21 chapters · 211 sections in this title.
Mich. Comp. Laws § 331.1404 Corporation obligations as general obligations of issuing corporation or subsidiary corporation; corporation obligations neither local governmental unit nor state debt.
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Sec. 404. (1) Except as expressly provided by the corporation or subsidiary corporation or as otherwise provided in this act, every issue of its corporation obligations shall be general obligations of the issuing corporation or subsidiary corporation payable out of any properties…
Mich. Comp. Laws § 331.1405 Provisions of resolution authorizing issuance of corporation obligations as part of contract.
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Sec. 405. A resolution authorizing issuance of corporation obligations may contain provisions, which shall be part of the contract with the holders of such corporation obligations, as to: (a) Use and disposition of net revenues derived from the operation of health care facilities…
Mich. Comp. Laws § 331.1406 Corporation obligations generally.
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Sec. 406. (1) Corporation obligations shall be authorized by resolution adopted by a majority vote of the members serving on the board of trustees of the corporation or the subsidiary board of the subsidiary corporation issuing the corporation obligations. However, the resolution…
Mich. Comp. Laws § 331.1407 Refunding corporation obligations.
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Sec. 407. (1) To protect the rights of the holders of bonds or other obligations to be refunded, the proceeds of corporation obligations issued for refunding purposes and any other funds set aside for such purposes, and the investment earnings and profits, to the extent required …