, "defective corporate action", and "statement of correction" uniform throughout the new Article. Corrects a typographical error. House Committee Amendment No. 1 Replaces everything after the enacting clause. Removes provisions concerning the overissuance of shares.