Michigan Laws 458.407 – Extension of corporate existence; term; filing resolution with department of commerce; effect
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Terms Used In Michigan Laws 458.407
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Any corporation organized under the provisions of this act whose corporate existence is about to expire by limitation may extend its corporate existence for a term not exceeding 30 years, by filing with the corporation and securities bureau of the department of commerce duly attested copies of a resolution adopted by such corporation at a meeting called in accordance with the provisions of its bylaws expressing a desire to so extend its corporate existence, and upon the filing of such resolution as above specified, the corporate existence of such body shall be extended in accordance with the terms of such resolution for a term of not exceeding 30 years from the date of the expiration of its former term, and all rights of property and of contract shall remain unimpaired and the corporate identity of such body shall remain unchanged.