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 […]
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 […]
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 […]
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
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 […]
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
