AUTHORIZE THE CONVERSION OF SUMMER RESORT ASSOCIATIONS INTO NONPROFIT CORPORATIONS
House Bills 4048 and 4049 as introduced
Sponsor: Rep. Larry Inman
Committee: Commerce and Tourism
Complete to 2-20-19
The bills would allow summer resort associations to convert into domestic nonprofit corporations by satisfying the requirements laid out under the Nonprofit Corporation Act. Additionally, HB 4049 would require the conversion to receive a vote of approval from at least 2/3 of all of the shareholders of the capital stock of the summer resort association.
Each bill would take effect 90 days after being enacted into law.
MCL 450.2123 (HB 4048)
Proposed MCL 455.19 (HB 4049)
House Bills 4048 and 4049 would have no fiscal impact on any unit of state or local government.
Fiscal Analyst: Marcus Coffin
■ This analysis was prepared by nonpartisan House Fiscal Agency staff for use by House members in their deliberations and does not constitute an official statement of legislative intent.