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 331.1413 – Corporation Obligations as Negotiable Instruments Under Uniform Commercial Code.
331.1413 Corporation obligations as negotiable instruments under uniform commercial code. Sec. 413. Whether or not notes or corporation obligations issued pursuant to this act are of such form or character as to be negotiable instruments under the uniform commercial code, Act No. 174 of the Public Acts of 1962, being sections 440.1101 to 440.11102 of […]
Section 331.1414 – Notes and Corporation Obligations as Investment Securities.
331.1414 Notes and corporation obligations as investment securities. Sec. 414. The notes and corporation obligations of any corporation or subsidiary issued pursuant to this act are securities in which all public officers and bodies of this state and all municipalities, municipal subdivisions, and public bodies corporate, all insurance companies and associations, and other persons carrying […]
Section 331.1415 – State Covenants With Purchasers, Subsequent Holders, and Transferees of Notes and Corporation Obligations.
331.1415 State covenants with purchasers, subsequent holders, and transferees of notes and corporation obligations. Sec. 415. The state covenants with the purchasers and all subsequent holders and transferees of notes and corporation obligations issued pursuant to this act, in consideration of the acceptance of and payment for such notes and corporation obligations issued pursuant to […]
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 […]