Mich. Comp. Laws § 550.357

Current through Public Act 171 of the 2024 Legislative Session

Section 550.357 - Certificate of authority to commence business and issue contracts; requirements

If the commissioner is satisfied that:

(a) The solicitation of subscriptions would not work a fraud upon the persons so solicited,

(b) The rates to be charged and the benefits to be provided are fair and reasonable,

(c) The amount of money available for working capital is not less than $5,000.00,

(d) The amounts contributed as the working capital of the corporation are repayable only out of surplus earnings of such corporation,

(e) Adequate and reasonable reserves to insure the maturity of the contracts are provided,

he shall issue and deliver to the corporation a certificate of authority to commence business and issue contracts under this act.

MCL 550.357

1963, Act 125, Eff. 9/6/1963.