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Terms Used In Michigan Laws 454.157

  • 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.
     All societies, unions, or associations of tradesmen or laborers actually existing and conducting their affaris under a constitution or articles of association, may become a body corporate and politic, for the general purposes of this act, upon filing a copy of their constitution or articles of the association, society, or union, verified by the oath of 1 of the executive officers of such society, association, or union in the corporation and securities bureau of the department of commerce. All societies, unions, and associations, becoming corporations as above provided, shall be subject to the provisions of this act.