450.1123 Applicability of act generally.
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450.1123 Applicability of act generally.
Sec. 123.
(1)Unless otherwise provided in, or inconsistent with, the act under which a corporation is or has been formed, this act applies to deposit and security companies, summer resort associations, brine pipeline companies, telegraph companies, telephone companies, safety and collateral deposit companies, canal, river, and harbor improvement companies, cemetery, burial, and cremation associations, railroad, bridge, and tunnel companies, and agricultural and horticultural fair societies. The entities specified in this subsection are not incorporated under this act.
(2)This act does not apply to insurance, surety, savings and loan associations, fraternal benefit societies, and banking corporations.
(3)This act does not prevent a telephone corporation organized under 1883 PA 129, MCL 484.1 to 484.10, from converting into a domestic limited liability company under the Michigan limited liability company act, 1993 PA 23, MCL 450.4101 to 450.5200.
History: 1972, Act 284, Eff. Jan. 1, 1973 ;-- Am. 1978, Act 32, Imd. Eff. Feb. 24, 1978 ;-- Am. 1982, Act 407, Eff. Jan. 1, 1983 ;-- Am. 1989, Act 121, Eff. Oct. 1, 1989 ;-- Am. 1993, Act 357, Imd. Eff. Jan. 14, 1994 ;-- Am. 2001, Act 57 , Imd. Eff. July 23, 2001 ;-- Am. 2012, Act 569 , Imd. Eff. Jan. 2, 2013 ;-- Am. 2024, Act 176 , Imd. Eff. Dec. 23, 2024