January 16, 2019, Introduced by Rep. Inman and referred to the Committee on Commerce and Tourism.
A bill to amend 1982 PA 162, entitled
"Nonprofit corporation act,"
by amending section 123 (MCL 450.2123), as amended by 2014 PA 557.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 123. (1) Subject to subsection (3), unless otherwise
provided in, and to the extent not inconsistent with, the act under
which a corporation is or has been formed, this act applies to a
corporation that is or has been formed under an act other than this
act and not repealed by this act.
(2) A corporation described in subsection (1) includes, but is
not limited to, any of the following:
(a) A cooperative corporation classified as a nonprofit
corporation under section 98 of 1931 PA 327, MCL 450.98.
(b) A secret society or lodge.
(c) A trustee corporation that holds property for charitable,
religious, benevolent, educational, or other public benefit
(d) A church trustee corporation.
(e) An educational corporation that is organized as a trustee
corporation or a nonprofit corporation.
(f) An ecclesiastical corporation.
(g) A public building corporation.
A street railway under
the nonprofit street railway act,
1867 PA 35
MCL 472.1 to 472.27.or under
part 5 of the
recodified tax increment financing act, 2018 PA 57, MCL 125.4503 to
(i) A summer resort association formed under 1897 PA 230, MCL
455.1 to 455.24.
(3) Except as provided in subsection (2)(h), this act does not
apply to insurance or surety companies, credit unions, savings and
loan associations, fraternal benefit societies, railroad, bridge,
or tunnel companies, union depot companies, or banking
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. ____ or House Bill No. 4049 (request no.
00323'19) of the 100th Legislature is enacted into law.