Section 125.912a - Redevelopment corporation; powers and authority.
URBAN REDEVELOPMENT CORPORATIONS LAW (EXCERPT)
Act 250 of 1941
125.912a Redevelopment corporation; powers and authority.
Sec. 12a.
Except as otherwise provided in this act, a redevelopment corporation may do all of the following:
(a) Form or incorporate nonprofit corporations under the laws of this state for any purpose not inconsistent with the purposes for which the redevelopment corporation was formed.
(b) Serve as a shareholder or member of a qualified nonprofit corporation organized under the laws of this state.
(c) Authorize, approve, execute, and file with the Michigan department of consumer and industry services those documents that are appropriate to form and continue 1 or more nonprofit corporations.
(d) Form or incorporate for-profit corporations, partnerships, and limited liability companies under the laws of this state for any purpose not inconsistent with the purposes for which the redevelopment corporation was formed.
History: Add. 1998, Act 385, Imd. Eff. Oct. 23, 1998