The corporation shall have perpetual succession and shall adopt, amend and repeal bylaws for the conduct of its affairs. Such succession shall continue until the existence of the corporation is terminated by law, provided no such termination shall affect any outstanding contractual obligation of the corporation to assist any person and the state shall succeed to the obligations of the corporation under such contract. Upon termination of the corporation its rights and properties shall pass to and be vested in the state.
(1972, P.A. 248, S. 5; P.A. 86-255, S. 2; P.A. 88-266, S. 15, 46.)
History: P.A. 86-255 repealed provision requiring corporation to adopt, amend and repeal regulations; P.A. 88-266 specified that corporation rights and properties are vested in state upon corporation's termination.
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