Bill Text: MI HB5509 | 2017-2018 | 99th Legislature | Engrossed

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Bill Title: Businesses; nonprofit corporations; merger or conversion into nonprofit corporations; authorize for summer resort and park associations. Amends sec. 123 of 1982 PA 162 (MCL 450.2123). TIE BAR WITH: HB 5508'18

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2018-05-17 - Placed On Order Of Third Reading [HB5509 Detail]

Download: Michigan-2017-HB5509-Engrossed.html

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HB-5509, As Passed House, April 11, 2018

 

 

 

 

 

 

 

 

 

 

 

SUBSTITUTE FOR

 

HOUSE BILL NO. 5509

 

 

 

 

 

 

 

 

 

 

 

 

     A bill to amend 1982 PA 162, entitled

 

"Nonprofit corporation act,"

 

by amending section 123 (MCL 450.2123), as amended by 2014 PA 557.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 123. (1) Subject to subsection (3), unless otherwise

 

provided in, and to the extent not inconsistent with, the act under

 

which a corporation is or has been formed, this act applies to a

 

corporation that is or has been formed under an act other than this

 

act and not repealed by this act.

 

     (2) A corporation described in subsection (1) includes, but is

 

not limited to, any of the following:

 

     (a) A cooperative corporation classified as a nonprofit

 

corporation under section 98 of 1931 PA 327, MCL 450.98.

 

     (b) A secret society or lodge.

 

     (c) A trustee corporation that holds property for charitable,

 

religious, benevolent, educational, or other public benefit

 

purposes.

 

     (d) A church trustee corporation.

 

     (e) An educational corporation that is organized as a trustee

 

corporation or a nonprofit corporation.

 

     (f) An ecclesiastical corporation.

 

     (g) A public building corporation.

 

     (h) A street railway under the nonprofit street railway act,

 

1867 PA 35, MCL 472.1 to 472.27.

 

     (i) A summer resort association formed under 1897 PA 230, MCL

 

455.1 to 455.24.

 

     (3) Except as provided in subsection (2)(h), this act does not

 

apply to insurance or surety companies, credit unions, savings and

 

loan associations, fraternal benefit societies, railroad, bridge,

 

or tunnel companies, union depot companies, or banking

 

corporations.

 

     Enacting section 1. This amendatory act takes effect 90 days

 

after the date it is enacted into law.

 

     Enacting section 2. This amendatory act does not take effect

 

unless House Bill No. 5508 of the 99th Legislature is enacted into

 

law.