Sec. 103.
This act shall be liberally construed and applied to promote its underlying purposes and policies which include all of the following:
(a) To simplify, clarify, and modernize the law governing business corporations.
(b) To provide a general corporate form for the conduct or promotion of a lawful business or purpose with variations and modifications from the form as interested parties in any corporation may agree upon, subject only to overriding interests of this state and of third parties.
(c) To give special recognition to the legitimate needs of close corporations.
History: 1972, Act 284, Eff. Jan. 1, 1973 ;-- Am. 1989, Act 121, Eff. Oct. 1, 1989
Structure Michigan Compiled Laws
Act 284 of 1972 - Business Corporation Act (450.1101 - 450.2099)
284-1972-1 - Chapter 1 General Provisions (450.1101...450.1151)
Section 450.1101 - Short Title.
Section 450.1103 - Liberal Construction; Purposes and Policies of Act.
Section 450.1104 - Definitions Controlling Interpretation of Act.
Section 450.1105 - Definitions; A, B.
Section 450.1106 - Definitions; C to E.
Section 450.1107 - Definitions; F to I.
Section 450.1108 - Definitions; N to P.
Section 450.1109 - Definitions; S.
Section 450.1110 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1121 - Applicability of Act to Domestic and Foreign Corporations.
Section 450.1123 - Applicability of Act Generally.
Section 450.1125 - Applicability to Foreign Commerce, Interstate Commerce, and Federal Corporations.
Section 450.1127 - Applicability to Existing Corporations; Saving Clause.
Section 450.1129 - Amendment or Repeal of Act.
Section 450.1132 - Filed Documents; Language, Form, Execution, and Contents.
Section 450.1141 - Corporate Action Without Notice or Lapse of Prescribed Time Period.