HB-5751, As Passed House, November 30, 2004

HOUSE BILL No. 5751

April 1, 2004, Introduced by Rep. Koetje and referred to the Committee on Commerce.

                                                                             A bill to amend 1982 PA 162, entitled                                             

"Nonprofit corporation act,"                                                

by amending section 1137 (MCL 450.3137), as added by 1984 PA                

209.                                                                        

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

1       Sec. 1137.  Subject to the uniform securities act,  Act                     

2   No. 265 of the Public Acts of 1964, being sections 451.501 to               

3   451.818 of the Michigan Compiled Laws 1964 PA 265, MCL 451.501             

4   to 451.818, and the uniform securities act (2002), MCL 451.2101             

5   to 451.2703, a cooperative may offer to its members or to the               

6   general public any form of nonvoting investment certificate or              

7   bond that may bear interest or dividends as provided by the board           

8   of directors.                                                               

9       Enacting section 1.  This amendatory act does not take                      

10  effect unless Senate Bill No. _____ or House Bill No. 5746                  

1   (request no. 06004'03) of the 92nd Legislature is enacted into              

2   law.