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Terms Used In Michigan Laws 458.209

  • 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.
   In all cases where property belonging to any organization incorporated under the provisions of this act, has been abandoned, or is no longer used for the purpose for which said property was acquired, or for the benefit of a church society, and has not been conveyed by said corporation under the provisions of this act, or if said corporation has been dissolved or become extinct, the title of said property shall pass to the presbytery within the bounds of which the said corporation is situated and said presbytery may by such officer or committee as said presbytery may designate for that purpose, apply to the circuit court for the county in which said property may be, for license to sell the same, and such license shall be granted by said court, after such notice of said application, as said court may direct, has been given, and thereupon said property may be sold, and the proceeds of said sale disposed of as directed by said presbytery; and said court upon hearing of said application, may dissolve said corporation when it shall appear by proof that such society has ceased to support a pastor or performed the usual functions of a church for a period of 2 years.