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2010 Senate Bill 1174: Rewrite corporate takeover rules for particular insurance company

Public Act 61 of 2010

Introduced by Sen. Gerald Van Woerkom (R) on February 25, 2010 To rewrite the rules for corporate acquisitions so as to raise obstacles to the acquisition of a controlling interest in the Fremont Insurance Company (which is located in the district of the bill sponsor) by the Indianapolis-based Steak and Shake Corporation. Specifically, the bill would require a two-thirds supermajority of shareholders to vote in favor of the sale if the current board of directors opposes being taken over, but only for a "domestic (Michigan-based) insurer with 200 employees or fewer".   Official Text and Analysis.
Referred to the Senate Economic Development and Regulatory Reform Committee on February 25, 2010
Reported in the Senate on March 23, 2010 With the recommendation that the substitute (S-3) be adopted and that the bill then pass.
Substitute offered in the Senate on March 23, 2010 To replace the previous version of the bill with one that revises details but does not change the substance as previously described.
The substitute passed by voice vote in the Senate on March 23, 2010
Passed 27 to 10 in the Senate on March 23, 2010 (same description)
To rewrite the rules for corporate acquisitions so as to raise obstacles to the acquisition of a controlling interest in the Fremont Insurance Company (which is located in the district of the bill sponsor) by the Indianapolis-based Steak and Shake Corporation. Specifically, the bill would require a two-thirds supermajority of shareholders to vote in favor of the sale if the current board of directors opposes being taken over, but only for a "domestic (Michigan-based) insurer with 200 employees or fewer".
Received in the House on March 23, 2010
Referred to the House Insurance Committee on March 23, 2010
Reported in the House on April 15, 2010 With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered in the House on April 22, 2010 To replace the previous version of the bill with one that revises details but does not change the substance as previously described.
The substitute passed by voice vote in the House on April 22, 2010
Amendment offered by Rep. Tim Melton (D) on April 22, 2010 To sunset the bill in 2012.
The amendment passed by voice vote in the House on April 22, 2010
Amendment offered by Rep. Barb Byrum (D) on April 22, 2010 To leave the bill's provisions in effect until 2030.
The amendment failed by voice vote in the House on April 22, 2010
Passed 83 to 24 in the House on April 22, 2010 (same description)
To rewrite the rules for corporate acquisitions so as to raise obstacles to the acquisition of a controlling interest in the Fremont Insurance Company (which is located in the district of the bill sponsor) by the Indianapolis-based Steak and Shake Corporation. Specifically, the bill would require a two-thirds supermajority of shareholders to vote in favor of the sale if the current board of directors opposes being taken over, but only for a "domestic (Michigan-based) insurer with 200 employees or fewer".
Received in the Senate on April 27, 2010 To concur with a House-passed version of the bill.
Passed 28 to 8 in the Senate on April 27, 2010
Signed by Gov. Jennifer Granholm on April 30, 2010

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