Sec. 84.
As used in this chapter, the term "surplus" shall not be deemed to include any increase in assets of any limited dividend housing corporation organized in accordance with the provisions of this chapter, by reason of reduction of mortgage, by amortization or similar payments or realized from the sale or disposition of any assets of a limited dividend housing corporation to the extent such surplus can be attributed to any increase in market value of any real property or tangible personal property accruing during the period the assets were owned and held by the limited dividend housing corporation.
History: Add. 1970, Act 129, Imd. Eff. July 29, 1970
Structure Michigan Compiled Laws
Chapter 125 - Planning, Housing, and Zoning
Act 346 of 1966 - State Housing Development Authority Act of 1966 (125.1401 - 125.1499c)
346-1966-6 - Chapter 6 (125.1481...125.1486)
Section 125.1481 - Limited Dividend Housing Corporations; Incorporation.
Section 125.1482 - Corporate Name.
Section 125.1483 - Limited Dividend Housing Corporation; Articles of Incorporation.
Section 125.1484 - Surplus; Definition.
Section 125.1485 - Directors, Additional, Power of Authority.
Section 125.1486 - Articles of Incorporation; Filing, Approval.