HB-4683, As Passed House, April 28, 2009
March 25, 2009, Introduced by Rep. Roy Schmidt 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), 2008 PA 551, 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.