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MI SB0983
Bill
AI Summary
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Amends section 122 of the Michigan Business Corporation Act (1972 PA 284) to update statutory references and clarify applicability of laws to corporations.
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Specifies that references in state statutes to repealed acts are considered references to the Business Corporation Act, unless context requires otherwise.
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Excludes corporations from the application of 1846 RS 55 (MCL 450.504 to 450.525) and 1955 PA 156 (MCL 450.701 to 450.704).
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Clarifies that the Uniform Voidable Transactions Act (1998 PA 434, MCL 566.31 to 566.45) does not apply to distributions governed by the Business Corporation Act.
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Takes effect 90 days after enactment and is contingent on Senate Bill 982 of the 98th Legislature being enacted into law.
Legislative Description
Businesses; business corporations; business corporation act; revise reference to uniform fraudulent transfer act to reflect renaming of act. Amends sec. 122 of 1972 PA 284 (MCL 450.1122).
Businesses: business corporations
Last Action
Assigned Pa 0553'16
12/30/2016