Sec. 98f.
As used in this chapter, the term "surplus" shall not be deemed to include any increase in assets of any mobile home park association 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 mobile home park association to the extent such surplus can be attributed to any increase in market value of any such real property or tangible personal property accruing during the period the assets were owned and held by the mobile home park association.
History: Add. 1982, Act 534, Imd. Eff. Dec. 31, 1982 ;-- Am. 1983, Act 217, Imd. Eff. Nov. 16, 1983
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)
346-1966-9 - Chapter 9 (125.1498...125.1498f)
Section 125.1498 - Applicability of Chapter to Mobile Home Park Associations.
Section 125.1498a - Mobile Home Park Association; Included Entities; Approval; Membership.
Section 125.1498b - Mobile Home Park Association Name.
Section 125.1498d - Document of Basic Organization; Managing Agent; Appointment; Powers; Conditions.
Section 125.1498e - Document of Basic Organization; Approval of Terms.