Bill Text: MI SB0984 | 2015-2016 | 98th Legislature | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Businesses; nonprofit corporations; nonprofit corporation act; revise reference to uniform fraudulent transfer act to reflect renaming of act. Amends sec. 122 of 1982 PA 162 (MCL 450.2122).

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2016-12-30 - Assigned Pa 0554'16 [SB0984 Detail]

Download: Michigan-2015-SB0984-Engrossed.html

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SB-0984, As Passed House, December 15, 2016

 

 

 

 

 

 

 

 

 

 

 

 

HOUSE SUBSTITUTE FOR

 

SENATE BILL NO. 984

 

 

 

 

 

 

 

 

 

 

 

 

     A bill to amend 1982 PA 162, entitled

 

"Nonprofit corporation act,"

 

by amending section 122 (MCL 450.2122), as amended by 2014 PA 557.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 122. (1) A reference in any statute of this state to

 

parts of any act that are repealed by this act is considered to be

 

a reference to this act, unless the context requires otherwise.

 

     (2) The following statutes do not apply to a domestic

 

corporation:

 

     (a) 1846 RS 55, MCL 450.504 to 450.525.

 

     (b) 1955 PA 156, MCL 450.701 to 450.704.

 

     (3) The uniform fraudulent transfer voidable transactions act,

 

1998 PA 434, MCL 566.31 to 566.43, 566.45, does not apply to

 

distributions permitted under this act.

     Enacting section 1. This amendatory act takes effect 90 days

 

after the date it is enacted into law.

 

     Enacting section 2. This amendatory act does not take effect

 

unless Senate Bill No. 982 of the 98th Legislature is enacted into

 

law.