Mich. Comp. Laws § 450.1833

Current through Public Act 39 of the 2024 Legislative Session

Section 450.1833 - Corporate existence continued for purpose of winding up affairs

Except as a court may otherwise direct, a dissolved corporation shall continue its corporate existence but shall not carry on business except for the purpose of winding up its affairs by:

(a) Collecting its assets.

(b) Selling or otherwise transferring, with or without security, assets which are not to be distributed in kind to its shareholders.

(c) Paying its debts and other liabilities.

(d) Doing all other acts incident to liquidation of its business and affairs.

MCL 450.1833

1972, Act 284, eff. 1/1/1973 .