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 […]
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 331.1305a – Restructure of Corporation or Subsidiary Corporation as Nonprofit.
331.1305a Restructure of corporation or subsidiary corporation as nonprofit. Sec. 305a. (1) Subject to applicable licensing and other regulatory requirements, the requirements of the nonprofit act, and the requirements of this section, the board of trustees or the subsidiary board may restructure a corporation or subsidiary corporation as a nonprofit corporation subject to the nonprofit […]
Section 331.1306 – Board of Trustees or Subsidiary Board; Sale or Transfer of Ownership or Operation; Terms; Acceptance of Notes, Bonds, or Obligations; Discrimination Prohibited; Approval of Transfer; Transfer Not to Impair Corporate Obligation, Bond, Note, or Contract.
331.1306 Board of trustees or subsidiary board; sale or transfer of ownership or operation; terms; acceptance of notes, bonds, or obligations; discrimination prohibited; approval of transfer; transfer not to impair corporate obligation, bond, note, or contract. Sec. 306. (1) Subject to applicable licensing and other regulatory requirements, and subject to the requirements of this section, […]
Section 331.1307 – Definitions; Retention of Employees; Continuation of Collective Bargaining Agreements; Bargaining Representative; Standing of Employee to Commence Action; Rescission of Transactions; Continued Participation in Federal Old Age, Survivors, and Disability Insurance Benefits Program.
331.1307 Definitions; retention of employees; continuation of collective bargaining agreements; bargaining representative; standing of employee to commence action; rescission of transactions; continued participation in federal old age, survivors, and disability insurance benefits program. Sec. 307. (1) As used in this section: (a) “Contractor” means an entity which enters into a contract or other agreement with […]
Section 331.1401 – Board of Trustees or Subsidiary Board; Power to Borrow Money and Issue Notes; Resolution; Applicability of Revised Municipal Finance Act.
331.1401 Board of trustees or subsidiary board; power to borrow money and issue notes; resolution; applicability of revised municipal finance act. Sec. 401. (1) A board of trustees or subsidiary board may borrow money and issue notes, which shall mature not more than 18 months from the date of their issuance, for the purpose of […]
Section 331.1402 – Corporation or Subsidiary Corporation; Additional Powers; Prohibited Conduct.
331.1402 Corporation or subsidiary corporation; additional powers; prohibited conduct. Sec. 402. In addition to the powers provided elsewhere in this act, a corporation or subsidiary corporation may, subject to approval of the county board of commissioners, city council, or village council, borrow money, issue bonds, and exercise the powers provided in the revenue bond act […]