Section 125.1624 Disposition of Net Earnings and Property Upon Dissolution of Corporation.

MI Comp L § 125.1624 (2019) (N/A)

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Sec. 24.

Any net earnings of the corporation beyond that necessary for the retirement of indebtedness or to implement the public purposes or program of the municipality may not inure to the benefit of a person other than the municipality and, upon dissolution of the corporation shall belong to the municipality. Upon dissolution of the corporation title to all property owned by the corporation, subject to existing rights in other parties, shall vest in the municipality.

History: 1974, Act 338, Imd. Eff. Dec. 18, 1974 ;-- Am. 1976, Act 175, Imd. Eff. June 29, 1976

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Section 125.1623 Borrowing Money and Issuing Revenue Bonds or Revenue Notes; Issuing Refunding Bonds; Bonds or Notes and Interest Exempt From Taxation; Exceptions; Liability of Municipality on Notes or Bonds; Statement; Investment in Bonds and Notes; Deposit of Bonds and Notes; Report; Inspection of Records and Reports; Publication and Distribution of Statement of Revenues and Expenditures.

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Section 125.1625 Exemption of Corporation and Instruments of Conveyance From Taxation.

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