Michigan Laws 450.3153 – Affiliation with another organization; section inapplicable to allocations of net savings
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Terms Used In Michigan Laws 450.3153
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c
A vote of the membership shall be required to affiliate with another organization involving the investment of more than 30% of the assets of the cooperative, if the affiliation is not in the usual and regular course of its business. This section shall not apply to any allocations of net savings to the cooperative by any person.