Michigan Laws 450.2327 – Charges and expenses of organization or reorganization; sale or underwriting expenses and compensation; payment or allowance
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Terms Used In Michigan Laws 450.2327
- 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.
The reasonable charges and expenses of organization or reorganization of a corporation, and the reasonable expenses of and compensation for the sale or underwriting of its shares, may be paid or allowed by the corporation out of the consideration received by it in payment for its shares without thereby rendering the shares not fully paid or assessable.