Section 491.114 - “Capital in excess of par” defined. - Michigan Statutes

SAVINGS AND LOAN ACT OF 1980 (EXCERPT)
Act 307 of 1980

491.114 “Capital in excess of par” defined.

Sec. 114.

“Capital in excess of par” means the net worth of a stock association other than the following: its stated capital, its retained earnings, and its liabilities arising from the issuance of capital notes, bonds, or debentures under section 516.

History: 1980, Act 307, Eff. Jan. 1, 1981