reglab/housing_qa huggingface dataset:
MI Comp L § 125.1474 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-5 - Chapter 5 (125.1471...125.1475)|Section 125.1474 - Appointment of Directors Sufficient in Number to Constitute Majority of Board; Conditions; Exception.

125.1474 Appointment of directors sufficient in number to constitute majority of board; conditions; exception. Sec. 74.  (1) Except as provided in subsection (2), the articles shall provide that the authority shall have the power to appoint to the board of directors of the consumer housing cooperative a number of new directors, which number shall be sufficient to constitute a majority of the board, notwithstanding any other provisions of the articles of incorporation or any other provisions of law, if:  (a) The consumer housing cooperative has received a loan or advance as provided for in this act and the authority determines that the loan or advance is in jeopardy of not being repaid.  (b) The consumer housing cooperative has received a loan or advance as provided for in this act and the authority determines that the proposed housing project for which the loan or advance was made is in jeopardy of not being constructed.  (c) The authority determines that some unreasonable part of the net income or net earnings of the consumer housing cooperative shall inure to the benefit of a private individual, firm, corporation, partnership, or association.  (d) The authority determines that the consumer housing cooperative is in some manner controlled by or under the direction of or acting in the substantial interest of a private individual, firm, corporation, partnership, or association seeking to derive benefit or gain therefrom or seeking to eliminate or minimize losses in any dealing or transaction therewith, except that the foregoing shall apply to individual cooperators of a consumer housing cooperative only in those circumstances defined by the authority in its rules.  (e) The authority determines that the consumer housing cooperative is in violation of the rules promulgated under section 22.  (f) The authority determines that the consumer housing cooperative is in violation of an agreement entered into with the authority providing for regulation by the authority of the planning, development, and management of a housing project undertaken by the consumer housing cooperative or the disposition of the property and franchises of the cooperative.  (2) This section shall not apply to a consumer housing cooperative which was organized before March 10, 1967, as a nonprofit cooperative corporation pursuant to sections 98 to 132 of Act No. 327 of the Public Acts of 1931, as amended. History: Add. 1968, Act 343, Imd. Eff. July 19, 1968 ;-- Am. 1970, Act 129, Imd. Eff. July 29, 1970 ;-- Am. 1978, Act 192, Imd. Eff. June 4, 1978 Admin Rule: R 125.101 et seq. of the Michigan Administrative Code.
MI Comp L § 125.1475 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-5 - Chapter 5 (125.1471...125.1475)|Section 125.1475 - Articles of Incorporation; Filing, Approval of Authority.

125.1475 Articles of incorporation; filing, approval of authority. Sec. 75.  The department of the treasury, corporation division, shall not file the articles of incorporation of the consumer housing cooperative unless the consent or approval of the authority is attached or affixed thereto. History: Add. 1968, Act 343, Imd. Eff. July 19, 1968
MI Comp L § 125.1481 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-6 - Chapter 6 (125.1481...125.1486)|Section 125.1481 - Limited Dividend Housing Corporations; Incorporation.

125.1481 Limited dividend housing corporations; incorporation. Sec. 81.  Limited dividend housing corporations shall be incorporated or qualified pursuant to the provisions of the general corporation act and this chapter. History: Add. 1970, Act 129, Imd. Eff. July 29, 1970 Compiler's Notes: For transfer of Michigan state housing development authority from Michigan strategic fund to department of talent and economic development, see E.R.O. No. 2014-6, compiled at MCL 125.1995.
MI Comp L § 125.1482 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-6 - Chapter 6 (125.1481...125.1486)|Section 125.1482 - Corporate Name.

125.1482 Corporate name. Sec. 82.  The term "limited dividend housing corporation" shall be included as a part of the corporate name as set forth in the certificate of incorporation or certificate of authority.  History: Add. 1970, Act 129, Imd. Eff. July 29, 1970 Compiler's Notes: The phrase “certificate of incorporation” in this section should evidently read “articles of incorporation.”
MI Comp L § 125.1483 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-6 - Chapter 6 (125.1481...125.1486)|Section 125.1483 - Limited Dividend Housing Corporation; Articles of Incorporation.

125.1483 Limited dividend housing corporation; articles of incorporation. Sec. 83.  In addition to other requirements of law, the articles of incorporation of any limited dividend housing corporation shall provide all of the following:  (a) That the limited dividend housing corporation has been organized exclusively to provide housing facilities for persons of low and moderate income, or for persons whose income does not exceed limits established in this act, and for social, recreational, commercial, and communal facilities as may be necessary to serve and improve a residential area in which authority-aided or federally-aided housing is located or is planned to be located, thereby enhancing the viability of the housing.  (b) That every stockholder of the limited dividend housing corporation shall be deemed, by the subscription to or receipt of stock in the corporation, to have agreed that he or she at no time shall receive from the corporation in repayment of his or her investment any sums in excess of the face value of the investment plus cumulative dividends at a rate which the authority determines to be reasonable and proper, computed from the initial date on which money was paid or property delivered in consideration for the proprietary interest of the stockholder; and that upon the dissolution of the limited dividend housing corporation, any surplus in excess of those amounts shall be paid to the authority or to any other regulating governmental body as the authority directs.  (c) That the operations of the limited dividend housing corporation may be supervised by the authority or by any other governmental body as the authority directs, and that the limited dividend housing corporation shall enter into agreements with the authority or with the governmental body as the authority from time to time requires. These agreements shall provide for regulation by the authority or the governmental body of the planning, development, and management of any housing project undertaken by the limited housing corporation and the disposition of the property and franchises of the corporation. History: Add. 1970, Act 129, Imd. Eff. July 29, 1970 ;-- Am. 1976, Act 410, Imd. Eff. Jan. 9, 1977 ;-- Am. 1979, Act 49, Imd. Eff. July 7, 1979 ;-- Am. 1984, Act 215, Imd. Eff. July 10, 1984 Compiler's Notes: In the last sentence of subdivision (c), the phrase “limited housing corporation” should evidently read “limited dividend housing corporation.”
MI Comp L § 125.1484 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-6 - Chapter 6 (125.1481...125.1486)|Section 125.1484 - Surplus; Definition.

125.1484 Surplus; definition. Sec. 84.  As used in this chapter, the term "surplus" shall not be deemed to include any increase in assets of any limited dividend housing corporation organized in accordance with the provisions of this chapter, by reason of reduction of mortgage, by amortization or similar payments or realized from the sale or disposition of any assets of a limited dividend housing corporation to the extent such surplus can be attributed to any increase in market value of any real property or tangible personal property accruing during the period the assets were owned and held by the limited dividend housing corporation. History: Add. 1970, Act 129, Imd. Eff. July 29, 1970
MI Comp L § 125.1485 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-6 - Chapter 6 (125.1481...125.1486)|Section 125.1485 - Directors, Additional, Power of Authority.

125.1485 Directors, additional, power of authority. Sec. 85.  The articles shall provide that the authority shall have the power to appoint to the board of directors of the limited dividend housing corporation a number of new directors, which number shall be sufficient to constitute a majority of the board, notwithstanding any other provisions of the articles or any other provisions of law, if:  (a) The limited dividend housing corporation has received a loan or advance as provided for in this act and the authority determines that the loan or advance is in jeopardy of not being repaid.  (b) The limited dividend housing corporation has received a loan or advance as provided for in this act and the authority determines that the proposed housing project for which the loan or advance was made is in jeopardy of not being constructed.   (c) The authority determines that some part of the net income or net earnings of the limited dividend housing corporation, in excess of that permitted by other provisions of this act, shall inure to the benefit of any private individual, firm, corporation, partnership or association.  (d) The authority determines that the limited dividend housing corporation is in violation of the rules promulgated under section 22.  (e) The authority determines that the limited dividend housing corporation is in violation of any agreements entered into with the authority providing for regulation by the authority of the planning, development and management of any housing project undertaken by the limited dividend housing corporation or the disposition of the property and franchises of such corporation. History: Add. 1970, Act 129, Imd. Eff. July 29, 1970 Admin Rule: R 125.101 et seq. of the Michigan Administrative Code.
MI Comp L § 125.1486 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-6 - Chapter 6 (125.1481...125.1486)|Section 125.1486 - Articles of Incorporation; Filing, Approval.

125.1486 Articles of incorporation; filing, approval. Sec. 86.  The department of the treasury, corporation division, shall not accept the articles of incorporation of the limited dividend housing corporation unless the consent or approval of the authority is attached or affixed thereto. History: Add. 1970, Act 129, Imd. Eff. July 29, 1970
MI Comp L § 125.1491 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-7 - Chapter 7 (125.1491...125.1496)|Section 125.1491 - Limited Dividend Housing Association; Approval; Membership.

125.1491 Limited dividend housing association; approval; membership. Sec. 91.  Limited dividend housing association includes general or limited partnerships, limited liability companies, joint ventures, or trusts, as any such entities shall be approved by resolution of the authority. Members of a limited dividend housing association shall include each and all persons with a legal or beneficial interest of any kind in a limited dividend housing association or its assets. History: Add. 1970, Act 129, Imd. Eff. July 29, 1970 ;-- Am. 1996, Act 475, Imd. Eff. Dec. 26, 1996 Compiler's Notes: For transfer of Michigan state housing development authority from Michigan strategic fund to department of talent and economic development, see E.R.O. No. 2014-6, compiled at MCL 125.1995.
MI Comp L § 125.1492 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-7 - Chapter 7 (125.1491...125.1496)|Section 125.1492 - Association Name.

125.1492 Association name. Sec. 92.  The term "limited dividend housing association" shall be included as part of the name of any limited dividend housing association. History: Add. 1970, Act 129, Imd. Eff. July 29, 1970
MI Comp L § 125.1493 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-7 - Chapter 7 (125.1491...125.1496)|Section 125.1493 - Limited Dividend Housing Association; Provisions of Partnership Agreement, Joint Venture Agreement, Trust Agreement, or Other Document of Basic Organization.

125.1493 Limited dividend housing association; provisions of partnership agreement, joint venture agreement, trust agreement, or other document of basic organization. Sec. 93.  In addition to other requirements of law, the partnership agreement, joint venture agreement, trust agreement, or other document of basic organization of the limited dividend housing association shall provide all of the following:  (a) That the limited dividend housing association has been organized exclusively to provide housing facilities for persons of low and moderate income, or for persons whose income does not exceed limits established in this act, and for social, recreational, commercial, and communal facilities as may be necessary to serve and improve a residential area in which authority-aided or federally-aided housing is located or is planned to be located, thereby enhancing the viability of such housing.  (b) That every member of a limited dividend housing association shall be deemed, by acceptance of a beneficial interest in the limited dividend housing association or by executing the document of basic organization, to have agreed that he or she at no time shall receive from the limited dividend housing association any return in excess of the face value of the investment attributable to his or her respective interest plus cumulative dividend payments at a rate which the authority determines to be reasonable and proper, computed from the initial date on which money was paid or property delivered in consideration for the interest; and that upon the dissolution of the limited dividend housing association, any surplus in excess of those amounts shall be paid to the authority or to any other regulating governmental body as the authority directs.  (c) That the operations of the limited dividend housing association may be supervised by the authority or by any other governmental body as the authority directs, and that the limited dividend housing association shall enter into agreements with the authority or with the governmental body as the authority from time to time requires. The agreements shall provide for regulation by the authority or the governmental body of the planning, development, and management of any housing project undertaken by the limited dividend housing association and the disposition of the property and franchises of the limited dividend housing association. History: Add. 1970, Act 129, Imd. Eff. July 29, 1970 ;-- Am. 1976, Act 410, Imd. Eff. Jan. 9, 1977 ;-- Am. 1979, Act 49, Imd. Eff. July 7, 1979 ;-- Am. 1984, Act 215, Imd. Eff. July 10, 1984
MI Comp L § 125.1494 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-7 - Chapter 7 (125.1491...125.1496)|Section 125.1494 - Surplus; Definition.

125.1494 Surplus; definition. Sec. 94.  As used in this chapter, the term "surplus" shall not be deemed to include any increase in assets of any limited dividend housing association organized in accordance with the provisions of this chapter, by reason of reduction of mortgage, by amortization or similar payments or realized from the sale or disposition of any assets of a limited dividend housing association to the extent such surplus can be attributed to any increase in market value of any real property or tangible personal property accruing during the period the assets were owned and held by the limited dividend housing association. History: Add. 1970, Act 129, Imd. Eff. July 29, 1970
MI Comp L § 125.1495 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-7 - Chapter 7 (125.1491...125.1496)|Section 125.1495 - Managing Agent; Power of Authority.

125.1495 Managing agent; power of authority.  Sec. 95.  The partnership agreement, joint venture agreement, trust agreement or other document of basic organization, as the case may be, shall provide that the authority shall have the power to appoint a managing agent of the limited dividend housing association and its members, who may be an officer, employee, or agent of the authority, and said managing agent shall have complete power to act as agent and attorney in fact for the limited dividend housing association and its members, in connection with any asset or liability of the limited dividend housing association, to fulfill any obligations the limited dividend housing association may have the authority, if:  (a) The limited dividend housing association has received a loan or advance as provided for in this act and the authority determines that the loan or advance is in jeopardy of not being repaid.  (b) The limited dividend housing association has received a loan or advance as provided for in this act and the authority determines that the proposed housing project for which the loan or advance was made is in jeopardy of not being constructed.   (c) The authority determines that some part of the net income or net earnings of the limited dividend housing association, in excess of that permitted by other provisions of this act, shall inure to the benefit of any private individual, firm, corporation, partnership, trust or association.  (d) The authority determines that the limited dividend housing association is in violation of the rules promulgated under section 22.  (e) The authority determines that the limited dividend housing association is in violation of any agreements entered into with the authority providing for regulation by the authority of the planning, development and management of any housing project undertaken by the limited dividend housing association or the disposition of the property and franchises of such limited dividend housing association.  History: Add. 1970, Act 129, Imd. Eff. July 29, 1970 Compiler's Notes: The phrase “may have the authority, if:” in the last sentence of the first paragraph of this section should evidently read “may have the authority, if any one of the following occurs:”. Admin Rule: R 125.101 et seq. of the Michigan Administrative Code.
MI Comp L § 125.1496 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-7 - Chapter 7 (125.1491...125.1496)|Section 125.1496 - Basic Organization Document; Approval.

125.1496 Basic organization document; approval.  Sec. 96.  Before any limited dividend housing association can receive any benefits as a result of qualifying under this act, the authority must approve the terms of the partnership agreement, joint venture agreement, trust agreement or other document of basic organization.  History: Add. 1970, Act 129, Imd. Eff. July 29, 1970
MI Comp L § 125.1497 (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-8 - Chapter 8 (125.1497...125.1497f)|Section 125.1497 - Applicability of Chapter to Mobile Home Park Corporations.

125.1497 Applicability of chapter to mobile home park corporations. Sec. 97.  This chapter shall apply to mobile home park corporations receiving benefits under this act.  History: Add. 1982, Act 534, Imd. Eff. Dec. 31, 1982 ;-- Am. 1983, Act 217, Imd. Eff. Nov. 16, 1983 Compiler's Notes: For transfer of Michigan state housing development authority from Michigan strategic fund to department of talent and economic development, see E.R.O. No. 2014-6, compiled at MCL 125.1995.
MI Comp L § 125.1497a (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-8 - Chapter 8 (125.1497...125.1497f)|Section 125.1497a - Mobile Home Park Corporation; Incorporation and Qualification Requirements.

125.1497a Mobile home park corporation; incorporation and qualification requirements. Sec. 97a.  A mobile home park corporation shall be incorporated and qualified pursuant to the provisions of the corporation laws of this state and this chapter. History: Add. 1982, Act 534, Imd. Eff. Dec. 31, 1982 ;-- Am. 1983, Act 217, Imd. Eff. Nov. 16, 1983
MI Comp L § 125.1497b (2021)
2021 Michigan Compiled Laws|Chapter 125 - Planning, Housing, and Zoning|Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)|346-1966-8 - Chapter 8 (125.1497...125.1497f)|Section 125.1497b - Corporate Name.

125.1497b Corporate name. Sec. 97b.  The term "mobile home park corporation" shall be included as part of the corporate name set forth in the certificate of incorporation or certificate of authority.  History: Add. 1982, Act 534, Imd. Eff. Dec. 31, 1982 ;-- Am. 1983, Act 217, Imd. Eff. Nov. 16, 1983