Sec. 23.
If any shareholder shall fraudulently transfer any share in either of the corporations mentioned in the twenty-third section of this chapter, for the purpose of avoiding taxation, he shall forfeit a sum equal to 1/2 the par value of the shares so transferred.
History: R.S. 1846, Ch. 55 ;-- CL 1857, 2165 ;-- CL 1871, 3450 ;-- How. 4882 ;-- CL 1897, 8549 ;-- CL 1915, 11340 ;-- CL 1929, 10165 ;-- CL 1948, 450.523 Compiler's Notes: In this section, “twenty-third” evidently should read “twenty-first.
Structure Michigan Compiled Laws
R.S. of 1846 - Revised Statutes of 1846 (450.504 - 450.525)
R-S-1846-450-504-55-CORPORATIONS - Corporations (450.504...450.525)
Section 450.507 - Holding of Land; Subscriptions; Donations; Stock Transfer; Articles, Amendment.
Section 450.519 - Contributions; Recovery in Chancery.
Section 450.520 - Acts of Incorporation; Amendment, Alteration or Repeal.
Section 450.521 - Assessing Officers; Returns, Contents.
Section 450.522 - Assessing Officers; Returns, Default; Penalty.
Section 450.523 - Fraudulent Transfer of Shares to Avoid Taxation; Penalty.
Section 450.524 - Returns to State Treasurer; Default, Computation, State Tax.
Section 450.525 - Attorney General and Legislature; Examination.