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2017 Michigan Compiled Laws
Chapter 450 - Corporations
Act 162 of 1982 NONPROFIT CORPORATION ACT (450.2101 - 450.3192)
162-1982-11 CHAPTER 11 (450.3100...450.3192)
- Section 450.3100 Short title.
- Section 450.3101 Applicability of act and chapter; amendment of articles or bylaws; exemption.
- Section 450.3102 Controlling definitions.
- Section 450.3103 Definitions; C to F.
- Section 450.3104 Definitions; I to U.
- Section 450.3107 Inconsistent provisions inapplicable to chapter.
- Section 450.3109 Requirements of MCL 460.1 et seq. not modified; effect of economic activity conducted by cooperative.
- Section 450.3121 Articles of incorporation; requirement.
- Section 450.3123 Use of term “cooperative,”“co-op,”“consumer cooperative,” or any variation thereof.
- Section 450.3125 Adoption of initial bylaws; ratification or amendment; contents of bylaws.
- Section 450.3131 Organization on nonstock membership basis.
- Section 450.3132 Membership; notice of qualifications.
- Section 450.3133 Classification.
- Section 450.3134 Cooperative organized on member capital basis, member fee basis, or basis combining member capital and membership fee; powers.
- Section 450.3135 Net savings; determination, allocation, distribution, and use; apportionment of losses.
- Section 450.3136 Certificate; issuance; contents; restrictions on dividends.
- Section 450.3137 Nonvoting investment certificate or bond.
- Section 450.3138 Advising persons in writing; statement on membership certificate.
- Section 450.3139 Redemption of member capital; failure to patronize cooperative; notice of redemption; failure to respond and claim payment; failure to claim refunds of patronage capital, deposits, and fees; failure of nonmember patron to pay in or accumulate full member capital or comply with bylaws.
- Section 450.3141 Meetings; petitions; signatures; quorum.
- Section 450.3143 Alternative notice of regular meeting.
- Section 450.3144 Proxies; voting by mail ballot, referendum, or electronic transmission.
- Section 450.3145 Amendments; affirmative vote of majority.
- Section 450.3146 Effective date of adopted action; confirmation vote; filing with administrator.
- Section 450.3147 Dispute resolution body.
- Section 450.3148 Purchase or sale under execution, in course of bankruptcy, or by legal process or operation of law; pledge of certificate; assignment of proprietary lease or other agreement.
- Section 450.3149 Books for recording operations; annual report, balance sheet, and income statement; certified report of condition; copies of reports; mailings at request and expense of member; notice of member's desire to be contacted by other members regarding proposal.
- Section 450.3151 Initial board of directors; membership; term.
- Section 450.3152 Board of directors; election or appointment other than by vote of membership.
- Section 450.3153 Affiliation with another organization; section inapplicable to allocations of net savings.
- Section 450.3161 Amendment to articles of incorporation; calling special meeting; consideration of proposed amendment.
- Section 450.3162 Distribution of assets generally.
- Section 450.3183 Distribution of assets upon dissolution; distribution of assets held for charitable or similar purpose; redemption of investment certificates.
- Section 450.3191 Foreign cooperative.
- Section 450.3192 Election by corporation to accept act and chapter; procedure; effect of filing certificate of election.
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