1E Relating to corporations

ARTICLE 1 - FINANCIAL CORPORATIONS

Recodifying and modernizing the provisions regulating the formation, structure and operation of certain corporations; providing for the application of the business corporation act; specifying certain requirements for the organization, boards of directors, officers, powers, bylaws, statements, certificates of incorporation, capital stock and shares of financial corporations; specifying certain preemptive rights of shareholders; providing for the governance of corporations organized under general provisions under the business corporation act; specifying certain renumbering and cross reference change instructions to the revisor of statutes

ARTICLE 2 - INSURANCE CORPORATIONS

Modifying certain requirements for the incorporation of domestic insurance corporations, specifying certain certificate of incorporation and certificate of authority requirements, authorizing the adoption of bylaws; regulating amendments to certificates of incorporation; applying provisions of the business corporation act to domestic stock corporations formed to carry on the business of insurance; eliminating the effective date for the reorganization of mutual companies converting to stock companies based on a certain filing date; providing for filing of dissolutions by the commissioner of commerce with the secretary of state; authorizing certain life insurance companies to indemnify persons serving as members of account managing committees; expanding the scope of certain provisions regulating mutual insurance companies and applying the business corporation act to the provisions, expanding the definition of domestic mutual insurance company to mutual insurance holding companies, specifying certain terms and exceptions; modifying certain requirements for domestic mutual insurance company incorporation and for renewal of corporate existence; separately defining members of mutual life insurance companies; providing for proxies and membership interest; eliminating the restriction on insurance against loss or damage for persons employed by the insured; applying certain provisions to hail, tornado and cyclone companies; specifying certain renumbering and cross reference change instructions to the revisor of statutes; repealing certain existing provisions regulating mutual insurance companies

ARTICLE 3 - CONFORMING CHANGES

Making conforming amendments to certain provisions relating to state banks, trust companies, savings banks or associations, stock or mutual life insurance companies, the life and health guaranty association, township mutual companies, mutual reinsurance or guaranty associations, direct purchase under eminent domain, trunk highways, employee indemnification, telecommunications, development, foreign and nonprofit corporations, limited liability companies (LLC), regional railroad authorities and municipal power and gas agencies

ARTICLE 4 - MISCELLANEOUS

Repealing the general corporate law
(ja)