Michigan Compiled Laws
162-1982-11 - Chapter 11 (450.3100...450.3192)
Section 450.3162 - Distribution of Assets Generally.

Sec. 1162.
In the event of an amendment to the articles of incorporation or bylaws, merger, or disposition of substantially all of the assets of a cooperative, or a dissolution, that results in a distribution of all or substantially all of the assets of the corporation to members, the corporation shall make that distribution in the manner and order provided in section 1183.
History: Add. 1984, Act 209, Eff. Nov. 1, 1985 ;-- Am. 2014, Act 557, Imd. Eff. Jan. 15, 2015

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 450 - Corporations

Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)

162-1982-11 - Chapter 11 (450.3100...450.3192)

Section 450.3100 - Short Title.

Section 450.3101 - Applicability of Act and Chapter; Amendment of Articles or Bylaws; Exemption.

Section 450.3102 - Controlling Definitions.

Section 450.3103 - Definitions; C to F.

Section 450.3104 - Definitions; I to U.

Section 450.3107 - Inconsistent Provisions Inapplicable to Chapter.

Section 450.3109 - Requirements of MCL 460.1 Et Seq. Not Modified; Effect of Economic Activity Conducted by Cooperative.

Section 450.3121 - Articles of Incorporation; Requirement.

Section 450.3123 - Use of Term “Cooperative,”“co-Op,”“consumer Cooperative,” or Any Variation Thereof.

Section 450.3125 - Adoption of Initial Bylaws; Ratification or Amendment; Contents of Bylaws.

Section 450.3131 - Organization on Nonstock Membership Basis.

Section 450.3132 - Membership; Notice of Qualifications.

Section 450.3133 - Classification.

Section 450.3134 - Cooperative Organized on Member Capital Basis, Member Fee Basis, or Basis Combining Member Capital and Membership Fee; Powers.

Section 450.3135 - Net Savings; Determination, Allocation, Distribution, and Use; Apportionment of Losses.

Section 450.3136 - Certificate; Issuance; Contents; Restrictions on Dividends.

Section 450.3137 - Nonvoting Investment Certificate or Bond.

Section 450.3138 - Advising Persons in Writing; Statement on Membership Certificate.

Section 450.3139 - Redemption of Member Capital; Failure to Patronize Cooperative; Notice of Redemption; Failure to Respond and Claim Payment; Failure to Claim Refunds of Patronage Capital, Deposits, and Fees; Failure of Nonmember Patron to Pay in or...

Section 450.3141 - Meetings; Petitions; Signatures; Quorum.

Section 450.3143 - Alternative Notice of Regular Meeting.

Section 450.3144 - Proxies; Voting by Mail Ballot, Referendum, or Electronic Transmission.

Section 450.3145 - Amendments; Affirmative Vote of Majority.

Section 450.3146 - Effective Date of Adopted Action; Confirmation Vote; Filing With Administrator.

Section 450.3147 - Dispute Resolution Body.

Section 450.3148 - Purchase or Sale Under Execution, in Course of Bankruptcy, or by Legal Process or Operation of Law; Pledge of Certificate; Assignment of Proprietary Lease or Other Agreement.

Section 450.3149 - Books for Recording Operations; Annual Report, Balance Sheet, and Income Statement; Certified Report of Condition; Copies of Reports; Mailings at Request and Expense of Member; Notice of Member's Desire to Be Contacted by Other Mem...

Section 450.3151 - Initial Board of Directors; Membership; Term.

Section 450.3152 - Board of Directors; Election or Appointment Other Than by Vote of Membership.

Section 450.3153 - Affiliation With Another Organization; Section Inapplicable to Allocations of Net Savings.

Section 450.3161 - Amendment to Articles of Incorporation; Calling Special Meeting; Consideration of Proposed Amendment.

Section 450.3162 - Distribution of Assets Generally.

Section 450.3183 - Distribution of Assets Upon Dissolution; Distribution of Assets Held for Charitable or Similar Purpose; Redemption of Investment Certificates.

Section 450.3191 - Foreign Cooperative.

Section 450.3192 - Election by Corporation to Accept Act and Chapter; Procedure; Effect of Filing Certificate of Election.