HOUSE BILL No. 5012

 

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.