Mich. Comp. Laws § 450.523

Current through Public Act 171 of the 2024 Legislative Session

Section 450.523 - Fraudulent transfer of shares to avoid taxation; penalty

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.

MCL 450.523

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.