Bill Text: MI HB4691 | 2009-2010 | 95th Legislature | Engrossed

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Bill Title: Trade; securities; adoption of new uniform securities act (2002); update uniform securities act references in nonprofit corporation act. Amends sec. 1137 of 1982 PA 162 (MCL 450.3137).

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2009-04-29 - Referred To Committee On Banking And Financial Institutions [HB4691 Detail]

Download: Michigan-2009-HB4691-Engrossed.html

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HB-4691, As Passed House, April 28, 2009

 

 

 

 

 

 

 

 

 

 

 

 

HOUSE BILL No. 4691

 

March 25, 2009, Introduced by Rep. Meekhof and referred to the Committee on Commerce.

 

     A bill to amend 1982 PA 162, entitled

 

"Nonprofit corporation act,"

 

by amending section 1137 (MCL 450.3137), as added by 1984 PA 209.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 1137. Subject to the uniform securities act, Act No. 265

 

of the Public Acts of 1964, being sections 451.501 to 451.818 of

 

the Michigan Compiled Laws 1964 PA 265, MCL 451.501 to 451.818, and

 

the uniform securities act (2002), 2008 PA 551, MCL 451.2101 to

 

451.2703, a cooperative may offer to its members or to the general

 

public any form of nonvoting investment certificate or bond that

 

may bear interest or dividends as provided by the board of

 

directors.