June 29, 2005, Introduced by Reps. Lemmons, III and Lemmons, Jr. 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:
Sec. 755. (1) If a domestic corporation or a foreign
corporation authorized to transact business in this state is a
participant in a merger, the surviving corporation or entity in the
merger shall file with the administrator within 30 days of the
effective date of the merger a report that describes in detail the
effect of the merger on any existing employee pension or retirement
plan.
(2) If a domestic corporation or a foreign corporation
authorized to transact business in this state is a participant in a
share exchange, the corporation shall file with the administrator
within 30 days of the effective date of the share exchange a report
that describes in detail the effect of the share exchange on any
existing employee pension or retirement plan.
(3) If a domestic corporation or a foreign corporation
authorized to transact business in this state sells, leases,
exchanges, or otherwise disposes of all or substantially all of its
property and assets, the corporation shall file with the
administrator within 30 days of the closing date of the disposition
a report that describes in detail the effect of the disposition on
any existing employee pension or retirement plan.