2010 Michigan Compiled Laws
Chapter 450 - CORPORATIONS
Act 192 of 1962 - PROFESSIONAL SERVICE CORPORATION ACT (450.221 - 450.235)

PROFESSIONAL SERVICE CORPORATION ACT
Act 192 of 1962
AN ACT authorizing the creation of professional service corporations; providing definitions; providing exceptions; providing the manner and method of creating such corporations; providing for individual liability of officers, employees and agents of such corporations in certain instances; authorizing certain investments of corporate funds; regulating the issuance and transfer of capital stock; providing forfeiture of corporate franchise in certain instances; and requiring identification as a corporation.

History: 1962, Act 192, Eff. Mar. 28, 1963 ;-- Am. 1963, Act 153, Eff. Sept. 6, 1963

• Section 450.221 - Professional service corporation act; short title.
• Section 450.222 - Definitions.
• Section 450.223 - Application of act.
• Section 450.224 - Professional corporation for pecuniary profit; organization; shareholders to be licensed; rendering of professional services; organization of professional corporation; licensed person of another jurisdiction.
• Section 450.225 - Professional services to be rendered through licensed or authorized officers, employees, and agents.
• Section 450.226 - Professional service corporations; licensee; negligence, wrongful acts, misconduct; liability.
• Section 450.227 - Engaging in other businesses; investments; ownership of property; partnership; incorporator or shareholder.
• Section 450.228 - Professional service corporations; capital stock; voting trust agreement; limitation.
• Section 450.229 - Severance of employment and financial interests by disqualified licensee; noncompliance; forfeiture of articles; dissolution of corporation.
• Section 450.230 - Sale or transfer of shares; redemption or purchase of shares.
• Section 450.231 - Corporate name.
• Section 450.232 - Repealed. 1980, Act 216, Imd. Eff. July 18, 1980.
• Section 450.233 - Applicability of business corporation act; consolidation or merger.
• Section 450.234 - Construction of act.
• Section 450.235 - Annual report.