reglab/housing_qa huggingface dataset:
MI Comp L § 450.3098 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-10 - Chapter 10 (450.3001...450.3099)|Section 450.3098 - Repeal of Acts and Parts of Acts.

450.3098 Repeal of acts and parts of acts. Sec. 1098.  The following acts and parts of acts are repealed:  (a) Act No. 213 of the Public Acts of 1935, being sections 450.401 to 450.402 of the Compiled Laws of 1970.  (b) Act No. 90 of the Public Acts of 1954, being sections 450.441 to 450.442 of the Compiled Laws of 1970.  (c) Sections 62, 63, 64, 81, 92, 117, 118, 119, 119a, 120, 121, 122, 123, 124, 124a, 125, 126, 127, 128, 129, 130, 131, 132, 132a, 163, 164, 165, 166, 167, 168, 188, and 189 of Act No. 327 of the Public Acts of 1931, as amended, being sections 450.62, 450.63, 450.64, 450.81, 450.92, 450.117, 450.118, 450.119, 450.119a, 450.120, 450.121, 450.122, 450.123, 450.124, 450.124a, 450.125, 450.126, 450.127, 450.128, 450.129, 450.130, 450.131, 450.132, 450.132a, 450.163, 450.164, 450.165, 450.166, 450.167, 450.168, 450.188, and 450.189 of the Compiled Laws of 1970.  (d) Act No. 161 of the Public Acts of 1947, being sections 450.421 to 450.422 of the Compiled Laws of 1970. History: 1982, Act 162, Eff. Jan. 1, 1983
MI Comp L § 450.3099 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-10 - Chapter 10 (450.3001...450.3099)|Section 450.3099 - Effective Date of Act.

450.3099 Effective date of act. Sec. 1099.  This act shall take effect January 1, 1983. History: 1982, Act 162, Eff. Jan. 1, 1983
MI Comp L § 450.3100 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-11 - Chapter 11 (450.3100...450.3192)|Section 450.3100 - Short Title.

450.3100 Short title. Sec. 1100.  This chapter shall be known and may be cited as the "consumer cooperative act". History: Add. 1984, Act 209, Eff. Nov. 1, 1985
MI Comp L § 450.3101 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-11 - Chapter 11 (450.3100...450.3192)|Section 450.3101 - Applicability of Act and Chapter; Amendment of Articles or Bylaws; Exemption.

450.3101 Applicability of act and chapter; amendment of articles or bylaws; exemption. Sec. 1101.  (1) Except as otherwise provided in this act or by other law, this act and this chapter apply to:  (a) All consumer cooperatives which are organized after the effective date of this amendatory act.  (b) All consumer cooperatives which have been organized under this act, a predecessor act, or other act and which have represented themselves to be cooperatives.  (c) All other corporations that elect to accept this act pursuant to section 1192.  (d) All other cooperatives organized under this chapter.  (e) All foreign cooperatives to the extent provided in sections 1123 and 1191.  (2) A consumer cooperative which was organized under a predecessor or other act is subject to this act and this chapter except to the extent that either conflicts with the articles, bylaws, or cooperative plan of the consumer cooperative lawfully made pursuant to the predecessor or other act. The consumer cooperative may amend its articles or bylaws to bring itself in conformity with this act. If a corporation elects to accept this act and this chapter pursuant to section 1192, the corporation shall amend its articles and bylaws, as necessary, to bring itself in conformity with this act and this chapter.  (3) A nonprofit power corporation as described in section 261(4) may elect to be exempted from this chapter by the effective date of this amendatory act by a resolution of the board of directors of the corporation. If such a corporation should subsequently elect to accept this act and this chapter pursuant to section 1192, the corporation shall amend its articles and bylaws, as necessary, to bring itself in conformity with this act and this chapter.  (4) This chapter shall not apply to a cooperative organized substantially for the purpose of agricultural production, processing, supply, research, bargaining, or marketing which is organized under sections 98 to 109 of Act No. 327 of the Public Acts of 1931, being sections 450.98 to 450.109 of the Michigan Compiled Laws, or a farm cooperative the majority of votes of which are held by farmers, unless the cooperative elects to accept this chapter pursuant to section 1192. History: Add. 1984, Act 209, Eff. Nov. 1, 1985
MI Comp L § 450.3102 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-11 - Chapter 11 (450.3100...450.3192)|Section 450.3102 - Controlling Definitions.

450.3102 Controlling definitions. Sec. 1102.  The definitions contained in sections 1103 and 1104 shall control in the interpretation of this chapter, unless the context otherwise requires. History: Add. 1984, Act 209, Eff. Nov. 1, 1985
MI Comp L § 450.3103 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-11 - Chapter 11 (450.3100...450.3192)|Section 450.3103 - Definitions; C to F.

450.3103 Definitions; C to F.Sec. 1103.  (1) "Consumer" means a natural person who acquires, or commits to acquire in the future from the cooperative primarily for consumption, use, or occupancy by the person or the person's family, any of the goods, services, or facilities furnished by the cooperative.  (2) "Consumer cooperative" means a cooperative the majority of the votes of which are held by consumers, or, in the case of a cooperative which provides residential dwelling units, the majority of the votes of which are held by consumers and the majority of members of which do not have the right of possession or occupancy of dwelling units they do not occupy.  (3) "Cooperative" means a corporation organized on a cooperative basis or similar basis that is provided in law as a criterion for being a cooperative.  (4) "Cooperative basis" means:  (a) That, subject to section 1133, each member has 1 vote, except as provided in this chapter.  (b) That the dividends, if any, paid on member capital do not exceed 8% per year.  (c) That the net savings are distributed as provided in section 1135.   (d) That business is engaged in for the mutual benefit of its members.  (5) "Electronic transmission" or "electronically transmitted" means any form of communication that meets all of the following:  (a) It does not directly involve the physical transmission of paper.  (b) It creates a record that may be retained and retrieved by the recipient.  (c) It may be directly reproduced in paper form by the recipient through an automated process.  (6) "Foreign cooperative" means a corporation organized under laws other than the laws of this state operating on a cooperative basis or a similar basis that is provided in those other laws as a criterion for being a cooperative. History: Add. 1984, Act 209, Eff. Nov. 1, 1985 ;-- Am. 2008, Act 9, Imd. Eff. Feb. 29, 2008
MI Comp L § 450.3104 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-11 - Chapter 11 (450.3100...450.3192)|Section 450.3104 - Definitions; I to U.

450.3104 Definitions; I to U.Sec. 1104.  As used in this chapter:  (a) "Insolvent" means being unable to pay debts as they become due in the usual course of a debtor's business.  (b) "Member capital" means the assets that a member must provide by payment, transfer, or allocation of net savings to a cooperative as a condition of admission to or retention of membership and with respect to which the member has rights to dividends, redemption, or distributions on dissolution under this chapter.  (c) "Membership fee" means a nonredeemable fee that a member must pay to a cooperative as a condition of admission to or retention of membership in the cooperative that is not member capital or a fee for goods, services, or facilities.  (d) "Patron" means a person whose economic exchange is a regular part of the business of a cooperative or foreign cooperative, if the economic exchange is the same type of regular economic exchange engaged in by any class of members.  (e) "Patronage" means the selling or providing of goods, services, or facilities to, or the buying of goods, services, or facilities from members or other persons, or providing labor or services to or by a cooperative.  (f) "Redemption" means any method by which a cooperative exchanges cash or debt instruments for member capital, including, but not limited to, repurchase, redemption, refund, or repayment.  (g) "Referendum" means a method of member voting that utilizes secret ballot and established polling places as provided in the cooperative's bylaws or under section 409.  (h) "Unincorporated cooperative" means either of the following:  (i) An association of 2 or more persons that is organized on a cooperative basis and that is not a corporation.  (ii) An association of 2 or more persons that is organized under the laws of another state and operates on either a cooperative basis or a similar basis provided in that state as the criterion for being a cooperative, and that is not a corporation. History: Add. 1984, Act 209, Eff. Nov. 1, 1985 ;-- Am. 2014, Act 557, Imd. Eff. Jan. 15, 2015
MI Comp L § 450.3107 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-11 - Chapter 11 (450.3100...450.3192)|Section 450.3107 - Inconsistent Provisions Inapplicable to Chapter.

450.3107 Inconsistent provisions inapplicable to chapter.Sec. 1107.  To the extent that sections 301(4) and 301(5), 855, and 901 are inconsistent with this chapter, they shall not apply to cooperatives. History: Add. 1984, Act 209, Eff. Nov. 1, 1985 ;-- Am. 2014, Act 557, Imd. Eff. Jan. 15, 2015
MI Comp L § 450.3109 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-11 - Chapter 11 (450.3100...450.3192)|Section 450.3109 - Requirements of MCL 460.1 Et Seq. Not Modified; Effect of Economic Activity Conducted by Cooperative.

450.3109 Requirements of MCL 460.1 et seq. not modified; effect of economic activity conducted by cooperative. Sec. 1109.  (1) This chapter does not modify the requirements of Act No. 3 of the Public Acts of 1939, being sections 460.1 to 460.8 of the Michigan Compiled Laws.  (2) The fact that a cooperative conducts economic activity under this act shall not alone cause the economic activity of the cooperative to be considered a conspiracy or combination in restraint of trade or an illegal monopoly, or an attempt to lessen competition or fix prices arbitrarily. History: Add. 1984, Act 209, Eff. Nov. 1, 1985
MI Comp L § 450.3121 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-11 - Chapter 11 (450.3100...450.3192)|Section 450.3121 - Articles of Incorporation; Requirement.

450.3121 Articles of incorporation; requirement. Sec. 1121.  In addition to the requirements of section 202, the articles of incorporation of a cooperative organized under this act shall state whether the cooperative will be financed on a membership fee basis, a member capital basis, or a combination of both. History: Add. 1984, Act 209, Eff. Nov. 1, 1985
MI Comp L § 450.3123 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-11 - Chapter 11 (450.3100...450.3192)|Section 450.3123 - Use of Term “Cooperative,”“co-Op,”“consumer Cooperative,” or Any Variation Thereof.

450.3123 Use of term “cooperative,”“co-op,”“consumer cooperative,” or any variation thereof. Sec. 1123.  (1) The term "cooperative", "co-op", or any variation thereof, may only be used in the name of cooperatives organized under or subject to this chapter, corporations organized under or subject to sections 98 to 109 of Act No. 327 of the Public Acts of 1931, being sections 450.98 to 450.109 of the Michigan Compiled Laws, parent cooperative preschools licensed under Act No. 116 of the Public Acts of 1973, being sections 722.111 to 722.128 of the Michigan Compiled Laws, credit unions chartered under the laws of this state or federal law, corporations organized on a cooperative basis or similar basis and organized before the effective date of this amendatory act as nonprofit corporations, unincorporated cooperatives, foreign cooperatives, any entities wholly owned by any of the foregoing or any combination of such entities, and any other entities specifically authorized by statute to use "cooperative", "co-op", or any variation thereof.  (2) The term "consumer cooperative" or any variation thereof may only be used in the name of a consumer cooperative or a foreign or unincorporated cooperative the majority of the votes of which are held by consumers and which complies with sections 1132 and 1138.  (3) Unless authorized by subsection (1) or (2), or as otherwise specifically provided by law, a person shall not use the term "cooperative", "co-op", "consumer cooperative", or any variation thereof, as part of a corporate or other business name or title.  (4) This section shall not be construed to authorize any use of the term "co-op", "cooperative", "consumer cooperative", or any variation thereof, that is prohibited by the cooperative identity protection act. History: Add. 1984, Act 209, Eff. Nov. 1, 1985
MI Comp L § 450.3125 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-11 - Chapter 11 (450.3100...450.3192)|Section 450.3125 - Adoption of Initial Bylaws; Ratification or Amendment; Contents of Bylaws.

450.3125 Adoption of initial bylaws; ratification or amendment; contents of bylaws. Sec. 1125.  (1) Notwithstanding section 231, the initial bylaws of a cooperative may be adopted by the incorporators, the board, or the members. If initial bylaws are adopted by the incorporators or the board, at the first meeting of members the bylaws shall be submitted to the members for ratification or amendment.  (2) Bylaws may contain provisions for educational programs for directors, members, employees, patrons, prospective members, and the community and provisions for cooperative relations with cooperatives and unincorporated cooperatives. History: Add. 1984, Act 209, Eff. Nov. 1, 1985
MI Comp L § 450.3131 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-11 - Chapter 11 (450.3100...450.3192)|Section 450.3131 - Organization on Nonstock Membership Basis.

450.3131 Organization on nonstock membership basis. Sec. 1131.  Notwithstanding section 302, a cooperative organized under this act shall be organized on a nonstock membership basis and shall not be organized on a stock or directorship basis. History: Add. 1984, Act 209, Eff. Nov. 1, 1985
MI Comp L § 450.3132 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-11 - Chapter 11 (450.3100...450.3192)|Section 450.3132 - Membership; Notice of Qualifications.

450.3132 Membership; notice of qualifications. Sec. 1132.  Subject to section 304(7), membership in a consumer cooperative subject to this act shall be available to all patrons of the cooperative who are consumers. The bylaws may make membership available to other patrons. For any other cooperative, 50% or more of the patronage shall be with members or, subject to section 304(7), membership shall be available to all patrons. All cooperatives shall give all patrons reasonable notice of the qualifications for membership. History: Add. 1984, Act 209, Eff. Nov. 1, 1985
MI Comp L § 450.3133 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-11 - Chapter 11 (450.3100...450.3192)|Section 450.3133 - Classification.

450.3133 Classification. Sec. 1133.  If a cooperative has classes of members pursuant to section 304, classification shall be based only on 1 or more of the following number of members, number of persons served, type of patronage, level of patronage, or whether or not members are patrons. In a consumer cooperative, classification of consumers by level of patronage shall not be used. History: Add. 1984, Act 209, Eff. Nov. 1, 1985
MI Comp L § 450.3134 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-11 - Chapter 11 (450.3100...450.3192)|Section 450.3134 - Cooperative Organized on Member Capital Basis, Member Fee Basis, or Basis Combining Member Capital and Membership Fee; Powers.

450.3134 Cooperative organized on member capital basis, member fee basis, or basis combining member capital and membership fee; powers. Sec. 1134.  (1) A cooperative which is organized on a member capital basis or on a basis combining member capital and membership fee may provide for any of the following, if such provision is set forth in the articles or bylaws:  (a) A maximum member capital to be held by any 1 member.  (b) Transfer of member capital pursuant to section 304(6).   (c) Mandatory contribution or contributions of member capital as a condition or conditions of admission to or retention of membership, including but not limited to initial capital contributions, surcharges, and distributions of net savings pursuant to section 1135.  (d) A dividend on membership capital, not to exceed 8% per year.  (e) Special assessments on members.  (2) A cooperative which is organized on a membership fee basis or on a basis combining member capital and membership fee may provide for either or both of the following as a condition or conditions of admission to or retention of membership in the cooperative, if such a provision is set forth in its articles or bylaws:  (a) The charging of a nonredeemable initial or periodic membership fee or fees.  (b) Nonredeemable special assessments on members. History: Add. 1984, Act 209, Eff. Nov. 1, 1985
MI Comp L § 450.3135 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-11 - Chapter 11 (450.3100...450.3192)|Section 450.3135 - Net Savings; Determination, Allocation, Distribution, and Use; Apportionment of Losses.

450.3135 Net savings; determination, allocation, distribution, and use; apportionment of losses. Sec. 1135.  (1) At least once each year, a cooperative shall determine its net savings by deducting from total income:  (a) All operating costs and expenses.  (b) Reasonable reserves for depreciation and obsolescence of property, doubtful accounts, other valuation or operating reserves, capital investments and reserves for capital investment.  (c) Dividends paid on member capital and interest or dividends paid on nonvoting investment certificates or bonds, if any.  (2) The articles or bylaws may provide for any reasonable method of allocating net savings by the board of directors for the common benefit of all the patrons of a cooperative.  (3) Unless the articles or bylaws otherwise provide pursuant to subsection (2), net savings shall be allocated, distributed, or used in any of the following ways:  (a) By allocation of net savings to all patrons at a uniform rate in proportion to their individual patronage, provided that different rates of allocation may be established according to the net savings generated by various departments or types of business done by the cooperative. Distribution to patrons may be made as follows:  (i) In cash or credits. Credits shall be evidenced by shares, revolving fund certificates, notices of allocation, capital credits, or other certificates or notices of the cooperative, or any combination thereof.  (ii) In the case of nonmember patrons who have subscribed for membership, distribution may be credited toward payment of unpaid member capital or membership fees.  (iii) In the case of nonmember patrons, distribution of the proportionate amount of net savings generated by nonmember patronage may be made to a general fund. Redistribution shall be made to an individual nonmember patron only upon request and presentation of evidence of the nonmember's patronage. Such net savings may be distributed in cash or credited toward payment of member capital or membership fees. Reasonable notice shall be provided to nonmember patrons of their rights to redistribution and the means of applying for membership.  (b) By allocation to retained earnings, operating costs or capital expenditures of the cooperative to reduce the costs of goods, facilities, or services, to improve the quality provided or otherwise to further the common benefit of the patrons.  (4) The articles or bylaws may include any reasonable provisions for the apportionment of losses. History: Add. 1984, Act 209, Eff. Nov. 1, 1985
MI Comp L § 450.3136 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-11 - Chapter 11 (450.3100...450.3192)|Section 450.3136 - Certificate; Issuance; Contents; Restrictions on Dividends.

450.3136 Certificate; issuance; contents; restrictions on dividends. Sec. 1136.  (1) If a cooperative is to be financed in whole or in part on a member capital basis, each member shall be provided a certificate or certificates setting forth the initial member capital of the member.  (2) A certificate issued pursuant to this section shall contain the information required by section 1138. The certificate may be denominated a membership certificate, share certificate, stock certificate, or a similar designation but shall not constitute shares as defined in section 109.  (3) The board of directors shall not pay dividends when currently the cooperative is insolvent or would thereby be made insolvent, or when the declaration, payment, or distribution of a dividend would be contrary to the articles or bylaws. History: Add. 1984, Act 209, Eff. Nov. 1, 1985
MI Comp L § 450.3137 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-11 - Chapter 11 (450.3100...450.3192)|Section 450.3137 - Nonvoting Investment Certificate or Bond.

450.3137 Nonvoting investment certificate or bond.Sec. 1137.  Subject to the uniform securities act, 1964 PA 265, MCL 451.501 to 451.818, and the uniform securities act (2002), 2008 PA 551, MCL 451.2101 to 451.2703, a cooperative may offer to its members or to the general public any form of nonvoting investment certificate or bond that may bear interest or dividends as provided by the board of directors. History: Add. 1984, Act 209, Eff. Nov. 1, 1985 ;-- Am. 2009, Act 94, Imd. Eff. Sept. 24, 2009