2013 Senate Bill 357 / Public Act 123

Revise corporation voting share detail

Introduced in the Senate

May 9, 2013

Introduced by Sen. John Pappageorge (R-13)

To revise details of when shares of a corporation are considered to be “beneficially owned” for purposes of exercising the voting rights associated with those shares. The bill's effect would be to reduce the ability of a minority shareholder to raise barriers to a merger, conversion, consolidation, transfer of assets to another owner, etc.

Referred to the Committee on Banking and Financial Institutions

May 21, 2013

Reported without amendment

With the recommendation that the bill pass.

May 29, 2013

Passed in the Senate 35 to 1 (details)

Received in the House

May 29, 2013

Referred to the Committee on Commerce

June 18, 2013

Reported without amendment

With the recommendation that the substitute (H-1) be adopted and that the bill then pass.

Sept. 10, 2013

Substitute offered

The substitute passed by voice vote

Sept. 12, 2013

Passed in the House 106 to 2 (details)

To revise details of when shares of a corporation are considered to be “beneficially owned” for purposes of exercising the voting rights associated with those shares. The bill's effect would be to reduce the ability of a minority shareholder to raise barriers to a merger, conversion, consolidation, transfer of assets to another owner, etc.

Received in the Senate

Sept. 17, 2013

Sept. 18, 2013

Passed in the Senate 34 to 1 (details)

Signed by Gov. Rick Snyder

Oct. 1, 2013