2006 Michigan Compiled Laws - CHAPTER 11 (450.3100...450.3192)

Act 162 of 1982
Chapter 11

Section 450.3100Short title.
Section 450.3101Applicability of act and chapter; amendment of articles or bylaws; exemption.
Section 450.3102Controlling definitions.
Section 450.3103Definitions; C to F.
Section 450.3104Definitions; M to U.
Section 450.3107Inconsistent provisions inapplicable to chapter.
Section 450.3109Requirements of § 460.1 et seq. not modified; effect of economic activity conducted by cooperative.
Section 450.3121Articles of incorporation; requirement.
Section 450.3123Use of term "cooperative,""co-op,""consumer cooperative," or any variation thereof.
Section 450.3125Adoption of initial bylaws; ratification or amendment; contents of bylaws.
Section 450.3131Organization on nonstock membership basis.
Section 450.3132Membership; notice of qualifications.
Section 450.3133Classification.
Section 450.3134Cooperative organized on member capital basis, member fee basis, or basis combining member capital and membership fee; powers.
Section 450.3135Net savings; determination, allocation, distribution, and use; apportionment of losses.
Section 450.3136Certificate; issuance; contents; restrictions on dividends.
Section 450.3137Nonvoting investment certificate or bond.
Section 450.3138Advising persons in writing; statement on membership certificate.
Section 450.3139Redemption of member capital; failure to patronize cooperative; notice of redemption; failure to respond and claim payment; failure to claim refunds of patronage capital, deposits, and fees; failure of nonmember patron to pay in or accumulate full member capital or comply with bylaws.
Section 450.3141Meetings; petitions; signatures; quorum.
Section 450.3143Alternative notice of regular meeting.
Section 450.3144Proxies; voting by mail ballot or referendum.
Section 450.3145Amendments; affirmative vote of majority.
Section 450.3146Effective date of adopted action; confirmation vote; filing with administrator.
Section 450.3147Dispute resolution body.
Section 450.3148Purchase or sale under execution, in course of bankruptcy, or by legal process or operation of law; pledge of certificate; assignment of proprietary lease or other agreement.
Section 450.3149Books for recording operations; annual report, balance sheet, and income statement; certified report of condition; copies of reports; mailings at request and expense of member; notice of member's desire to be contacted by other members regarding proposal.
Section 450.3151Initial board of directors; membership; term.
Section 450.3152Board of directors; election or appointment other than by vote of membership.
Section 450.3153Affiliation with another organization; section inapplicable to allocations of net savings.
Section 450.3161Amendment to articles of incorporation; calling special meeting; consideration of proposed amendment.
Section 450.3162Distribution of assets generally.
Section 450.3183Distribution of assets upon dissolution; distribution of assets held for charitable or similar purpose; redemption of investment certificates.
Section 450.3191Foreign cooperative.
Section 450.3192Election by corporation to accept act and chapter; procedure; effect of filing certificate of election.

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