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 331.1414 – 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 331.1402 – 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 […]
Section 331.1403 – Corporation or Subsidiary Corporation; Additional Powers; Refinancing or Refunding Indebtedness; Redemption; Limitation; Determination of Board of Trustees or Subsidiary Conclusive; Exception.
331.1403 Corporation or subsidiary corporation; additional powers; refinancing or refunding indebtedness; redemption; limitation; determination of board of trustees or subsidiary conclusive; exception. Sec. 403. (1) Subject to the approvals required under sections 406(1) and 412, a corporation or a subsidiary corporation may do any or all of the following: (a) Borrow money and issue 1 […]
Section 331.1404 – Corporation Obligations as General Obligations of Issuing Corporation or Subsidiary Corporation; Corporation Obligations Neither Local Governmental Unit nor State Debt.
331.1404 Corporation obligations as general obligations of issuing corporation or subsidiary corporation; corporation obligations neither local governmental unit nor state debt. Sec. 404. (1) Except as expressly provided by the corporation or subsidiary corporation or as otherwise provided in this act, every issue of its corporation obligations shall be general obligations of the issuing corporation […]
Section 331.1405 – Provisions of Resolution Authorizing Issuance of Corporation Obligations as Part of Contract.
331.1405 Provisions of resolution authorizing issuance of corporation obligations as part of contract. Sec. 405. A resolution authorizing issuance of corporation obligations may contain provisions, which shall be part of the contract with the holders of such corporation obligations, as to: (a) Use and disposition of net revenues derived from the operation of health care […]
Section 331.1406 – Corporation Obligations Generally.
331.1406 Corporation obligations generally. Sec. 406. (1) Corporation obligations shall be authorized by resolution adopted by a majority vote of the members serving on the board of trustees of the corporation or the subsidiary board of the subsidiary corporation issuing the corporation obligations. However, the resolution shall not take effect until issuance of the corporation […]