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

Public Act 61 of 2010

  1. 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".
    • 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.
  2. Passed 27 to 10 in the Senate on March 23, 2010.
    Who Voted "Yes" and Who Voted "No"

  3. 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.
  4. Passed 83 to 24 in the House on April 22, 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".
    Who Voted "Yes" and Who Voted "No"

  5. 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.
    Who Voted "Yes" and Who Voted "No"

  6. Signed by Gov. Jennifer Granholm on April 30, 2010.

Comments

Re: 2010 Senate Bill 1174 (Rewrite corporate takeover rules for particular insurance company )  by Admin003 on March 23, 2010 

 c




Senator Jacobs, under her constitutional right of protest (Art. 4, Sec. 18), protested against the passage of Senate


Bill No. 1174 and moved that the statement she made during the discussion of the bill be printed as her reasons for


voting "no."


The motion prevailed.





2010 Senate Bill 1174 (Rewrite corporate takeover rules for particular insurance company )  by admin on January 1, 2001 
Introduced in the Senate on February 25, 2010

The vote was 27 in favor, 10 opposed and 1 not voting

(Senate Roll Call 136 at Senate Journal 0)

Click here to view bill details.

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