Mich. Admin. Code R. 432.103
Current through Vol. 24-19, November 1, 2024
Rule 103. Upon permanent dissolution of a qualified organization, all assets, real property, and personal property must be utilized for the lawful purpose of the qualified organization and must not be distributed to any private individual or shareholder. All remaining assets upon dissolution must be distributed to the local government or another nonprofit organization as stated in the qualified organization's bylaws, constitution, charter, or articles of incorporation. The disbursement of remaining assets must be reported to the executive director in writing.
Mich. Admin. Code R. 432.103