Michigan Laws 125.1496 – Basic organization document; approval
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 125.1496
- Authority: means the Michigan state housing development authority created in this act. See Michigan Laws 125.1411
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
Before any limited dividend housing association can receive any benefits as a result of qualifying under this act, the authority must approve the terms of the partnership agreement, joint venture agreement, trust agreement or other document of basic organization.