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Section 450.2302 Corporation Organized Upon Nonstock Basis.

MI Comp L § 450.2302 (2019) (N/A)
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Sec. 302.

A corporation shall be organized upon a stock or nonstock basis. A corporation organized upon a nonstock basis shall be organized upon a membership basis or a directorship basis.

History: 1982, Act 162, Eff. Jan. 1, 1983

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Section 450.2301 Payment or Distribution of Assets, Income, or Profit; Conferring Benefits on Shareholders or Members; Transfer of Money or Property to or for Benefit of Directors or Officers; Dividends or Distributions to Shareholders or Members; Corporation Charging Fees or Prices for Services or Products; Use, Conveyance, or Distribution of Assets Held by Corporation for Noncharitable Purposes; Prohibition.
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Section 450.2303 Corporation Organized on Stock Basis; Issuance of Shares Authorized in Articles of Incorporation; Rules of Qualification and Government of Shareholders.