Michigan Laws 500.8120 – Dissolution of corporation
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 500.8120
- Commissioner: means the director. See Michigan Laws 500.102
- 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.
- insolvent: means :
(i) For an insurer issuing only assessable fire insurance policies:
(A) The inability to pay an obligation within 30 days after it becomes payable. See Michigan Laws 500.8103Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106 State: means a state, district, or territory of the United States. See Michigan Laws 500.8103 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
The commissioner may petition for an order dissolving the corporate existence of a domestic insurer or the United States branch of an alien insurer domiciled in this state at the time he or she applies for a liquidation order. The court shall order dissolution of the corporation upon petition by the commissioner upon or after the granting of a liquidation order. If the dissolution has not previously been ordered, it shall be effected by operation of law upon the discharge of the liquidator if the insurer is insolvent and may be ordered by the court upon the discharge of the liquidator if the insurer is under a liquidation order for some other reason.