Michigan Laws 454.75 – Labor associations; stock, liability of stockholders
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Terms Used In Michigan Laws 454.75
- 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.
Every such corporation shall have full power and authority to provide by its by-laws for the issuing of certificates or shares of stock and for the manner in which the same shall be held and represented. All stockholders of every corporation formed under this act, shall be limited in their liability to creditors of any such corporation, to an amount equal to the amount unpaid on their said stock.