SUMMER RESORT ASSC; NONPROFIT CORP.                          H.B. 5508 (S-1) & 5509 (H-1):

                                                                                                    SUMMARY OF BILL

                                                                                      REPORTED FROM COMMITTEE

House Bill 5508 (Substitute S-1 as reported)

House Bill 5509 (Substitute H-1 as reported without amendment)

Sponsor:  Representative Larry C. Inman

House Committee:  Commerce and Trade

Senate Committee:  Commerce

CONTENT

House Bill 5508 (S-1) would amend Public Act 230 of 1897, which provides for the formation of summer resort and park associations, to allow a summer resort association to convert into a domestic nonprofit corporation if it complied with the requirements applicable to a business organization under the Nonprofit Corporation Act. A summer association could not convert into a domestic nonprofit corporation unless the conversion was approved by a vote of at least two-thirds of all shares of the association's capital stock.

House Bill 5509 (H-1) would amend the Nonprofit Corporation Act to include a summer resort association formed under Public Act 230 of 1897 as a corporation.

Proposed MCL 455.19 (H.B. 5508)                                       Legislative Analyst:  Jeff Mann

MCL 450.2123 (H.B. 5509)

FISCAL IMPACT

The bills would have no fiscal impact on State or local government.

Date Completed:  5-2-18                                                 Fiscal Analyst:  Michael Siracuse

This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.