Michigan Laws 457.210 – Incorporated lodge or chapter; surrender of corporate rights, powers, and liabilities; effect; reincorporation
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Terms Used In Michigan Laws 457.210
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3n
Any lodge or chapter which shall have been incorporated before this act as amended takes effect as a law, may by a vote of the members of such lodge or chapter at any regular meeting thereof surrender their corporate rights, powers and liabilities; but such surrender shall not in any manner affect any suits which may be pending, or any action or causes of action accrued or accruing or any rights which any person may have acquired by virtue of such incorporation; but before such surrender shall be valid, a certificate of the proper officer under the seal of such lodge or chapter shall be filed in the corporation and securities bureau of the department of commerce certifying that such lodge or chapter has voted to surrender its corporate rights and any such lodge or chapter having so surrendered its corporate rights may be again incorporated in conformity with this act as hereby amended.