Michigan Laws 450.1103 – Liberal construction; purposes and policies of act
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This act shall be liberally construed and applied to promote its underlying purposes and policies which include all of the following:
(a) To simplify, clarify, and modernize the law governing business corporations.
Terms Used In Michigan Laws 450.1103
- 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.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(b) To provide a general corporate form for the conduct or promotion of a lawful business or purpose with variations and modifications from the form as interested parties in any corporation may agree upon, subject only to overriding interests of this state and of third parties.
(c) To give special recognition to the legitimate needs of close corporations.