HB-5319, As Passed House, November 30, 2005
October 18, 2005, Introduced by Reps. Schuitmaker, Huizenga, Vander Veen, Baxter, Wenke, Taub and Tobocman and referred to the Committee on Commerce.
A bill to amend 1972 PA 284, entitled
"Business corporation act,"
by amending section 441 (MCL 450.1441), as amended by 1989 PA 121.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
441. (1) Except as provided in sections 794 and 798,
each
Each outstanding share is entitled to 1 vote on each
matter
submitted to a vote of the shareholders, unless otherwise provided
in the articles of incorporation. A vote may be cast either orally
or in writing, unless otherwise provided in the bylaws.
(2) If
an action, other Other than the election of
directors, if an action is to be taken by vote of the shareholders,
it shall be authorized by a majority of the votes cast by the
holders of shares entitled to vote on the action, unless a greater
House Bill No. 5319 as amended November 29, 2005
vote
is required by in
the articles of incorporation or another
section
of this act. Except as Unless otherwise provided in the
articles of incorporation, abstaining from a vote or submitting a
ballot marked "abstain" with respect to an action is not a vote
cast
on that action. Unless otherwise
provided by in
the
articles, directors shall be elected by a plurality of the votes
cast at an election.
Enacting section 1. This amendatory act does not take effect
unless [House Bill No. 5320 of the 93rd Legislature is enacted into law.
]