STATE STATUTES & CODES
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MICHIGAN STATUTES AND CODES
Section 125.2237 - Articles of incorporation; contents.
Act 296 of 2003
125.2237 Articles of incorporation; contents.
Sec. 7.
The articles of incorporation of a Michigan early stage venture investment corporation shall contain all of the following:
(a) The purposes of the corporation, which shall include, but are not limited to, all of the following:
(i) To operate and act exclusively for charitable purposes with the intent to lessen the financial burdens of the government of this state.
(ii) To receive and administer funds for the charitable purposes under subparagraph (i).
(iii) To raise capital and invest that capital in venture capital firms with the intent of benefiting Michigan's seed or early stage businesses.
(iv) To promote the economic health of this state by assisting in the creation of new jobs, new businesses, and new industries within this state and through the investment in certain businesses.
(v) To enter into an agreement with this state to promote the economic health of this state.
(b) A provision that the Michigan early stage venture investment corporation shall be governed by a board of directors that complies with the requirements in section 13.
(c) A provision that provides that, upon dissolution of the Michigan early stage venture investment corporation, the property remaining after providing for debts and obligations of the Michigan early stage venture investment corporation shall be distributed to an organization that qualifies either as a governmental unit under section 170(c) of the internal revenue code or is exempt from tax under section 501(c)(3) or 501(c)(4) of the internal revenue code, as designated by the board. If the board fails to designate an organization as provided in this subdivision, the property remaining shall pass to the state of Michigan. For purposes of this subdivision, property remaining after providing for debts and obligations does not include grants, appropriations, or other restricted funds that must be distributed as required by the source of those funds.
History: 2003, Act 296, Imd. Eff. Jan. 8, 2004