MI SB0129

Amends the 1897 law governing summer resort and park associations to update governance and property holding provisions for these corporations.

Allows personal property holdings up to $6,000,000.00 adjusted for inflation using the Consumer Price Index, and limits real property to 700 acres.

Permits stockholders to nominate immediate family members (spouse, child, stepchild, or child's spouse) to serve as directors on their behalf.

Requires board authorization from a majority of shareholders for any expenditure or liability exceeding $30,000.00 annually, adjusted for inflation using the Consumer Price Index.

Allows stockholders to authorize special dues up to $750.00 per share annually, adjusted for inflation, to be used for debt repayment, property improvements, fire/water protection, or building maintenance.