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MI SB0711
Bill
Status
7/15/2009
Primary Sponsor
Randy Richardville
Click for details
AI Summary
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Amends section 8 of the Professional Service Corporation Act (1962 PA 192) to update references to securities laws.
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Adds reference to the Uniform Securities Act (2002), 2008 PA 551 (MCL 451.2101 to 451.2703), alongside the existing Uniform Securities Act of 1964.
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Maintains exemption from securities act requirements for issuance and transfer of securities by professional service corporations.
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Preserves restriction that only individuals licensed to provide the corporation's specific professional services may own capital stock or exercise voting power through agreements.
Legislative Description
Trade; securities; adoption of new uniform securities act (2002); update uniform securities act references in professional service corporation act. Amends sec. 8 of 1962 PA 192 (MCL 450.228).
Trade, securities
Last Action
Referred To Committee On Banking And Financial Institutions
7/15/2009