Bill Text: MI SB0984 | 2023-2024 | 102nd Legislature | Engrossed
Bill Title: Businesses: business corporations; applicability of the business corporation act; modify. Amends sec. 123 of 1972 PA 284 (MCL 450.1123). TIE BAR WITH: SB 0982'24, SB 0983'24
Spectrum: Bipartisan Bill
Status: (Engrossed) 2024-11-13 - Referred To Second Reading [SB0984 Detail]
Download: Michigan-2023-SB0984-Engrossed.html
SENATE BILL NO. 984
A bill to amend 1972 PA 284, entitled
"Business corporation act,"
by amending section 123 (MCL 450.1123), as amended by 2012 PA 569.
the people of the state of michigan enact:
Sec. 123. (1) Unless otherwise provided in, or inconsistent with, the act under which a corporation is or has been formed, this act applies to deposit and security companies, summer resort associations, brine pipeline companies, telegraph companies, telephone companies, safety and collateral deposit companies, canal, river, and harbor improvement companies, cemetery, burial, and cremation associations, railroad, bridge, and tunnel companies, and agricultural and horticultural fair societies. The entities specified in this subsection shall are not be incorporated under this act.
(2) This act does not apply to insurance, surety, savings and loan associations, fraternal benefit societies, and banking corporations.
(3) This act does not prevent a telephone corporation organized under 1883 PA 129, MCL 484.1 to 484.10, from converting into a domestic limited liability company under the Michigan limited liability company act, 1993 PA 23, MCL 450.4101 to 450.5200.
Enacting section 1. This amendatory act does not take effect unless all of the following bills of the 102nd Legislature are enacted into law:
(a) Senate Bill No. 982.
(b) Senate Bill No. 983.
