Act No. 359

Public Acts of 2000

Approved by the Governor

December 28, 2000

Filed with the Secretary of State

December 28, 2000

EFFECTIVE DATE: March 28, 2001

STATE OF MICHIGAN

90TH LEGISLATURE

REGULAR SESSION OF 2000

Introduced by Reps. Hart, Law, Shulman, Sanborn, Kukuk, LaSata, Baird, Minore, Schermesser, Koetje, Voorhees, Richner and Switalski

ENROLLED HOUSE BILL No. 5413

AN ACT to amend 1982 PA 162, entitled "An act to revise, consolidate, and classify the laws relating to the organization and regulation of certain nonprofit corporations; to prescribe their duties, rights, powers, immunities, and liabilities; to provide for the authorization of foreign nonprofit corporations within this state; to impose certain duties on certain state departments; to prescribe fees; to prescribe penalties for violations of this act; and to repeal certain acts and parts of acts," by amending section 471 (MCL 450.2471).

The People of the State of Michigan enact:

Sec. 471. The shares of a corporation are personal property. Article 8 of the uniform commercial code, 1962 PA 174, MCL 440.8101 to 440.8601, applies to the transfer of shares only to the extent not inconsistent with this act.

Clerk of the House of Representatives.

Secretary of the Senate.

Approved

Governor.