125.1471 Consumer housing cooperatives; incorporation. Sec. 71. Consumer housing cooperatives shall be incorporated pursuant to the provisions of the Michigan general corporation act and the provisions of this chapter. History: Add. 1968, Act 343, Imd. Eff. July 19, 1968 Compiler’s Notes: For transfer of Michigan state housing development authority from Michigan strategic fund to department […]
125.1472 “Consumer housing cooperative” as part of corporate name; exception. Sec. 72. (1) Except as provided in subsection (2), the term “consumer housing cooperative” shall be included as a part of the corporate name as set forth in the certificate of incorporation. (2) This section shall not apply to a corporation organized before March 10, […]
125.1473 Consumer housing cooperative; articles of incorporation. Sec. 73. In addition to other requirements of law, the articles of incorporation of a consumer housing cooperative shall provide all of the following: (a) That the consumer housing cooperative has been organized exclusively to provide authority-aided housing facilities for persons of low and moderate income, or for […]
125.1474 Appointment of directors sufficient in number to constitute majority of board; conditions; exception. Sec. 74. (1) Except as provided in subsection (2), the articles shall provide that the authority shall have the power to appoint to the board of directors of the consumer housing cooperative a number of new directors, which number shall be […]
125.1475 Articles of incorporation; filing, approval of authority. Sec. 75. The department of the treasury, corporation division, shall not file the articles of incorporation of the consumer housing cooperative unless the consent or approval of the authority is attached or affixed thereto. History: Add. 1968, Act 343, Imd. Eff. July 19, 1968
