HOUSE BILL No. 5950


     June 18, 1998, Introduced by Reps. Raczkowski and Richner and referred to the Committee on Commerce.


        A bill to amend 1972 PA 284, entitled

   "Business corporation act,"

   by amending section 122 (MCL 450.1122), as amended by 1989 PA

   121.

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 1         Sec. 122.  (1) A reference in  any  A statute of this state

 2    to parts of  any  AN act  which  THAT are repealed by this act is

 3    considered to be a reference to this act, unless the context

 4    requires otherwise.

 5         (2) The following statutes do not apply to a corporation, as

 6    defined in section 106:

 7         (a)  Chapter 55 of the Revised Statutes of 1846, entitled

 8     "general provisions relating to corporations", as amended, being

 9     sections 450.504 to 450.525 of the Michigan Compiled Laws  1846

10    RS 55, MCL 450.504 TO 450.525.


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 1         (b)  Act No. 156 of the Public Acts of 1955, being sections

 2     450.701 to 450.704 of the Michigan Compiled Laws  1955 PA 156,

 3    MCL 450.701 TO 450.704.

 4         (3) The uniform fraudulent  conveyance  TRANSFER act,  Act

 5     No. 310 of the Public Acts of 1919, being sections 566.11 to

 6     566.23 of the Michigan Compiled Laws, shall  1919 PA 310, MCL

 7    566.11 TO 566.23, DOES not apply to distributions governed by

 8    this act.








































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