There is a newer version of the Michigan Compiled Laws
2012 Michigan Compiled Laws
Chapter 125 — PLANNING, HOUSING, AND ZONING
Act 250 of 1941 — URBAN REDEVELOPMENT CORPORATIONS LAW (125.901 - 125.922)
Section 125.909 — Consideration for issuance of stock, bond or debentures.
MI Comp L § 125.909 (2012 through Reg Sess) What's This?
URBAN REDEVELOPMENT CORPORATIONS LAW (EXCERPT)
Act 250 of 1941
125.909 Consideration for issuance of stock, bond or debentures.
Sec. 9.
Consideration for issuance of stock, bonds, or income debentures. No redevelopment corporation shall issue stock, bonds or income debentures, except for money or property actually received for the use and lawful purposes of the corporation or services actually performed for the corporation.
History: 1941, Act 250, Imd. Eff. June 16, 1941 ;-- CL 1948, 125.909
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