HOUSE BILL No. 6098


     May 21, 2002, Introduced by Reps. Lemmons, McConico and Hardman and referred to the Committee on Commerce.


        A bill to amend 1972 PA 284, entitled

   "Business corporation act,"

   (MCL 450.1101 to 450.2098) by adding section 755.

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

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             SEC. 755.  (1) IF A DOMESTIC CORPORATION OR A FOREIGN CORPO-

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        RATION AUTHORIZED TO TRANSACT BUSINESS IN THIS STATE IS A PARTIC-

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        IPANT IN A MERGER, THE SURVIVING CORPORATION OR ENTITY IN THE

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        MERGER SHALL FILE WITH THE ADMINISTRATOR WITHIN 30 DAYS OF THE

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        EFFECTIVE DATE OF THE MERGER A REPORT THAT DESCRIBES IN DETAIL

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        THE EFFECT OF THE MERGER ON ANY EXISTING EMPLOYEE PENSION OR

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        RETIREMENT PLAN.

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             (2) IF A DOMESTIC CORPORATION OR A FOREIGN CORPORATION

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        AUTHORIZED TO TRANSACT BUSINESS IN THIS STATE IS A PARTICIPANT IN

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        A SHARE EXCHANGE, THE CORPORATION SHALL FILE WITH THE

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        ADMINISTRATOR WITHIN 30 DAYS OF THE EFFECTIVE DATE OF THE SHARE


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        EXCHANGE A REPORT THAT DESCRIBES IN DETAIL THE EFFECT OF THE

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        SHARE EXCHANGE ON ANY EXISTING EMPLOYEE PENSION OR RETIREMENT

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        PLAN.

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             (3) IF A DOMESTIC CORPORATION OR A FOREIGN CORPORATION

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        AUTHORIZED TO TRANSACT BUSINESS IN THIS STATE SELLS, LEASES,

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        EXCHANGES, OR OTHERWISE DISPOSES OF ALL OR SUBSTANTIALLY ALL OF

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        ITS PROPERTY AND ASSETS, THE CORPORATION SHALL FILE WITH THE

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        ADMINISTRATOR WITHIN 30 DAYS OF THE CLOSING DATE OF THE DISPOSI-

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        TION A REPORT THAT DESCRIBES IN DETAIL THE EFFECT OF THE DISPOSI-

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        TION ON ANY EXISTING EMPLOYEE PENSION OR RETIREMENT PLAN.




































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