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 […]
Section 331.1261 – Board of Trustees and Subsidiary Board; Compensation and Expenses; Bond; Trustees as Public Servants; Policies and Procedures; Conflicts of Interest; Disclosure.
331.1261 Board of trustees and subsidiary board; compensation and expenses; bond; trustees as public servants; policies and procedures; conflicts of interest; disclosure. Sec. 261. (1) Each trustee of a corporation or subsidiary corporation incorporated by a city or village may receive compensation as established by the city council or village council for his or her […]
Section 331.1262 – Corporation and Subsidiary Corporation as Body Corporate; Powers; Liability or Debt.
331.1262 Corporation and subsidiary corporation as body corporate; powers; liability or debt. Sec. 262. Each corporation and subsidiary corporation incorporated by a city or village and organized under this act shall be a body corporate with power to sue and be sued and to adopt an official seal and alter the official seal at its […]
Section 331.1301 – Corporation and Subsidiary Corporation; Powers Generally.
331.1301 Corporation and subsidiary corporation; powers generally. Sec. 301. Each corporation and subsidiary corporation governed by this act shall possess all of the powers necessary to carry out the purposes of its incorporation and those incident thereto. Such powers shall be vested in and exercised by its board of trustees or subsidiary board. The enumeration […]
Section 331.1302 – Bylaws.
331.1302 Bylaws. Sec. 302. Each corporation, and each subsidiary corporation with the approval of its parent corporation, may adopt and amend 1 or more sets of bylaws consistent with the applicable provisions of this act, the open meetings act, Act No. 267 of the Public Acts of 1976, being sections 15.261 to 15.275 of the […]
Section 331.1303 – Board of Trustees and Subsidiary Board; Powers Generally.
331.1303 Board of trustees and subsidiary board; powers generally. Sec. 303. Without limiting the powers described in section 301 and elsewhere in this act, each board of trustees and subsidiary board, in furtherance of its purposes and consistent with the provisions of its articles of incorporation, but subject to applicable licensing and other regulatory requirements, […]