600.3501 Voluntary dissolution of corporations; actions equitable in nature; stockholders and creditors as parties defendant; hearing. Sec. 3501. (1) Whenever the directors, trustees, or other officers who have the management of the affairs of any corporation, or the majority of them, discover that the stock, property, and effects of the corporation are so far reduced […]
600.3505 Voluntary dissolution of corporations; dissolution; receiver; temporary receiver. Sec. 3505. If it appears to the court that the corporation is insolvent or that dissolution thereof would be beneficial to the stockholders and not injurious to the public, the court may dissolve the corporation and appoint a receiver of its estate and effects. Pending the […]
600.3510 Receiver; bond; powers; duties; administration of estate; common law assignments. Sec. 3510. (1) Upon giving bond and qualifying, as the court may direct, such permanent receiver is vested with all the estate, real and personal, of such corporation and is trustee thereof for the benefit of its creditors and stockholders, and has all the […]
600.3515 Sales, transfers, and levies subsequent to application for dissolution; validity. Sec. 3515. All sales, assignments, transfers, mortgages and conveyances of any part of the assets of such corporation made after the filing of such application for dissolution, in payment of or as security for any existing or prior debt, and all judgments confessed by […]
600.3520 Repealed. 2002, Act 433, Imd. Eff. June 10, 2002. Compiler’s Notes: The repealed section pertained to corporations with expired charters.
600.3525 Chapter inapplicable to library; lyceums; religious corporation; academy; select school; burying ground corporations. Sec. 3525. The provisions of this chapter do not extend to any incorporated library or lyceum society; to any religious corporation; to any incorporated academy or select school not organized for pecuniary profit; nor to the proprietors of any burying ground […]
