Fraudulent transfer of shares to avoid taxation; penalty.

Mich. Comp. Laws § 450.523, under Revised Statutes of 1846.

Mich. Comp. Laws § 450.523

Sec. 23. If any shareholder shall fraudulently transfer any share in either of the corporations mentioned in the twenty-third section of this chapter, for the purpose of avoiding taxation, he shall forfeit a sum equal to 1/2 the par value of the shares so transferred.