Loading chat...

MI HB4691

Bill

Official Source

Status

Introduced

3/25/2009

Primary Sponsor

Arlan Meekhof

Click for details

Origin

House of Representatives

95th Legislature

AI Summary

  • Amends section 1137 of the Nonprofit Corporation Act (1982 PA 162) to update references to securities laws
  • Removes outdated reference to Act No. 265 of the Public Acts of 1964 (MCL 451.501 to 451.818)
  • Adds reference to the Uniform Securities Act (2002), 2008 PA 551 (MCL 451.2101 to 451.2703)
  • Permits cooperatives to offer nonvoting investment certificates or bonds to members or the general public with interest or dividends as determined by the board of directors
  • Subjects cooperative securities offerings to both the old uniform securities act and the new 2002 uniform securities act

Legislative Description

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).

Trade, securities

Last Action

Referred To Committee On Banking And Financial Institutions

4/29/2009

Committee Referrals

Banking & Financial Institutions4/29/2009
Commerce3/25/2009

Full Bill Text

No bill text available