Section 331.1502 – Indemnification of Certain Persons.
331.1502 Indemnification of certain persons. Sec. 502. (1) A corporation or subsidiary corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative, against expenses, including attorneys’ fees, judgments, fines, and […]
Section 331.1503 – Dissolution of Corporation or Subsidiary Corporation.
331.1503 Dissolution of corporation or subsidiary corporation. Sec. 503. (1) Any corporation which has completed the purposes for which it was organized shall be dissolved by the adoption of a resolution by the affirmative vote of 2/3 of the members serving on its board of trustees, approved by a majority of the members serving on […]
Section 331.1504 – Tax Exemption.
331.1504 Tax exemption. Sec. 504. All property of any corporation or nonprofit subsidiary corporation and its income and operation is exempt from all taxation by the state or by any taxing unit therein. History: 1987, Act 230, Eff. Feb. 27, 1988
Section 331.1505 – Cumulative Authority for Exercise of Various Powers; Exercise of Powers Enumerated or Not Enumerated.
331.1505 Cumulative authority for exercise of various powers; exercise of powers enumerated or not enumerated. Sec. 505. (1) This act grants cumulative authority for the exercise of the various powers conferred in this act, and neither the powers nor any notes or corporation obligations issued under this act shall be affected or limited by any […]
Section 331.1507 – Effective Date.
331.1507 Effective date. Sec. 507. This act shall take effect upon the expiration of 60 days after the date it is enacted into law. History: 1987, Act 230, Eff. Feb. 27, 1988
Section 331.1501 – Financial Reports and Annual Audits.
331.1501 Financial reports and annual audits. Sec. 501. Each corporation and subsidiary corporation shall prepare and file with the state treasurer annual financial reports and annual audits of its financial records in accordance with the uniform budgeting and accounting act, Act No. 2 of the Public Acts of 1968, being sections 141.421 to 141.440a of […]
Section 331.1407 – Refunding Corporation Obligations.
331.1407 Refunding corporation obligations. Sec. 407. (1) To protect the rights of the holders of bonds or other obligations to be refunded, the proceeds of corporation obligations issued for refunding purposes and any other funds set aside for such purposes, and the investment earnings and profits, to the extent required to be held for future […]
Section 331.1408 – Security Instruments to Continue in Effect Until Principal and Interest on Corporation Obligations Paid in Full; Terms of Security Instrument; Recital.
331.1408 Security instruments to continue in effect until principal and interest on corporation obligations paid in full; terms of security instrument; recital. Sec. 408. (1) The provisions of this act, any resolution and any mortgage, deed of trust, or other security instrument shall continue in effect until all principal and interest on the corporation obligations […]
Section 331.1409 – Lien of Pledge.
331.1409 Lien of pledge. Sec. 409. Any pledge made by a corporation or a subsidiary corporation to secure corporation obligations shall be valid and binding from the time the pledge is made. The money or property so pledged and thereafter received by the corporation or subsidiary corporation shall immediately be subject to the lien of […]
Section 331.1410 – Personal Liability on Notes or Corporation Obligations.
331.1410 Personal liability on notes or corporation obligations. Sec. 410. Neither the trustees of a corporation or subsidiary corporation nor any person executing notes or corporation obligations under this act shall be liable personally on the notes or corporation obligations or be subject to any personal liability or accountability by reason of the issuance thereof. […]