Sec. 7a.
A pledge made by the corporation shall be valid and binding from the time the pledge is made. The money or property pledged and thereafter received by the corporation immediately shall be subject to the lien of the pledge without a physical delivery, filing, or further act. The lien of such a pledge shall be valid and binding as against parties having claims of any kind in tort, contract, or otherwise, against the corporation, irrespective of whether the parties have notice. Neither the resolution, the trust agreement, nor any other instrument by which a pledge is created need be filed or recorded.
History: Add. 1980, Act 501, Imd. Eff. Jan. 22, 1981 Compiler's Notes: Section 2 of Act 501 of 1980 provides: “This amendatory act shall not take effect in a city with a population of greater than 750,000 persons until a subsidiary corporation described under section 6a has been created by the corporation of that city. In addition, any project for which a corporation has designated the project area at the time this amendatory act takes effect shall be exempt from the requirement of payment of the prevailing wage and fringe benefit rates described in section 8(4)(h).”Act 86 of 1984 amended enacting section 2 of Act No. 501 of 1980 to read as follows: “Section 2. Except for the issuance of bonds and entry into loan agreements by a corporation to refund bonds issued before January 21, 1981, under Act No. 62 of the Public Acts of 1963, being sections 125.1251 to 125.1267 of the Michigan Compiled Laws, this amendatory act shall not take effect in a city with a population of greater than 750,000 persons until a subsidiary corporation described under section 6a has been created by the corporation of that city. In addition, any project for which a corporation has designated the project area at the time this amendatory act takes effect shall be exempt from the requirement of payment of the prevailing wage and fringe benefit rates described in section 8(4)(h).
Structure Michigan Compiled Laws
Chapter 125 - Planning, Housing, and Zoning
Act 338 of 1974 - Economic Development Corporations Act (125.1601 - 125.1636)
Section 125.1601 - Short Title.
Section 125.1602 - Legislative Finding.
Section 125.1603 - Definitions.
Section 125.1606 - Organization of Corporation at Municipal and County Levels; Limitation.
Section 125.1607 - Powers of Corporation Generally.
Section 125.1607b - Board of Directors Serving as Planning Commission; Agenda.
Section 125.1611 - Amendments to Project Plan; Compliance With Local Ordinances and Resolutions.
Section 125.1613 - Project Citizens District Council as Advisory Body.
Section 125.1618 - Finding and Recommendations of Project Citizens District Council; Notice.
Section 125.1619 - Revision of Boundaries of Project District Area.
Section 125.1621 - Injunction, Mandamus, or Other Appropriate Remedy at Law; Equitable Relief.
Section 125.1622 - Condemnation.
Section 125.1624 - Disposition of Net Earnings and Property Upon Dissolution of Corporation.
Section 125.1625 - Exemption of Corporation and Instruments of Conveyance From Taxation.
Section 125.1626 - Repealed. 1976, Act 175, Imd. Eff. June 29, 1976.
Section 125.1627 - Powers of Public Bodies.
Section 125.1628 - Incorporation of Economic Development Corporation; Name of Corporation.
Section 125.1629 - Articles of Incorporation; Approval by Resolution; Contents.
Section 125.1630 - Amendment of Articles of Incorporation.
Section 125.1632 - Corporation as Body Corporate; Powers.
Section 125.1632a - Personal Liability of Board Members; Insurance.
Section 125.1633 - Dissolution of Corporation; Referendum on Continued Existence of Corporation.