April 24, 2008, Introduced by Rep. Meltzer 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:
Sec.
1137. Subject to the uniform securities act, Act No. 265
of
the Public Acts of 1964, being sections 451.501 to 451.818 of
the
Michigan Compiled Laws 1964 PA 265, MCL 451.501 to 451.818, and
the uniform securities act (2002), MCL 451.2101 to 451.2703, a
cooperative may offer to its members or to the general public any
form of nonvoting investment certificate or bond that may bear
interest or dividends as provided by the board of directors.
Enacting section 1. This amendatory act does not take effect
unless House Bill No. 5008 of the 94th Legislature is enacted into
law.