Michigan § 125.2623 Corporation; dissolution.

Michigan Statutes

§ 125.2623 — Corporation; dissolution.

Michigan § 125.2623

Ch. 125PLANNING, HOUSING, AND ZONING

Act 123 of 1995ENTERPRISE COMMUNITY DEVELOPMENT CORPORATION ACT (125.2601-125.2631)

This text of Michigan § 125.2623 (Corporation; dissolution.) is published on Counsel Stack Legal Research, covering Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mich. Comp. Laws § 125.2623 (2026).

Text

ENTERPRISE COMMUNITY DEVELOPMENT CORPORATION ACT (EXCERPT) Act 123 of 1995 125.2623 Corporation; dissolution. Sec. 23.

(1)A corporation that completes the duties enumerated in section 21(1)(a) shall be dissolved by the adoption of a resolution by a majority of 2/3 of the members of the board of directors. The resolution shall be approved by a majority of the members of the governing body of the municipality. After approval of the resolution, the clerk of the municipality shall file a copy of the resolution with the department of commerce.

(2)Net assets of the corporation that are in excess of that amount necessary to retire indebtedness or to complete the duties enumerated in section 21(1)(a) shall inure to the benefit of the municipality, and not to another person or entity. Upon dissol

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ENTERPRISE COMMUNITY DEVELOPMENT CORPORATION ACT (EXCERPT) Act 123 of 1995 125.2623 Corporation; dissolution. Sec. 23. (1) A corporation that completes the duties enumerated in section 21(1)(a) shall be dissolved by the adoption of a resolution by a majority of 2/3 of the members of the board of directors. The resolution shall be approved by a majority of the members of the governing body of the municipality. After approval of the resolution, the clerk of the municipality shall file a copy of the resolution with the department of commerce. (2) Net assets of the corporation that are in excess of that amount necessary to retire indebtedness or to complete the duties enumerated in section 21(1)(a) shall inure to the benefit of the municipality, and not to another person or entity. Upon dissolution of the corporation, title to all corporate real and personal property vests in the municipality, and possession of all corporate money transfers to the municipality to be used exclusively for charitable or public purposes.