NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982
450.2801 Dissolution of corporation; methods; summary dissolution of corporation whose assets disposed of under court order in receivership or bankruptcy proceedings; filing copy of order with administrator.
(1) A corporation may be dissolved in any of the following ways:
(a) Automatically by expiration of a period of duration to which the corporation is limited by its articles of incorporation.
(b) By action of the incorporators or directors pursuant to section 803.
(c) By action of the shareholders, members, or the board pursuant to section 804.
(d) By action of a shareholder or member pursuant to section 805.
(e) By a judgment of the circuit court in an action brought pursuant to this act or otherwise.
(f) Automatically, pursuant to section 922, for failure to file an annual report or pay the annual filing fee or a penalty added to the fee.
(2) A corporation whose assets have been wholly disposed of under court order in receivership or bankruptcy proceedings may be summarily dissolved by order of the court having jurisdiction of the proceedings. A copy of the order shall be filed with the administrator by the clerk of the court.
History: 1982, Act 162, Eff. Jan. 1, 1983
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