July 10, 2007, Introduced by Rep. Accavitti and referred to the Committee on Commerce.
A bill to amend 1962 PA 192, entitled
"Professional service corporation act,"
by amending section 8 (MCL 450.228), as amended by 1998 PA 48.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 8. A corporation organized under the provisions of this
act may not issue any of its capital stock to anyone other than an
individual who is duly licensed or otherwise legally authorized to
render the same specific professional services as those for which
the corporation was incorporated. The provisions of the uniform
securities
act, 1964 PA 265, MCL 451.501 to 451.818, shall or the
uniform securities act (2002), MCL 451.2101 to 451.2703, do not
apply to the issuance or transfer by that corporation of securities
issued by it. A shareholder of a corporation organized under this
act shall not enter into a voting trust agreement or any other type
agreement vesting another person with the authority to exercise the
voting power of any or all of his or her stock, unless that other
person is duly licensed or otherwise legally authorized to render
the same specific professional services as those for which the
corporation was incorporated or as otherwise provided in section
10.
Enacting section 1. This amendatory act does not take effect
unless Senate Bill No.____ or House Bill No. 5008(request no.
00420'07) of the 94th Legislature is enacted into law.