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MI HB5388
Bill
Status
11/14/2023
Primary Sponsor
Matt Koleszar
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AI Summary
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Adds definition of "benefit corporation" to the Business Corporation Act and specifies that benefit corporations are included in the definition of "domestic corporation"
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Requires benefit corporations to include the word "benefit corporation" or "benefit company" or initials "B.C." in their corporate name, with or without periods
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Establishes that benefit corporations must comply with chapter 9A requirements and include an annual benefit report with their annual filings to the administrator
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Makes technical corrections to statutory language, replacing "shall" with "must," "his or her" with gender-neutral alternatives, and updating references to electronic communication methods
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Effective only if Senate Bill No. ____ or House Bill No. 5387 is enacted into law
Legislative Description
Businesses: business corporations; business corporation act; general revisions concerning formation of benefit corporations. Amends secs. 105, 106, 131, 202, 211 & 911 of 1972 PA 284 (MCL 450.1105 et seq.). TIE BAR WITH: HB 5387'23
Businesses: business corporations
Last Action
Placed On Third Reading
2/28/2024