2005 House Bill 5320 / 2006 Public Act 67

Revise corporation shareholder voting provisions

Introduced in the House

Oct. 18, 2005

Introduced by Rep. Kevin Elsenheimer (R-105)

To clarify that when a shareholder of a corporation abstains from voting a class or series of shares this is not considered a vote for purposes of making decisions on an action that requires the approval by a class or series of shares.

Referred to the Committee on Commerce

Nov. 8, 2005

Reported without amendment

Without amendment and with the recommendation that the bill pass.

Nov. 30, 2005

Passed in the House 106 to 0 (details)

To clarify that when a shareholder of a corporation abstains from voting a class or series of shares this is not considered a vote for purposes of making decisions on an action that requires the approval by a class or series of shares.

Received in the Senate

Dec. 1, 2005

Referred to the Committee on Economic Development, Small Business, and Regulatory Reform

Feb. 28, 2006

Reported without amendment

With the recommendation that the bill pass.

March 2, 2006

Passed in the Senate 34 to 0 (details)

To clarify that when a shareholder of a corporation abstains from voting a class or series of shares this is not considered a vote for purposes of making decisions on an action that requires the approval by a class or series of shares.

Signed by Gov. Jennifer Granholm

March 16, 2006