January 16, 2019, Introduced by Rep. Inman and referred to the Committee on Commerce and Tourism.
A bill to amend 1897 PA 230, entitled
"An act to provide for the formation of corporations for the
purpose of owning, maintaining and improving lands and other
property kept for the purposes of summer resorts or for ornament,
recreation or amusement, and to repeal all laws or parts of laws in
conflict herewith; and to impose certain duties on the department
(MCL 455.1 to 455.24) by adding section 19.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 19. (1) A summer resort association formed under this act
may convert into a domestic nonprofit corporation by satisfying the
requirements applicable to the conversion of a business
organization under section 746 of the nonprofit corporation act,
1982 PA 162, MCL 450.2746. A summer resort association shall not
convert into a domestic nonprofit corporation under this section
unless the conversion is approved by a vote of at least 2/3 of all
of the shares of the capital stock of the summer resort
(2) As used in this section, "domestic nonprofit corporation"
means a domestic corporation, as that term is defined in section
106 of the nonprofit corporation act, 1982 PA 162, MCL 450.2106.
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. 4048 (request no.
00324'19) of the 100th Legislature is enacted into law.