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