Michigan Laws 390.1576 – Acquiring, holding, and disposing funds and property
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 390.1576
- 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.
- Registered distance learning corporation: means a distance learning corporation incorporated under the nonprofit act and registered under this act. See Michigan Laws 390.1572
A registered distance learning corporation shall acquire, hold, and dispose of its funds and property only for the lawful purposes of the corporation and for the benefit of the public. A registered distance learning corporation shall conduct its activities, including acquiring, holding, and disposing of funds and property, in a manner within the scope of the purposes of the corporation as specifically set forth in its articles and consistent with this act.