Section 450.2055 - Penalty for transacting business without certificate of authority.
BUSINESS CORPORATION ACT (EXCERPT)
Act 284 of 1972
450.2055 Penalty for transacting business without certificate of authority.
Sec. 1055.
In addition to any other liability imposed by law, a foreign corporation transacting business in this state without a certificate of authority shall forfeit to the state a penalty of not less than $100.00, nor more than $1,000.00, for each calendar month, not more than 5 years prior thereto, in which it has transacted business in this state without a certificate of authority. This penalty shall not exceed $10,000.00. The penalty shall be recovered with costs in an action prosecuted by the attorney general.
History: 1972, Act 284, Eff. Jan. 1, 1973