Registered Corporation Law and Legal Definition

Registered corporation refers to a publicly held corporation whereby, its security is registered under the Securities Exchange Act of 1934. The shareholders of a registered corporation are not entitled to propose amendments to the corporation's articles of incorporation. The Business Corporation Law provides broad authority to registered corporations to resist unsolicited takeovers. In AMP Inc. v. Allied Signal, 1998 U.S. Dist. LEXIS 15617 (E.D. Pa. Oct. 8, 1998), it was held that a registered corporation may set forth such terms as are fixed by the board of directors. The terms may include conditions that preclude or limit any person or persons owning or offering to acquire a specified number or percentage of the outstanding common shares from exercising, converting, transferring or receiving the shares.