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MI SB0984

Bill

Official Source

Status

Passed

12/30/2016

Primary Sponsor

Tonya Schuitmaker

Click for details

Origin

Senate

98th Legislature

AI Summary

  • Amends section 122 of the Michigan Nonprofit Corporation Act (1982 PA 162) to update references to reflect the renaming of the uniform fraudulent transfer act to the uniform voidable transactions act

  • Specifies that the uniform voidable transactions act (1998 PA 434, MCL 566.31 to 566.45) does not apply to distributions permitted under the nonprofit corporation act

  • Maintains that 1846 RS 55 (MCL 450.504 to 450.525) and 1955 PA 156 (MCL 450.701 to 450.704) do not apply to domestic nonprofit corporations

  • Takes effect 90 days after enactment, contingent upon Senate Bill 982 of the 98th Legislature also being enacted into law

Legislative Description

Businesses; nonprofit corporations; nonprofit corporation act; revise reference to uniform fraudulent transfer act to reflect renaming of act. Amends sec. 122 of 1982 PA 162 (MCL 450.2122).

Businesses: nonprofit corporations

Last Action

Assigned Pa 0554'16

12/30/2016

Committee Referrals

Judiciary5/24/2016

Full Bill Text

No bill text available