Section 450.2811 - Revocation of dissolution proceedings; resolution of board; approval; notice of meeting; voting; certificate of revocation. - Michigan Statutes

NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982

450.2811 Revocation of dissolution proceedings; resolution of board; approval; notice of meeting; voting; certificate of revocation.

Sec. 811.

(1) Dissolution proceedings commenced pursuant to section 804 or 805 may be revoked before complete distribution of assets, if a proceeding pursuant to section 851 is not pending, by filing a certificate of revocation executed, in person or by proxy, by all the shareholders, members, or directors entitled to vote on dissolution, stating that revocation is effective pursuant to this section and that all the shareholders, members, or directors of the corporation entitled to vote on dissolution have executed the certificate in person or by proxy.

(2) Dissolution proceedings commenced pursuant to section 804 may also be revoked before complete distribution of assets, if a proceeding pursuant to section 851 is not pending, in the following manner:

(a) The board of directors shall adopt a resolution that the dissolution be revoked. The proposed revocation shall be submitted for approval at a meeting of shareholders, members, or directors, and the shareholders, members, or directors shall be given the same notice of the meeting and the revocation shall be approved by the same vote as that required by section 804 for the approval of dissolution.

(b) A certificate of revocation, stating that dissolution is revoked pursuant to this section, and giving the information required by section 804(6), shall be executed and filed on behalf of the corporation.

History: 1982, Act 162, Eff. Jan. 1, 1983