MI SB0357

Amends the 1972 Public Act 284 regarding the organization and regulation of corporations to revise definitions in section 778 (MCL 450.1778).

Defines "equity security" to include stock, certificates of interest, profit-sharing agreements, voting trust certificates, convertible securities, warrants, and options or privileges to buy or sell equity securities.

Defines "interested shareholder" as any person, other than the corporation or its subsidiary, that owns 10% or more of voting shares or is an affiliate that owned 10% or more of voting shares within the preceding 2-year period.

Specifies that shares acquired from the corporation or in public offerings are not considered beneficially owned by a person unless the board of directors determines otherwise by prior resolution.

Defines "market value" by reference to highest closing sale prices on specified securities exchanges during the 30-day period preceding the date in question, or by fair market value determination by the board if no exchange listing is available.