North Dakota Enacts First Shareholder Friendly Corporation Law – Carl Icahn company, American Railcar Industries Inc., setting up corporate residence in North Dakota

The first
shareholder friendly corporation law in the United States has been signed
into law by John Hoeven, the Governor of North Dakota. The new law provides
a governance structure for publicly traded corporations that gives
shareholders greater rights than they currently have under other state
laws. It has been designed to reflect the best thinking of institutional
investors and governance experts and addresses each of the current hot
topics in corporate governance.

The new law is optional and will be available for corporations
incorporated under North Dakota law after July 1, 2007 that elect to be
subject to the new law by including a provision to that effect in their
articles of incorporation.

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Icahn company setting up corporate residence in ND


Billionaire investor Carl Icahn has found a new corporate home for a railroad car manufacturer he controls – in North Dakota.

Stockholders of American Railcar Industries Inc., a St. Charles, Mo.-based company, voted on Wednesday to change the company’s incorporation from Delaware to North Dakota. It will be the first business to take advantage of a North Dakota law, approved by the state Legislature two years ago, that requires companies to make it easier for shareholders to challenge management.

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