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Michigan Legislature
Michigan Compiled Laws Complete Through PA 255 of 2017
House: Adjourned until Wednesday, January 17, 2018 1:30:00 PM
Senate: Adjourned until Wednesday, January 17, 2018 10:00:00 AM

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Act 162 of 1982
Chapter 11

Section 450.3100SectionShort title.
Section 450.3101SectionApplicability of act and chapter; amendment of articles or bylaws; exemption.
Section 450.3102SectionControlling definitions.
Section 450.3103SectionDefinitions; C to F.
Section 450.3104SectionDefinitions; I to U.
Section 450.3107SectionInconsistent provisions inapplicable to chapter.
Section 450.3109SectionRequirements of MCL 460.1 et seq. not modified; effect of economic activity conducted by cooperative.
Section 450.3121SectionArticles of incorporation; requirement.
Section 450.3123SectionUse of term “cooperative,”“co-op,”“consumer cooperative,” or any variation thereof.
Section 450.3125SectionAdoption of initial bylaws; ratification or amendment; contents of bylaws.
Section 450.3131SectionOrganization on nonstock membership basis.
Section 450.3132SectionMembership; notice of qualifications.
Section 450.3133SectionClassification.
Section 450.3134SectionCooperative organized on member capital basis, member fee basis, or basis combining member capital and membership fee; powers.
Section 450.3135SectionNet savings; determination, allocation, distribution, and use; apportionment of losses.
Section 450.3136SectionCertificate; issuance; contents; restrictions on dividends.
Section 450.3137SectionNonvoting investment certificate or bond.
Section 450.3138SectionAdvising persons in writing; statement on membership certificate.
Section 450.3139SectionRedemption of member capital; failure to patronize cooperative; notice of redemption; failure to respond and claim payment; failure to claim refunds of patronage capital, deposits, and fees; failure of nonmember patron to pay in or accumulate full member capital or comply with bylaws.
Section 450.3141SectionMeetings; petitions; signatures; quorum.
Section 450.3143SectionAlternative notice of regular meeting.
Section 450.3144SectionProxies; voting by mail ballot, referendum, or electronic transmission.
Section 450.3145SectionAmendments; affirmative vote of majority.
Section 450.3146SectionEffective date of adopted action; confirmation vote; filing with administrator.
Section 450.3147SectionDispute resolution body.
Section 450.3148SectionPurchase or sale under execution, in course of bankruptcy, or by legal process or operation of law; pledge of certificate; assignment of proprietary lease or other agreement.
Section 450.3149SectionBooks for recording operations; annual report, balance sheet, and income statement; certified report of condition; copies of reports; mailings at request and expense of member; notice of member's desire to be contacted by other members regarding proposal.
Section 450.3151SectionInitial board of directors; membership; term.
Section 450.3152SectionBoard of directors; election or appointment other than by vote of membership.
Section 450.3153SectionAffiliation with another organization; section inapplicable to allocations of net savings.
Section 450.3161SectionAmendment to articles of incorporation; calling special meeting; consideration of proposed amendment.
Section 450.3162SectionDistribution of assets generally.
Section 450.3183SectionDistribution of assets upon dissolution; distribution of assets held for charitable or similar purpose; redemption of investment certificates.
Section 450.3191SectionForeign cooperative.
Section 450.3192SectionElection by corporation to accept act and chapter; procedure; effect of filing certificate of election.
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