Sec. 9.
Consideration for issuance of stock, bonds, or income debentures. No redevelopment corporation shall issue stock, bonds or income debentures, except for money or property actually received for the use and lawful purposes of the corporation or services actually performed for the corporation.
History: 1941, Act 250, Imd. Eff. June 16, 1941 ;-- CL 1948, 125.909
Structure Michigan Compiled Laws
Chapter 125 - Planning, Housing, and Zoning
Act 250 of 1941 - Urban Redevelopment Corporations Law (125.901 - 125.922)
Section 125.901 - Urban Redevelopment Corporations Law; Short Title; Applicability to Townships.
Section 125.902 - Legislative Findings; Policy of State; Purpose of Act.
Section 125.903 - Urban Redevelopment Corporations Law; Definitions.
Section 125.904 - Development Plans; Contents; Approval; Requirements; Amendments; Fees.
Section 125.905 - Supervising Agency; Appointment.
Section 125.906 - Redevelopment Corporation; Organization; Articles; Forfeiture of Rights; Name.
Section 125.907 - Limitations Imposed Upon Redevelopment Corporations; Limitations.
Section 125.908 - Corporation Code; Application to Redevelopment Corporations.
Section 125.909 - Consideration for Issuance of Stock, Bond or Debentures.
Section 125.910 - Determination of Development Cost; Procedure.
Section 125.911 - Regulation of Corporation by Supervising Agency.
Section 125.912a - Redevelopment Corporation; Powers and Authority.
Section 125.912b - Redevelopment Corporation; Funds, Grants, Agreements.
Section 125.913 - Return on Income Debentures and Stock; Limitations.
Section 125.914 - Proceedings Against Redevelopment Corporations; Parties.
Section 125.915 - Real Estate; Transfer to Redevelopment Corporations.
Section 125.916 - Acquisition of Real Estate; Methods; Condemnation.
Section 125.917 - Condemnation; Proceedings; Damages; Compensation.
Section 125.917a - Condemnation, Law Applicable.
Section 125.918 - Leasing of Property of Corporation; Termination of Tenancy.
Section 125.919 - Mortgages of Corporation; Provisions Governing.
Section 125.920 - Sale or Lease of Real Estate by a City to Corporation.