Sec. 127.
(1) This act does not affect the duration of a corporation which exists on the effective date of this act. An existing corporation and its shareholders, directors and officers have the same rights and are subject to the same limitations, restrictions, liabilities and penalties as a corporation formed under this act, and its shareholders, directors and officers.
(2) This act does not affect a cause of action, liability, penalty or action or special proceeding, which on the effective date of this act is accrued, existing, incurred or pending, but the same may be asserted, enforced, prosecuted or defended as if this act had not been enacted.
History: 1972, Act 284, Eff. Jan. 1, 1973
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Section 450.1110 - Repealed. 1989, Act 121, Eff.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.