Sec. 411.
The state pledges and agrees with the holders of notes and corporation obligations issued under this act, that the state will not limit or alter the rights vested in any corporation or subsidiary corporation to fulfill the terms of any agreements made with the holders thereof, nor will in any way impair the rights and remedies of the holders until the notes or corporation obligations, together with interest thereon, with interest on any unpaid installments of interest, if applicable, and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully met and discharged. Any corporation or subsidiary corporation is authorized to include this pledge and agreement of the state in any agreement with holders of such notes or corporation obligations.
History: 1987, Act 230, Eff. Feb. 27, 1988
Structure Michigan Compiled Laws
Act 230 of 1987 - Municipal Health Facilities Corporations Act (331.1101 - 331.1507)
230-1987-4 - Chapter 4 (331.1401...331.1415)
Section 331.1402 - Corporation or Subsidiary Corporation; Additional Powers; Prohibited Conduct.
Section 331.1406 - Corporation Obligations Generally.
Section 331.1407 - Refunding Corporation Obligations.
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 331.1413 - Corporation Obligations as Negotiable Instruments Under Uniform Commercial Code.
Section 331.1414 - Notes and Corporation Obligations as Investment Securities.