Businesses: business corporations; applicability of the business corporation act; modify. Amends sec. 123 of 1972 PA 284 (MCL 450.1123).

This bill modifies the Michigan Business Corporation Act to clarify which specific types of corporations are subject to its rules. It explicitly states that the act applies to various specialized entities like telegraph and telephone companies, while excluding insurance, banking, and savings institutions from its coverage. Additionally, the legislation permits telephone corporations organized under older laws to convert into limited liability companies. The bill includes a provision stating that it will only become effective if two other related bills are also passed into law.