Michigan Compiled Laws § 450.523 Fraudulent Transfer Of Shares To Avoid Taxation; Penalty.

450.523 Fraudulent transfer of shares to avoid taxation; penalty.

Sec. 23.

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.

History: 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

Compiler's Notes: In this section, “twenty-third” evidently should read “twenty-first.”

Section: Previous  450.504  450.507  450.519  450.520  450.521  450.522  450.523  450.524  450.525    Next

Last modified: October 10, 2016