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Terms Used In Michigan Laws 458.408

  • 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.
   The trustees of every church, congregation or society that have heretofore been incorporated by virtue of the provisions of chapter 173, volume 1, Howell’s annotated statutes of Michigan, providing for the incorporation of Reformed Protestant Dutch churches, and that are now operating thereunder, are hereby reincorporated under the provisions of this act, and shall be governed by all of the provisions thereof, the same as if they had been originally incorporated under this act, and all such corporations reincorporated under and made subject to the provisions of this act shall succeed to and be vested with all the property, real and personal, moneys, rights, credits and effects, and all the records, files, books and papers belonging to such corporations as formerly incorporated, and no rights or liabilities, either in favor of or against such former corporation, existing at the time of its reincorporation under and subject to the provisions of this act, and no suit or prosecution of any kind shall be in any manner affected by such change, but the same shall stand or progress as if no such change had been made, and all debts and liabilities of the former corporation shall be deemed debts and liabilities of the new corporation, and all the officers of any such corporation elected or appointed under the provisions of the former act incorporating such corporation and in office at the time of such reincorporation under this act shall continue to exercise their respective functions under the provisions of this act of reincorporation for the full term for which they were so elected or appointed, and until their successors shall have qualified and entered upon the duties of their office.