Michigan Compiled Laws
Act 338 of 1974 - Economic Development Corporations Act (125.1601 - 125.1636)
Section 125.1624 - Disposition of Net Earnings and Property Upon Dissolution of Corporation.

Sec. 24.
Any net earnings of the corporation beyond that necessary for the retirement of indebtedness or to implement the public purposes or program of the municipality may not inure to the benefit of a person other than the municipality and, upon dissolution of the corporation shall belong to the municipality. Upon dissolution of the corporation title to all property owned by the corporation, subject to existing rights in other parties, shall vest in the municipality.
History: 1974, Act 338, Imd. Eff. Dec. 18, 1974 ;-- Am. 1976, Act 175, Imd. Eff. June 29, 1976

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Structure Michigan Compiled Laws

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 125.1604 - Economic Development Corporation; Incorporation; Application; Notice; Hearing; Approval; Board of Directors; Appointment, Qualifications, Terms, and Compensation of Directors; Public Meetings; Directors as Public Officers; Expirati...

Section 125.1605 - Approval of Application to Incorporate and Articles of Incorporation by Resolution; Incorporation Pursuant to MCL 125.1628 to 125.1636.

Section 125.1606 - Organization of Corporation at Municipal and County Levels; Limitation.

Section 125.1606a - Subsidiary Neighborhood Development Corporation; Creation; Powers; Exemption From Prevailing Wage and Fringe Benefit Rate Requirements; Disposition of Surplus From Sale of Property; Repayment of Bonds or Notes.

Section 125.1607 - Powers of Corporation Generally.

Section 125.1607a - Pledge by Corporation; Validity; Lien; Filing or Recording Instruments Not Required.

Section 125.1607b - Board of Directors Serving as Planning Commission; Agenda.

Section 125.1608 - Designation of Project Area; Certification of Approval; Preparation and Approval of Project Plan; Transfer of Employment; Contents of Project Plan; Corporation as Instrumentality of Political Subdivision; Notice to Vacate; Corporat...

Section 125.1609 - Project Plan; Findings and Recommendations of Local Public Agency; Determinations; Publication of General Standards for Project Plans; Local Public Agency Recommendations Concerning Project Plan Not Required.

Section 125.1610 - Project Plan; Submission of Findings and Recommendations; Determination of Public Purpose; Considerations.

Section 125.1611 - Amendments to Project Plan; Compliance With Local Ordinances and Resolutions.

Section 125.1612 - Establishment of Project District Area Boundaries; Project Citizens District Council; Establishment; Appointment and Qualifications of Members; Council as Representative of Project Area.

Section 125.1613 - Project Citizens District Council as Advisory Body.

Section 125.1614 - Consultation Between Representative of Corporation and Project Citizens District Council.

Section 125.1615 - Project Citizens District Council; Meetings; Notice; Right of Person to Be Heard; Record of Meeting; Information and Technical Assistance; Conditions to Adoption of Project Plan.

Section 125.1616 - Existing Citizens District Council as Authorized Projects Citizens District Council.

Section 125.1617 - Public Hearing Before Adoption of Resolution Approving Project Plan; Notice; Record of Public Hearing; Availability of Record to Public.

Section 125.1618 - Finding and Recommendations of Project Citizens District Council; Notice.

Section 125.1619 - Revision of Boundaries of Project District Area.

Section 125.1620 - Situations Not Requiring Project Citizens District Council; Dissolution of Council.

Section 125.1621 - Injunction, Mandamus, or Other Appropriate Remedy at Law; Equitable Relief.

Section 125.1622 - Condemnation.

Section 125.1623 - Borrowing Money and Issuing Revenue Bonds or Revenue Notes; Issuing Refunding Bonds; Bonds or Notes and Interest Exempt From Taxation; Exceptions; Liability of Municipality on Notes or Bonds; Statement; Investment in Bonds and Note...

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 125.1631 - Articles of Incorporation; Execution; Delivery; Filing; Publication; Statement of Right to Question Incorporation; Certificate; Effective Date and Validity 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.

Section 125.1634 - Corporations Organized and Incorporated Pursuant to MCL 450.62 to 450.192; Validation, Force, and Effect of Prior Actions.

Section 125.1634a - Corporation Deemed Validly Incorporated; Validity of Action Taken by Corporation Under Act; Validity and Legality of Evidences of Indebtedness and Related Instruments.

Section 125.1635 - Liberal Construction.

Section 125.1636 - Authority Cumulative.