MI HB4683

Amends the Professional Service Corporation Act to update references from the 1964 Uniform Securities Act to include the 2002 Uniform Securities Act (2008 PA 551).

Maintains the restriction that professional service corporations may only issue capital stock to individuals duly licensed or legally authorized to render the same specific professional services for which the corporation was incorporated.

Exempts the issuance and transfer of securities by professional service corporations from compliance with either version of the Uniform Securities Act.

Requires that shareholders entering into voting trust agreements or similar arrangements must ensure the other party is duly licensed or legally authorized to provide the same professional services, or is otherwise authorized under section 10.

Effective immediately upon approval by the Governor on August 31, 2009.