May 1, 2008, Introduced by Reps. Cushingberry, Sak, Farrah, Virgil Smith, Shaffer, Wojno, Hammon, Accavitti, Amos, Pavlov, Moss, Knollenberg, Condino, Green, Meadows and Dean and referred to the Committee on Regulatory Reform.
A bill to amend 1972 PA 284, entitled
"Business corporation act,"
by amending section 123 (MCL 450.1123), as amended by 2001 PA 57.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 123. (1) Unless otherwise provided in, or inconsistent
with, the act under which a corporation is or has been formed, this
act applies to deposit and security companies, summer resort
associations, brine pipeline companies, telegraph companies,
telephone companies, safety and collateral deposit companies,
canal,
river, and harbor improvement companies, cemetery, burial,
and
cremation associations, railroad,
bridge, and tunnel companies,
agricultural and horticultural fair societies, and professional
service corporations formed under the professional service
corporation act, 1962 PA 192, MCL 450.221 to 450.235. The entities
specified in this subsection shall not be incorporated under this
act.
(2) This act does not apply to insurance, surety, savings and
loan associations, fraternal benefit societies, and banking
corporations.
Enacting section 1. This amendatory act does not take effect
unless Senate Bill No.____ or House Bill No. 6033(request no.
03313'07 **) of the 94th Legislature is enacted into law.