Michigan Laws 550.357 – Certificate of authority to commence business and issue contracts; requirements
Current as of: 2023 | Check for updates
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If the commissioner is satisfied that:
(a) The solicitation of subscriptions would not work a fraud upon the persons so solicited,
Terms Used In Michigan Laws 550.357
- 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.
- Fraud: Intentional deception resulting in injury to another.
(b) The rates to be charged and the benefits to be provided are fair and reasonable,
(c) The amount of money available for working capital is not less than $5,000.00,
(d) The amounts contributed as the working capital of the corporation are repayable only out of surplus earnings of such corporation,
(e) Adequate and reasonable reserves to insure the maturity of the contracts are provided,
he shall issue and deliver to the corporation a certificate of authority to commence business and issue contracts under this act.