Bill Text: MI SB0711 | 2009-2010 | 95th Legislature | Introduced

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Bill Title: Trade; securities; adoption of new uniform securities act (2002); update uniform securities act references in professional service corporation act. Amends sec. 8 of 1962 PA 192 (MCL 450.228).

Spectrum: Partisan Bill (Republican 4-0)

Status: (Introduced - Dead) 2009-07-15 - Referred To Committee On Banking And Financial Institutions [SB0711 Detail]

Download: Michigan-2009-SB0711-Introduced.html

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SENATE BILL No. 711

 

 

July 15, 2009, Introduced by Senators McMANUS, RICHARDVILLE, KAHN and BIRKHOLZ and referred to the Committee on Banking and Financial Institutions.

 

 

 

     A bill to amend 1962 PA 192, entitled

 

"Professional service corporation act,"

 

by amending section 8 (MCL 450.228), as amended by 1998 PA 48.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 8. A corporation organized under the provisions of this

 

act may not issue any of its capital stock to anyone other than an

 

individual who is duly licensed or otherwise legally authorized to

 

render the same specific professional services as those for which

 

the corporation was incorporated. The provisions of the uniform

 

securities act, 1964 PA 265, MCL 451.501 to 451.818, shall or the

 

uniform securities act (2002), 2008 PA 551, MCL 451.2101 to

 

451.2703, do not apply to the issuance or transfer by that

 

corporation of securities issued by it. A shareholder of a

 

corporation organized under this act shall not enter into a voting

 

trust agreement or any other type agreement vesting another person

 

with the authority to exercise the voting power of any or all of

 

his or her stock, unless that other person is duly licensed or

 

otherwise legally authorized to render the same specific

 

professional services as those for which the corporation was

 

incorporated or as otherwise provided in section 10.