Section 450.2107 - Definitions; F to I.
NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982
450.2107 Definitions; F to I.
Sec. 107.
(1) “Foreign business corporation” means a corporation for profit organized under laws other than the laws of this state, which includes in its purposes a purpose for which a corporation may be organized under Act No. 284 of the Public Acts of 1972, as amended.
(2) “Foreign corporation” means a corporation organized under laws other than the laws of this state conducting affairs in this state for a purpose or purposes for which a corporation may be organized under this act.
(3) “Insolvent” means being unable to pay debts as they become due in the usual course of a debtor's business.
History: 1982, Act 162, Eff. Jan. 1, 1983