2006 Michigan Compiled Laws - Mich. Comp. Laws § 500.5014 Par value of stock; limitations.
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Act 218 of 1956 500.5014 Par value of stock; limitations. Sec. 5014. Capital stock of domestic stock insurers incorporated under this chapter shall have value as follows: (1) If organized to transact property, marine, inland navigation and transportation, or automobile insurance (limited), all as defined in chapter 6, each share of authorized capital stock shall have a value of not less than $1.00 or more than $100.00. (2) If organized to transact life, disability, casualty, or fidelity and surety insurance, all as defined in chapter 6 or title insurance as defined in chapter 73, each share of authorized capital stock shall have a value of not less than $1.00. (3) If organized to insure railway employees against loss of position, and to transact life and disability insurance, as identified in section 6604, each share of authorized capital stock shall have a par value of $50.00.
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