SHAREHOLDER ABSTENTION H.B. 5319 & 5320: FLOOR ANALYSIS
House Bills 5319 and 5320 (as reported without amendment)
Sponsor: Representative Tonya Schuitmaker (H.B. 5319)
Representative Kevin Elsenheimer (H.B. 5320)
House Committee: Commerce
Senate Committee: Economic Development, Small Business and Regulatory Reform
CONTENT
House Bill 5319 would amend the Business Corporation Act to provide that a shareholder's abstention from a vote or submission of a ballot marked "abstain" with respect to an action would not be a vote cast on that action, unless otherwise provided in the articles of incorporation.
House Bill 5320 would amend the Business Corporation Act to provide that a shareholder's abstaining from a vote or submission of a ballot market "abstain" with respect to an action that required authorization by a vote of a class or series would not be a vote cast on that action, unless otherwise provided in the articles of incorporation.
The bills are tie-barred to each other.
MCL 450.1441 (H.B. 5319) Legislative Analyst: J.P. Finet
450.1442 (H.B. 5320)
FISCAL IMPACT
The bill would have no fiscal impact on State or local government.
Date Completed: 2-27-06 Fiscal Analyst: Elizabeth Pratt
Maria Tyszkiewicz
floor\hb5319 Analysis available @ http://www.michiganlegislature.org
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.
Analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent. hb5319/0506