Michigan Compiled Laws
230-1987-4 - Chapter 4 (331.1401...331.1415)
Section 331.1410 - Personal Liability on Notes or Corporation Obligations.

Sec. 410.
Neither the trustees of a corporation or subsidiary corporation nor any person executing notes or corporation obligations under this act shall be liable personally on the notes or corporation obligations or be subject to any personal liability or accountability by reason of the issuance thereof.
History: 1987, Act 230, Eff. Feb. 27, 1988

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 331 - Hospitals

Act 230 of 1987 - Municipal Health Facilities Corporations Act (331.1101 - 331.1507)

230-1987-4 - Chapter 4 (331.1401...331.1415)

Section 331.1401 - Board of Trustees or Subsidiary Board; Power to Borrow Money and Issue Notes; Resolution; Applicability of Revised Municipal Finance Act.

Section 331.1402 - Corporation or Subsidiary Corporation; Additional Powers; Prohibited Conduct.

Section 331.1403 - Corporation or Subsidiary Corporation; Additional Powers; Refinancing or Refunding Indebtedness; Redemption; Limitation; Determination of Board of Trustees or Subsidiary Conclusive; Exception.

Section 331.1404 - Corporation Obligations as General Obligations of Issuing Corporation or Subsidiary Corporation; Corporation Obligations Neither Local Governmental Unit nor State Debt.

Section 331.1405 - Provisions of Resolution Authorizing Issuance of Corporation Obligations as Part of Contract.

Section 331.1406 - Corporation Obligations Generally.

Section 331.1407 - Refunding Corporation Obligations.

Section 331.1408 - Security Instruments to Continue in Effect Until Principal and Interest on Corporation Obligations Paid in Full; Terms of Security Instrument; Recital.

Section 331.1409 - Lien of Pledge.

Section 331.1410 - Personal Liability on Notes or Corporation Obligations.

Section 331.1411 - Pledge and Agreement of State.

Section 331.1412 - Corporation Obligations; Statutory Provisions to Which Issuance of Obligations Subject; Legality.

Section 331.1413 - Corporation Obligations as Negotiable Instruments Under Uniform Commercial Code.

Section 331.1414 - Notes and Corporation Obligations as Investment Securities.

Section 331.1415 - State Covenants With Purchasers, Subsequent Holders, and Transferees of Notes and Corporation Obligations.