Michigan Compiled Laws § 500.5036 Liability Of Directors For Debts During Organization.

500.5036 Liability of directors for debts during organization.

Sec. 5036.

The directors and incorporators of any stock company organized under this chapter, to transact property, marine, inland navigation and transportation, or automobile insurance (limited), all as defined in chapter 6, shall be jointly and severally liable for all debts or responsibilities of such company, until the whole amount of the capital of such company shall have been paid in and a certificate thereof recorded, as hereinbefore provided.

History: 1956, Act 218, Eff. Jan. 1, 1957
Popular Name: Act 218

Section: Previous  500.5000  500.5001  500.5002  500.5006  500.5008  500.5010  500.5012  500.5014  500.5020  500.5024  500.5028  500.5036  500.5040    Next

Last modified: October 10, 2016