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 331.1408 – 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. […]
Section 331.1411 – Pledge and Agreement of State.
331.1411 Pledge and agreement of state. Sec. 411. The state pledges and agrees with the holders of notes and corporation obligations issued under this act, that the state will not limit or alter the rights vested in any corporation or subsidiary corporation to fulfill the terms of any agreements made with the holders thereof, nor […]
Section 331.1412 – Corporation Obligations; Statutory Provisions to Which Issuance of Obligations Subject; Legality.
331.1412 Corporation obligations; statutory provisions to which issuance of obligations subject; legality. Sec. 412. (1) Except as provided in subsection (2), the corporation obligations shall not be subject to the provisions of the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821. The issuance of corporate obligations described in this subsection is subject […]