Section 450.251 - Charitable purpose corporations; dissolution; notice, to attorney general, time; court proceedings. - Michigan Statutes

DISSOLUTION OF CHARITABLE PURPOSE CORPORATIONS (EXCERPT)
Act 169 of 1965

450.251 Charitable purpose corporations; dissolution; notice, to attorney general, time; court proceedings.

Sec. 1.

No nonprofit corporation, foundation, trustee corporation or other corporation or entity organized under the laws of this state whose corporate purposes are to hold property for any charitable purpose, except when they are organized for religious purposes, shall be dissolved except by giving notice to the attorney general by registered mail at least 45 days prior to the filing of any paper or document in respect to such dissolution with any other state agency or court. The attorney general may require the dissolution to be accomplished by proceedings in the circuit court for the county in which the registered office of the corporation is located, and the making of an accounting of its assets, administration and disposition of its assets. The attorney general is a necessary party to such proceedings and shall be given due notice thereof. The attorney general may consent to dissolution without court proceedings, provided however, that any other statutory provisions requiring court proceedings shall not be affected nor eliminated by such consent. The corporation and securities commission shall not accept for filing any notice of dissolution unless it is accompanied by a copy of the order of the circuit court dissolving the corporation or a certified copy of the written consent of the attorney general to such dissolution.

History: 1965, Act 169, Imd. Eff. July 15, 1965