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MI HB5509
Bill
Status
4/11/2018
Primary Sponsor
Larry Inman
Click for details
AI Summary
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Amends section 123 of the Nonprofit Corporation Act (MCL 450.2123) to clarify which corporations fall under the act's provisions.
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Expands the definition of corporations covered by the Nonprofit Corporation Act to explicitly include cooperative corporations, secret societies, trustee corporations, church trustees, educational institutions, ecclesiastical corporations, public building corporations, nonprofit street railways, and summer resort associations.
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Excludes insurance companies, surety companies, credit unions, savings and loan associations, fraternal benefit societies, railroad/bridge/tunnel companies, union depot companies, and banking corporations from the act's coverage.
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Takes effect 90 days after enactment but is contingent on House Bill 5508 of the 99th Legislature being enacted into law.
Legislative Description
Businesses; nonprofit corporations; merger or conversion into nonprofit corporations; authorize for summer resort and park associations. Amends sec. 123 of 1982 PA 162 (MCL 450.2123). TIE BAR WITH: HB 5508'18
State agencies (existing): licensing and regulatory affairs
Last Action
Placed On Order Of Third Reading
5/17/2018