Section 450.1784 - Certain business corporations excepted from requirements of MCL 450.1780; shareholders considered as single beneficial owner.
BUSINESS CORPORATION ACT (EXCERPT)
Act 284 of 1972
450.1784 Certain business corporations excepted from requirements of MCL 450.1780; shareholders considered as single beneficial owner.
Sec. 784.
(1) Unless a corporation's articles of incorporation provide otherwise, the requirements of section 780 shall not apply to any business combination of any of the following:
(a) A corporation having fewer than 100 beneficial owners of its stock.
(b) A corporation whose original articles of incorporation contain a provision or whose shareholders adopt an amendment to the articles of the corporation after the effective date of this chapter by a vote of not less than 90% of the votes of each class of stock entitled to be cast by the shareholders of the corporation and not less than 2/3 of the votes of each class of stock entitled to be cast by the shareholders of the corporation other than voting shares beneficially owned by interested shareholders of the corporation, expressly electing not to be governed by this chapter.
(c) An investment company registered under the investment company act of 1940, 15 U.S.C. 80a-1 to 80a-64.
(2) For purposes of subsection (1)(a), all shareholders of a corporation who have executed an agreement to which the corporation is an executing party governing the purchase and sale of shares of the corporation or a voting trust agreement governing shares of the corporation shall be considered a single beneficial owner of the stock covered by the agreement.
History: Add. 1984, Act 115, Imd. Eff. May 29, 1984 ;-- Am. 1989, Act 31, Imd. Eff. May 24, 1989