reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108) › Article 10 - (449.2001...449.2005) › Section 449.2001 - Limited Partner; Right to Bring Action to Recover Judgment.

449.2001 Limited partner; right to bring action to recover judgment.
Sec. 1001.
A limited partner may bring an action in the right of a limited partnership to recover a judgment in its favor if general partners with authority to do so have refused to bring the action or if an effort to cause those general partners to bring the action is not likely to succeed.
History:
1982, Act 213, Eff. Jan. 1, 1983
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108) › Article 10 - (449.2001...449.2005) › Section 449.2002 - Status of Plaintiff in Derivative Action.

449.2002 Status of plaintiff in derivative action.
Sec. 1002.
In a derivative action, the plaintiff must be a partner at the time of bringing the action and (1) at the time of the transaction of which the plaintiff complains or (2) his or her status as a partner had devolved upon him or her by operation of law or pursuant to the terms of the partnership agreement from a person who was a partner at the time of the transaction.
History:
1982, Act 213, Eff. Jan. 1, 1983
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108) › Article 10 - (449.2001...449.2005) › Section 449.2003 - Complaint in Derivative Action; Contents.

449.2003 Complaint in derivative action; contents.
Sec. 1003.
In a derivative action, the complaint shall set forth with particularity the effort of the plaintiff to secure initiation of the action by a general partner or the reasons for not making the effort.
History:
1982, Act 213, Eff. Jan. 1, 1983
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108) › Article 10 - (449.2001...449.2005) › Section 449.2004 - Discontinuance, Compromise, or Settlement of Derivative Action; Court Approval; Notice; Costs.

449.2004 Discontinuance, compromise, or settlement of derivative action; court approval; notice; costs.
Sec. 1004.
An action authorized by section 1001 shall not be discontinued, compromised, or settled without approval by the court having jurisdiction of the action. If the court determines that the interest of the limited partners or of any class thereof will be substantially affected by the discontinuance, compromise, or settlement, the court may direct that notice, by publication or otherwise, be given to the limited partners or any class thereof whose interests it determines will be so affected. If notice is so directed to be given, the court may determine which 1 or more of the parties to the action shall bear the expense of giving the notice, in such amount as the court determines and finds to be reasonable in the circumstances. The amount of such expense shall be awarded as special costs of the action and recoverable in the same manner as statutory taxable costs.
History:
1982, Act 213, Eff. Jan. 1, 1983
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108) › Article 10 - (449.2001...449.2005) › Section 449.2005 - Awarding Expenses to Plaintiff in Successful Derivative Action; Remittance to Limited Partnership of Remainder of Proceeds; Exception; Action Brought Without Reasonable Cause; Payment of Defendants' Expenses by Plaintiff.

449.2005 Awarding expenses to plaintiff in successful derivative action; remittance to limited partnership of remainder of proceeds; exception; action brought without reasonable cause; payment of defendants' expenses by plaintiff.
Sec. 1005.
(a) If a derivative action is successful, in whole or in part, or if anything is received by the plaintiff as a result of a judgment, compromise, or settlement of an action or claim, the court may award the plaintiff reasonable expenses, including reasonable attorneys' fees, and shall direct the plaintiff to remit to the limited partnership the remainder of those proceeds received by him or her. This subsection does not apply to a judgment rendered for the benefit of an injured limited partner only and limited to a recovery of the loss or damage sustained by him or her.
(b) In an action brought in the right of the limited partnership by a limited partner of the limited partnership, the court having jurisdiction, upon final judgment and finding that the action was brought without reasonable cause, may require the plaintiff to pay to the parties named as defendants the reasonable expenses, including fees of attorneys, incurred by them in the defense of the action.
History:
1982, Act 213, Eff. Jan. 1, 1983
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108) › Article 11 - (449.2101...449.2108) › Section 449.2101 - Application and Construction of Act.

449.2101 Application and construction of act.
Sec. 1101.
This act shall be so applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this act among states enacting it.
History:
1982, Act 213, Eff. Jan. 1, 1983
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108) › Article 11 - (449.2101...449.2108) › Section 449.2102 - Short Title.

449.2102 Short title.
Sec. 1102.
This act shall be known and may be cited as the “Michigan revised uniform limited partnership act”.
History:
1982, Act 213, Eff. Jan. 1, 1983
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108) › Article 11 - (449.2101...449.2108) › Section 449.2103 - Severability.

449.2103 Severability.
Sec. 1103.
If any provision of this act or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of the act which can be given effect without the invalid provision or application, and to this end the provisions of this act are severable.
History:
1982, Act 213, Eff. Jan. 1, 1983
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108) › Article 11 - (449.2101...449.2108) › Section 449.2104 - Effective Date; Repeal of MCL 449.201 to 449.231.

449.2104 Effective date; repeal of MCL 449.201 to 449.231.
Sec. 1104.
The effective date of this act is January 1, 1983 and, except as otherwise provided in section 1105, Act No. 110 of the Public Acts of 1931, as amended, being sections 449.201 to 449.231 of the Compiled Laws of 1970, is repealed.
History:
1982, Act 213, Eff. Jan. 1, 1983
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108) › Article 11 - (449.2101...449.2108) › Section 449.2106 - Case Not Provided for in Act Governed by MCL 449.1 to 449.43.

449.2106 Case not provided for in act governed by MCL 449.1 to 449.43.
Sec. 1106.
In any case not provided for in this act the provisions of the uniform partnership act, Act No. 72 of the Public Acts of 1917, as amended, being sections 449.1 to 449.43 of the Michigan Compiled Laws, govern.
History:
1982, Act 213, Eff. Jan. 1, 1983
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108) › Article 11 - (449.2101...449.2108) › Section 449.2107 - Fee Schedule; Payment; Other Charges; Deposit and Use of Fees.

449.2107 Fee schedule; payment; other charges; deposit and use of fees.
Sec. 1107.
(a) The fees to be paid to the administrator with respect to a limited partnership, for the purposes specified in this section, shall be as follows:
(1) Examining, filing, and copying a certificate of limited partnership, $10.00. However, a fee shall not be payable for examining and filing a certified copy of a certificate of limited partnership sent to the administrator by a county clerk pursuant to the provisions of section 1105(b).
(2) Examining, filing, and copying a certificate of amendment to a certificate of limited partnership, $10.00.
(3) Examining, filing, and copying a restated certificate of limited partnership, $10.00.
(4) Examining, filing, and copying a certificate of cancellation of a certificate of limited partnership, $10.00.
(5) Examining, filing, and copying an application for registration as a foreign limited partnership and issuance of a certificate of registration to transact business in this state, $10.00.
(6) Examining, filing, and copying a certificate correcting a statement contained in an application for registration of a foreign limited partnership, $10.00.
(7) Examining, filing, and copying a certificate of cancellation of the registration of a foreign limited partnership, $10.00.
(8) Examining, filing, and copying an application for reservation of a name, $10.00.
(9) Examining, filing, and copying a certificate of assumed name or certificate of termination of assumed name, $10.00.
(10) Examining, filing, and copying a certificate filed under section 304(a)(2), $10.00.
(b) These fees shall be paid to the administrator at the time of filing or when the service is rendered by the administrator.
(c) A minimum charge of $1.00 for each certificate and 50 cents per folio shall be paid to the administrator for certifying a part of a file or record pertaining to a domestic limited partnership or a foreign limited partnership for which provision for payment is not set forth in subsection (a). The administrator may furnish copies of documents, reports, and papers required or permitted by law to be filed with the administrator, and shall charge for those copies pursuant to a schedule of fees which the administrator shall adopt with the approval of the state administrative board.
(d) The fees received pursuant to this act shall be deposited in the state treasury to the credit of the administrator to be used solely to defray the costs incurred in the administration of this act.
History:
1982, Act 213, Eff. Jan. 1, 1983 ;-- Am. 1986, Act 100, Eff. July 1, 1986
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108) › Article 11 - (449.2101...449.2108) › Section 449.2108 - Effective Date.

449.2108 Effective date.
Sec. 1108.
This act shall take effect January 1, 1983.
History:
1982, Act 213, Eff. Jan. 1, 1983
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.1-450.61 - Repealed. 1951, Act 239, Eff. Sept. 28, 1951;—1962, Act 174, Eff. Jan. 1, 1964;—1967, Act 67, Eff. Nov. 2, 1967;—1972, Act 284, Eff. Jan. 1, 1973.

450.1-450.61 Repealed. 1951, Act 239, Eff. Sept. 28, 1951;—1962, Act 174, Eff. Jan. 1, 1964;—1967, Act 67, Eff. Nov. 2, 1967;—1972, Act 284, Eff. Jan. 1, 1973.
Compiler's Notes:
The repealed sections pertained to incorporation, articles of incorporation, corporate powers, officers, agents, bylaws, capital stock, shareholders, etc.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.62-450.64 - Repealed. 1982, Act 162, Eff. Jan. 1, 1983.

450.62-450.64 Repealed. 1982, Act 162, Eff. Jan. 1, 1983.
Compiler's Notes:
The repealed sections pertained to renewal of corporate existence.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.65-450.80 - Repealed. 1972, Act 284, Eff. Jan. 1, 1973.

450.65-450.80 Repealed. 1972, Act 284, Eff. Jan. 1, 1973.
Compiler's Notes:
The repealed sections pertained to corporate dissolution, agreements to pay interest, certificates of appointment of resident agents, and acknowledgment of instruments.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.81 - Repealed. 1982, Act 162, Eff. Jan. 1, 1983.

450.81 Repealed. 1982, Act 162, Eff. Jan. 1, 1983.
Compiler's Notes:
The repealed section pertained to annual report of nonprofit corporation.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.82-450.91a - Repealed. 1972, Act 284, Eff. Jan. 1, 1973.

450.82-450.91a Repealed. 1972, Act 284, Eff. Jan. 1, 1973.
Compiler's Notes:
The repealed sections pertained to profit and nonprofit corporations, reports, and records.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.92 - Repealed. 1982, Act 162, Eff. Jan. 1, 1983.

450.92 Repealed. 1982, Act 162, Eff. Jan. 1, 1983.
Compiler's Notes:
The repealed section pertained to failure of nonprofit corporation to file annual report.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.93-450.97 - Repealed. 1974, Act 140, Imd. Eff. June 5, 1974.

450.93-450.97 Repealed. 1974, Act 140, Imd. Eff. June 5, 1974.
Compiler's Notes:
The repealed sections pertained to procedure for acquiring certificate of authority by foreign corporation; penalties; issuance and revocation of certificates of authority of foreign corporations; increasing capital stock of foreign corporation; and acquiring, making, or purchasing of loans by foreign corporation.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.98 - Applicability of Act to Corporations Limiting Dividends or Voting Rights, and Conducting Not More Than 50% of Business With Nonstockholders or Nonmembers; Classification of Corporations Organized Under MCL 450.98 to 450.109 as Profit and Nonprofit.

450.98 Applicability of act to corporations limiting dividends or voting rights, and conducting not more than 50% of business with nonstockholders or nonmembers; classification of corporations organized under MCL 450.98 to 450.109 as profit and nonprofit.
Sec. 98.
(1) Corporations organized to conduct a lawful business which limits the dividends payable upon stock investment in the case of corporations with capital stock and membership investment in the case of membership corporations without capital stock to not in excess of 8% per annum or which limits the voting rights of stockholders or members to 1 vote regardless of the number of shares of stock or membership held, and in any case do not conduct more than 50% of their business or services with nonstockholders or nonmembers, shall be governed by this act, except as specifically otherwise provided and except for cooperatives organized under chapter 11 of Act No. 162 of the Public Acts of 1982, being sections 450.3100 to 450.3192 of the Michigan Compiled Laws, as to the mode of corporate management, manner of distribution of earnings and profits, their powers, and optional principles of doing business.
(2) Corporations organized under and operated in accordance with sections 98 to 109, which pay limited dividends upon the stock or membership investment or which do not make distribution of earnings to nonstockholders or nonmembers upon the same basis as to stockholders or members shall, for purposes of making reports and payment of privilege fees or other taxes to the state, be classified as profit corporations. Corporations which do not pay dividends or interest upon stock or membership investment and which distribute all earnings to stockholders or members and other persons doing business with the corporation or provide for the allocation of such earnings to stockholders or members and other persons doing business with the corporation for future distribution shall, for the purposes of making reports and payments of privilege fees or other taxes to this state, be classified as nonprofit corporations.
History:
1931, Act 327, Eff. Sept. 18, 1931 ;-- Am. 1941, Act 327, Eff. Jan. 10, 1942 ;-- CL 1948, 450.98 ;-- Am. 1978, Act 121, Imd. Eff. Apr. 25, 1978 ;-- Am. 1984, Act 298, Eff. Jan. 1, 1985
Former Law:
See section 1 of Ch. IV of Pt. II of Act 84 of 1921, being CL 1929, § 10027.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.99 - Cooperative Plan; Definition; Allocation of Reserved Earnings; Cooperative Corporations; Use of Term “Cooperative,”“co-Op,” or Variation Thereof.

450.99 Cooperative plan; definition; allocation of reserved earnings; cooperative corporations; use of term “cooperative,”“co-op,” or variation thereof.
Sec. 99.
Corporations may engage in any lawful business within this state upon any cooperative plan adopted by the incorporators, or by the shareholders at any annual or special meeting. For the purpose of this act, the term "cooperative plan" shall be deemed to mean a mode of operation whereby the earnings of the corporation are distributed on the basis of, or in proportion to, the value of property bought from or sold to shareholders and/or members or other persons, or labor performed for, or services rendered to, or by the corporation: Provided, That the foregoing definition shall not be construed as prohibiting any such corporation from paying limited dividends to stockholders and/or members upon stock and/or membership investment, or from reserving a certain proportion of earnings for future operations or for future distribution. Earnings so reserved shall be allocated on the books of the corporation or a means provided for such allocation to the stockholders and/or members or other persons entitled to such earnings, before general distribution of earnings shall have been authorized and made. Corporations organized under a cooperative plan and governed by sections 98 to 109, inclusive, of this act are hereinafter in this act called cooperative corporations and they may use the term "cooperative", "co-op", or any variation thereof in their name.
History:
1931, Act 327, Eff. Sept. 18, 1931 ;-- Am. 1941, Act 327, Eff. Jan. 10, 1942 ;-- CL 1948, 450.99 ;-- Am. 1984, Act 298, Eff. Jan. 1, 1985
Former Law:
See section 2 of Ch. IV of Part II of Act 84 of 1921, being CL 1929, § 10028.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.100 - Cooperative Corporations; Shares of Stock, Contents.

450.100 Cooperative corporations; shares of stock, contents.
Sec. 100.
Same; contents of certificates of stock. There shall be printed upon each share of stock issued by co-operative corporations a condensed statement of every article or by-law which in anywise limits the shareholders' right to assign or transfer such shares or to vote the total number of shares held at meetings of the corporation, or which forbids voting by proxy.
The provisions of the uniform stock transfer law of this state shall not be held to apply to the shares of stock of such co-operative corporations in any manner or to any extent inconsistent with the provisions of sections 98 to 116, both inclusive, of this act.
History:
1931, Act 327, Eff. Sept. 18, 1931 ;-- CL 1948, 450.100
Compiler's Notes:
The catchline following the act section number was incorporated as part of the section when the act was enacted.
Former Law:
See section 3 of Ch. IV of Part II of Act 84 of 1921, as amended by Act 267 of 1929, being CL 1929, § 10029.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.101 - Cooperative Corporations; Shareholders' Powers; Directors, Election, Term, Number; Voting.

450.101 Cooperative corporations; shareholders' powers; directors, election, term, number; voting.
Sec. 101.
The shareholders of any cooperative corporation shall have power: to adopt bylaws for the government and regulation of its business management, and to amend such bylaws; to determine the manner of distributing the earnings of the corporation upon a cooperative plan; to limit and define the powers and duties and the number of directors and officers; to delegate to the directors any particular power or authority which the shareholders themselves possess, excepting the right to elect or dismiss directors and to amend the articles; to fix the time for holding the elections of its directors, which, shall be annual unless a longer term is prescribed in the articles or bylaws: Provided, That in the event directors are elected for a term of more than 1 year, the bylaws shall prescribe the length of term and the number of directors to be elected each year, to determine whether or not voting by proxy shall be allowed, and if so allowed, when and how, to provide the manner in which directors and officers may be removed and their successors elected at any time by vote of the shareholders; to determine whether or not shareholders shall be limited to 1 vote each, regardless of the number of shares held; to determine the number of shareholders attending any meeting, or the number of shares represented at any meeting of shareholders which shall constitute a quorum, which may be less than a majority; to determine the manner in which shareholders may vote by mail, if the articles or bylaws provide for such voting; and to provide a limitation upon the amount of capital stock which may be owned by any 1 shareholder therein; all of which shall be included in the bylaws or in the articles.
History:
1931, Act 327, Eff. Sept. 18, 1931 ;-- Am. 1941, Act 327, Eff. Jan. 10, 1942 ;-- CL 1948, 450.101 ;-- Am. 1949, Act 232, Eff. Sept. 23, 1949
Former Law:
See section 4 of Ch. IV of Part II of Act 84 of 1921, being CL 1929, § 10030.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.102 - Cooperative Corporations; Membership, Regulations.

450.102 Cooperative corporations; membership, regulations.
Sec. 102.
Same; membership. The shareholders of every co-operative corporation may also provide in their articles or by-laws, the necessary qualifications of shareholders or members, together with provisions limiting, prescribing or regulating the transfer of such membership, and the terms and conditions under which, if at all, membership or certificates of stock may be transferred. No sale, transfer or assignment of membership rights or of any stock in any co-operative corporation shall be valid unless made in accordance with its articles or by-laws; nor shall any purchase and sale of any such shareholder's stock or privileges in such corporation made under execution, or in the course of bankruptcy proceedings, or by any legal process or by operation of law, give any person any shareholder's or membership right, title or interest in and to such corporation, unless in accordance with its articles or by-laws.
History:
1931, Act 327, Eff. Sept. 18, 1931 ;-- CL 1948, 450.102
Compiler's Notes:
The catchline following the act section number was incorporated as part of the section when the act was enacted.
Former Law:
See section 5 of Ch. IV of Part II of Act 84 of 1921, being CL 1929, § 10031.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.103 - Cooperative Corporations; Amendments to Articles.

450.103 Cooperative corporations; amendments to articles.
Sec. 103.
Same; amendment to articles. One-tenth of the entire number of shareholders of any cooperative corporation may propose any desired amendment to the articles or to the bylaws of such corporation, and any amendment so proposed shall be voted upon at the next annual meeting by the shareholders.
History:
1931, Act 327, Eff. Sept. 18, 1931 ;-- Am. 1941, Act 327, Eff. Jan. 10, 1942 ;-- CL 1948, 450.103
Compiler's Notes:
The catchline following the act section number was incorporated as part of the section when the act was enacted.
Former Law:
See section 6 of Ch. IV of Part II of Act 84 of 1921, being CL 1929, § 10032.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.104 - Cooperative Corporations; Reserve Funds, Investment; Shareholders, Vote.

450.104 Cooperative corporations; reserve funds, investment; shareholders, vote.
Sec. 104.
Same; investment of reserve fund. At any regular meeting, or any duly called special meeting, at which the quorum fixed by the bylaws shall be present, the shareholders of any cooperative corporation may by a majority vote of such shareholders present in person, subscribe for shares and invest a portion of the reserve fund of such corporation, not to exceed at any time 20 per cent in the aggregate of its capital, in the capital stock or membership capital of any other cooperative corporation or corporations with which it desires to cooperate or affiliate: Provided, however, That this provision shall not be construed to prevent such corporation from accepting patronage dividends in the form of stock or otherwise from such other corporation in any amount.
History:
1931, Act 327, Eff. Sept. 18, 1931 ;-- Am. 1941, Act 327, Eff. Jan. 10, 1942 ;-- CL 1948, 450.104
Compiler's Notes:
The catchline following the act section number was incorporated as part of the section when the act was enacted.
Former Law:
See section 7 of Ch. IV of Part II of Act 84 of 1921, being CL 1929, § 10033.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.105 - Cooperative Corporations; Purchase of Business; Payment, Methods.

450.105 Cooperative corporations; purchase of business; payment, methods.
Sec. 105.
Same; purchase of business of another corporation. Whenever any cooperative corporation shall purchase the business of another corporation, firm or person or persons, it may pay for the same in whole or in part by issuing to the selling corporation, firm, person or persons, shares of its capital stock to an amount which, at par value, would equal the fair market value of the business so purchased, and in such case the transfer to the purchasing corporation of such business at such valuation shall be equivalent to payment in cash for the shares of stock so issued.
History:
1931, Act 327, Eff. Sept. 18, 1931 ;-- Am. 1941, Act 327, Eff. Jan. 10, 1942 ;-- CL 1948, 450.105
Compiler's Notes:
The catchline following the act section number was incorporated as part of the section when the act was enacted.
Former Law:
See section 8 of Ch. IV of Part II of Act 84 of 1921, being CL 1929, § 10034.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.106 - Cooperative Corporations; Distribution of Dividends; Reserves; Distribution of Cooperative Dividends; Determining Annual Privilege Fee.

450.106 Cooperative corporations; distribution of dividends; reserves; distribution of cooperative dividends; determining annual privilege fee.
Sec. 106.
The shareholders of every cooperative corporation shall provide in the bylaws what percent upon the paid-up capital stock of the corporation, not exceeding 8% per annum, shall be first paid and distributed to the holders of the paid-up capital stock as dividends before dividing the surplus earnings or profits, as provided in this act, and whether or not the dividends shall be cumulative. The bylaws shall further provide what amount or percentage of the annual profit and earnings of the business, over and above the dividends to shareholders shall be retained and kept in the treasury of the corporation as a reserve, and in what manner, method, and proportion the surplus annual earnings and profits of the business of the corporation, in excess of the dividends and reserves, shall be divided up and distributed as a cooperative dividend, under the cooperative plan or principle adopted by the corporation among shareholders or members doing business with the corporation; and may also provide for cooperative dividends to nonstockholders or nonmembers. For the purposes of determining the amount owing by the cooperative corporation as an annual privilege fee, the balance of the reserve in excess of 30% of the paid-up capital of the corporation shall be considered as surplus.
History:
1931, Act 327, Eff. Sept. 18, 1931 ;-- Am. 1941, Act 327, Eff. Jan. 10, 1942 ;-- CL 1948, 450.106 ;-- Am. 1978, Act 121, Imd. Eff. Apr. 25, 1978
Former Law:
See section 9 of Ch. IV of Part II of Act 84 of 1921, being CL 1929, § 10035.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.107 - Cooperative Corporations; Surplus Earnings, Distribution; Failure, Penalty.

450.107 Cooperative corporations; surplus earnings, distribution; failure, penalty.
Sec. 107.
Same; surplus earnings. The surplus earnings and profits of every co-operative corporation shall be distributed to those entitled thereto at such times as the by-laws may provide, which shall be as often as once in each year. If any such corporation shall fail for 5 consecutive years to pay the dividend upon its paid-up capital stock in accordance with the provisions of its by-laws, a majority of the shareholders may petition the circuit court in chancery, in the county in which the registered office of such corporation is located, for the dissolution of such corporation. If, upon the hearing the court finds the allegations of the petition are substantially true, such corporation may be dissolved, its business wound up and its property distributed as the court may order and decree.
History:
1931, Act 327, Eff. Sept. 18, 1931 ;-- CL 1948, 450.107
Compiler's Notes:
The catchline following the act section number was incorporated as part of the section when the act was enacted.
Former Law:
See section 10 of Ch. IV of Part II of Act 84 of 1921, being CL 1929, § 10036.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.108 - Cooperative Corporations; Dealing in Commodities; Contracts, Agreements.

450.108 Cooperative corporations; dealing in commodities; contracts, agreements.
Sec. 108.
Same; contracts and agreements. Every cooperative corporation engaged in buying, handling, selling or dealing in farm produce or other agricultural products, canned goods, or byproducts of any such goods, wares, merchandise or commodities, may enter into any and all necessary contracts with stockholders, members or other persons respecting the terms of such transaction, and may deal in such commodities upon commission or brokerage basis, by agency agreements, or upon a warehouse storage plan.
History:
1931, Act 327, Eff. Sept. 18, 1931 ;-- Am. 1941, Act 327, Eff. Jan. 10, 1942 ;-- CL 1948, 450.108
Compiler's Notes:
The catchline following the act section number was incorporated as part of the section when the act was enacted.
Former Law:
See section 11 of Ch. IV of Part II of Act 84 of 1921, being CL 1929, § 10037.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.109 - Cooperative Corporations; Breach of Contract; Encouragement Prohibited; Penalty.

450.109 Cooperative corporations; breach of contract; encouragement prohibited; penalty.
Sec. 109.
Same; persons liable for damage for encouraging breach of contracts and agreements. Any person, firm, or corporation who solicits or persuades or permits or aids or abets, any stockholder and/or member or other person to breach a contract with a cooperative corporation, by accepting or receiving from such stockholder and/or member or other person, products for sale, marketing, manufacturing, or processing for sale, contrary to the terms of any marketing agreement of which said person or any member of said firm or any officer or manager of said corporation has knowledge or notice, shall be liable to the cooperative corporation aggrieved in a civil suit in the penal sum of $500.00 for each such contract; and such cooperative corporation shall be entitled to an injunction against such person, firm, or corporation to prevent further breaches and a multiplicity of actions thereon. In addition, said person, firm, or corporation shall pay to the cooperative a reasonable attorney's fee and all costs involved in any litigation or proceedings at law or chancery.
History:
1931, Act 327, Eff. Sept. 18, 1931 ;-- Am. 1941, Act 327, Eff. Jan. 1942 ;-- CL 1948, 450.109
Compiler's Notes:
The catchline following the act section number was incorporated as part of the section when the act was enacted.
Former Law:
See section 12 of Ch. IV of Part II of Act 84 of 1921, being CL 1929, § 10038.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.117-450.132a - Repealed. 1982, Act 162, Eff. Jan. 1, 1983.

450.117-450.132a Repealed. 1982, Act 162, Eff. Jan. 1, 1983.
Compiler's Notes:
The repealed sections pertained to nonprofit corporations generally.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.133 - Incorporation of Fraternal or Secret Societies; Parent Lodge.

450.133 Incorporation of fraternal or secret societies; parent lodge.
Sec. 133.
Incorporation of fraternal, etc., societies. Any number of persons, not less than 3, may become incorporated for the purpose of forming a secret society or lodge for benevolent, charitable, social, educational or mutual aid purposes or for any other similar purpose or purposes not prohibited by law. Such corporations shall be governed by the provisions of this act relating to corporations generally except as specifically otherwise provided. All societies, fraternal or otherwise, having for their principal purposes the teaching, practice and extending of benevolence, charity and fraternity under the form of secret rituals with a lodge form of government as commonly understood, desiring to be incorporated to more effectually carry out such purposes, shall hereafter incorporate under the provisions of this act. No such society or lodge whose parent organization is incorporated under the laws of any other country or state shall be permitted to organize or incorporate any subordinate state or local jurisdiction or lodge within this state without first applying for and receiving permission to do business within this state as such foreign corporation.
History:
1931, Act 327, Eff. Sept. 18, 1931 ;-- CL 1948, 450.133
Compiler's Notes:
The catchline following the act section number was incorporated as part of the section when the act was enacted.
Former Law:
See section 6 of Ch. I of Part I of Act 84 of 1921, being CL 1929, § 9948; and section 1 of Ch. II of Part III of Act 84 of 1921, being CL 1929, § 10062.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.134 - Parent Corporations; Articles of Incorporation.

450.134 Parent corporations; articles of incorporation.
Sec. 134.
Parent lodge; articles of incorporation. If such society or lodge shall be intended to operate as a state jurisdiction of a lodge or society having a parent organization without this state, then such persons so incorporating shall exhibit with their articles the charter or permit from such foreign parent society or lodge permitting such incorporation with this state. The persons so incorporating shall execute and file articles in the form prescribed in section 4 of this act, with the secretary of state, as prescribed for non-profit corporations generally; and in addition to the other requirements of said section 4, the incorporators shall state in such articles:
(1) That such society or corporation shall have a secret ritual, and a representative form of government, whose purposes are not unlawful, and
(2) The executive offices within such society by such peculiar name as they shall be respectively known, and
(3) The principal features of organization, the distinguishing purposes and the name of the society by which all subordinate lodges thereof shall also be known when organized.
History:
1931, Act 327, Eff. Sept. 18, 1931 ;-- CL 1948, 450.134
Compiler's Notes:
The catchline following the act section number was incorporated as part of the section when the act was enacted.
Former Law:
See section 2 of Ch. II of Part III of Act 84 of 1921, being CL 1929, § 10063.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.135 - Parent Corporations; Ritual, Rules; Subordinate Lodges, Chartering.

450.135 Parent corporations; ritual, rules; subordinate lodges, chartering.
Sec. 135.
Same; ritual, and rules; chartering of subordinate lodges. Every such parent corporation shall have the right to prescribe the ritual to be used in all the secret work of such lodge or society, the oath or other obligations to be taken by members or officers, and to enact by-laws, rules and regulations having uniform application throughout the organization. Such parent corporation shall have the right to organize and charter subordinate lodges or societies thereof, and to enact a system of discipline to which all such subordinate lodges and individual members may be compelled to conform under pain of expulsion therefrom; and to prescribe the terms and conditions under which such subordinate lodges and members may be admitted, retained in good standing or suspended or expelled from such membership. Such parent corporation may delegate to its officers, committees and to subordinate jurisdictions, such functions and powers as the articles or by-laws of such corporation may from time to time prescribe, not inconsistent with the laws of this state.
History:
1931, Act 327, Eff. Sept. 18, 1931 ;-- CL 1948, 450.135
Compiler's Notes:
The catchline following the act section number was incorporated as part of the section when the act was enacted.
Former Law:
See section 3 of Ch. II of Part III of Act 84 of 1921, being CL 1929, § 10064.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.136 - Parent Corporations; Supervision, Subordinate Lodge.

450.136 Parent corporations; supervision, subordinate lodge.
Sec. 136.
Same; supervision of subordinate lodges. Every such parent corporation shall have the right to superintend, visit, instruct and guide its subordinate lodges and jurisdictions, through its duly appointed officers, agents and committees; may appoint its courts or judicial functionaries for the enforcement of its system of discipline within such lodge; may prescribe the initiation fees and annual or other periodic dues or contributions upon which membership may be conditioned, and may prescribe the proportion of such funds that shall belong to such parent corporation for the work of organizing, maintaining and carrying out the purposes of the society as a whole.
History:
1931, Act 327, Eff. Sept. 18, 1931 ;-- CL 1948, 450.136
Compiler's Notes:
The catchline following the act section number was incorporated as part of the section when the act was enacted.
Former Law:
See section 4 of Ch. II of Part III of Act 84 of 1921, being CL 1929, § 10065.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.137 - Parent Corporations; Management, Secretary.

450.137 Parent corporations; management, secretary.
Sec. 137.
Same; management, secretary. The fiscal and business affairs of every such parent corporation shall be managed by such executive officers, committees, directors or trustees as the articles shall prescribe, who shall severally have such powers and liabilities as may be prescribed in the articles or in by-laws made pursuant thereto. The articles shall in all cases state the name of the committee having authority to enact the original by-laws of the parent corporation, and when and how the members thereof shall be elected or appointed and for how long such committee shall hold office. Every such parent society shall designate an officer who shall be its secretary whose powers and duties shall conform to those prescribed in this act for secretaries of corporations generally.
History:
1931, Act 327, Eff. Sept. 18, 1931 ;-- CL 1948, 450.137
Compiler's Notes:
The catchline following the act section number was incorporated as part of the section when the act was enacted.
Former Law:
See section 5 of Ch. II of Part III of Act 84 of 1921, being CL 1929, § 10066.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.138 - Parent Corporations; Name, Regulations.

450.138 Parent corporations; name, regulations.
Sec. 138.
Same; name. No such parent corporation shall assume a name already in use by any other corporation, lodge, or society incorporated under the laws of this or any other state of the United States and admitted to do business in this state, nor any name which is so similar to that adopted by any other such lodge, or society as to lead to confusion or deception: Provided, That local or other subordinate jurisdictions shall in all cases use the name of the parent corporation in addition to some suitable local designation.
History:
1931, Act 327, Eff. Sept. 18, 1931 ;-- CL 1948, 450.138
Compiler's Notes:
The catchline following the act section number was incorporated as part of the section when the act was enacted.
Former Law:
See section 6 of Ch. II of Part III of Act 84 of 1921, being CL 1929, § 10067.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.139 - Parent Corporations; Powers as to Property.

450.139 Parent corporations; powers as to property.
Sec. 139.
Same; powers in relation to property. Every such parent corporation shall have power to hold in fee or otherwise, such real estate, and to own such personal property, as may be necessary to establish its state headquarters, or any charitable home or institution established or maintained by it, and for that purpose may contract for the purchase of land, take conveyance of, purchase, lease or rent such real estate as may be so necessary; and may in connection with any land or building erected thereon let or sublet any vacant space therein or thereon not necessary to the immediate requirements of the corporation. In case it shall become necessary or advisable for the corporation to execute any contract for the purchase of such land or the lease of any such building, or to sell, mortgage or convey the same, the executive or other committee or trustees having charge of the fiscal affairs of such corporation shall designate at least 2 officers of such corporation to execute and deliver such instruments on behalf of the corporation, as shall have been authorized by such committee or trustees.
History:
1931, Act 327, Eff. Sept. 18, 1931 ;-- CL 1948, 450.139
Compiler's Notes:
The catchline following the act section number was incorporated as part of the section when the act was enacted.
Former Law:
See section 7 of Ch. II of Part III of Act 84 of 1921, being CL 1929, § 10068.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.140 - Parent Corporations; Government, Representative Form; First Annual Meeting.

450.140 Parent corporations; government, representative form; first annual meeting.
Sec. 140.
Same; representative form of government; first annual meeting. Every such parent corporation shall adopt a representative form of government, under which form the subordinate lodges shall elect or appoint representatives to attend the annual or other convention, conclave or meeting of the parent corporation, by whatsoever name such meeting shall be known, and at which annual meeting the officers and committees of such parent or state society shall be elected by a majority vote of such representatives. The first annual meeting shall be held at a time and place to be fixed by the executive committee of the parent corporation; and thereafter such time and place shall be fixed by the convention itself.
History:
1931, Act 327, Eff. Sept. 18, 1931 ;-- CL 1948, 450.140
Compiler's Notes:
The catchline following the act section number was incorporated as part of the section when the act was enacted.
Former Law:
See section 8 of Ch. II of Part III of Act 84 of 1921, being CL 1929, § 10069.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.141 - Parent Corporations; Annual Meeting, Powers.

450.141 Parent corporations; annual meeting, powers.
Sec. 141.
Same; powers at annual meeting. The annual convention, conclave or meeting of every such parent corporation when duly called to order, shall have power and authority to elect the officers and the executive committee or trustees thereof; to elect delegates to any higher jurisdiction within said lodge or society; to alter or amend the articles or by-laws of the parent corporation not inconsistent with the state charter of such lodge or society; to determine questions of discipline or policy; and to act upon such other matters as the articles or by-laws may require or permit to be presented to such convention for action.
History:
1931, Act 327, Eff. Sept. 18, 1931 ;-- CL 1948, 450.141
Compiler's Notes:
The catchline following the act section number was incorporated as part of the section when the act was enacted.
Former Law:
See section 9 of Ch. II of Part III of Act 84 of 1921, being CL 1929, § 10070.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.142 - Local Lodges; Purpose.

450.142 Local lodges; purpose.
Sec. 142.
Local lodges; purpose. Any number of persons who are members in good standing in any lodge incorporated as a parent society or lodge within this state, and having a charter or permit from such parent lodge or society, may incorporate as a local lodge or branch thereof, upon complying with the provisions of this act appropriate to such corporations. The purpose of all such local lodge corporations shall be to further the interests of the parent corporation in such community, to hold the property of such local lodge or society and to become integral members of the parent lodge or society.
History:
1931, Act 327, Eff. Sept. 18, 1931 ;-- CL 1948, 450.142
Compiler's Notes:
The catchline following the act section number was incorporated as part of the section when the act was enacted.
Former Law:
See section 10 of Ch. II of Part III of Act 84 of 1921, being CL 1929, § 10071.
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 327 of 1931 - Michigan General Corporation Statute (450.1 - 450.192) › Section 450.143 - Local Lodges; Articles of Incorporation.

450.143 Local lodges; articles of incorporation.
Sec. 143.
Same; of articles of incorporation. The articles of such local lodge or society shall follow the form prescribed for non-profit corporations in this act and shall contain such further statements as the incorporators may wish to insert therein as to purposes and government. Such articles shall state that such local lodge has been granted a charter by the state parent corporation, if there be one.
History:
1931, Act 327, Eff. Sept. 18, 1931 ;-- CL 1948, 450.143
Compiler's Notes:
The catchline following the act section number was incorporated as part of the section when the act was enacted.
Former Law:
See section 11 of Ch. II of Part III of Act 84 of 1921, being CL 1929, § 10072.