SB 1048 Summary

• Amends Michigan's Business Corporation Act (1972 PA 284) with comprehensive technical and procedural updates to modernize corporate law provisions.

• Updates document filing procedures to allow electronic submissions and establish expedited filing fee schedules ($50-$1,000 depending on processing speed requested).

• Revises shareholder voting and consent provisions, including allowing shareholder consent to be effective at future dates within 60 days and modernizing remote meeting participation requirements.

• Increases filing fees for corporate documents (articles, amendments, mergers, etc.) from $10 to $25-$100 depending on document type, with specific $100 fees for new articles and qualification documents.

• Makes technical corrections throughout the Act including grammar updates, clarified definitions for professional corporations, and repeals section 1062 regarding authorized share calculations.