Sec. 275.
A domestic or foreign corporation, whether or not formed at the request of a lender or in furtherance of a business enterprise, may by agreement in writing, and not otherwise, agree to pay a rate of interest in excess of the legal rate and the defense of usury shall be prohibited.
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)
284-1972-2 - Chapter 2 Formation; Purposes and Powers (450.1201...450.1275)
Section 450.1201 - Incorporators.
Section 450.1202 - Articles of Incorporation; Contents.
Section 450.1209 - Articles of Incorporation; Permissible Provisions.
Section 450.1211 - Corporate Name; Required Words and Abbreviations.
Section 450.1215 - Corporate Name; Reservation of Right to Use; Transfer of Right.
Section 450.1217 - Transacting Business Under Assumed Name; Certificate.
Section 450.1221 - Beginning of Corporate Existence; Filing of Articles as Evidence.
Section 450.1231 - Adoption, Amendment, or Repeal of Bylaws; Contents of Bylaws.
Section 450.1241 - Registered Office and Resident Agent Required; Address.
Section 450.1243 - Resignation of Resident Agent.
Section 450.1246 - Service of Process.
Section 450.1261 - Corporate Powers.
Section 450.1271 - Asserting Lack of Corporate Capacity or Power.
Section 450.1275 - Agreement to Pay Interest in Excess of Legal Rate; Defense of Usury Prohibited.