Terms Used In Michigan Laws 457.226a

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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.
   Any nonprofit corporation which occupies and manages all of the assets and liabilities of any corporation organized under the provisions of this act and such nonprofit corporation is organized for and has carried out the same purposes as the corporation organized under this act, and has paid all taxes assessed against the property thereof, shall be deemed to be validly organized for the purposes of the original corporation and where such nonprofit corporation has maintained the possession of all known existing records and stock certificate records as well as all other property, real or personal, for a period of 10 years or more without express objection of known stockholders of record of the corporation organized under the provisions of this act and such nonprofit corporation has recognized the rights of the owners of stock certificates in the corporation organized under this act as one and the same as the rights of stockholders in the nonprofit corporation and upon such nonprofit corporation establishing a trust fund for the protection of any unknown interest in the corporation organized under this act, all of the rights, title and interest to all real or personal properties and records in the possession of such nonprofit corporation shall hereafter be vested in such nonprofit corporation.