Mich. Admin. Code R. 400.245

Current through Vol. 24-10, June 15, 2024

Section R. 400.245 - Same; restrictions as to dividends; dissolution

Rule 245. No organization, institution, association, or corporation, regardless of its statement of purpose, shall be considered as formed for a charitable purpose if dividends are distributed to members or stockholders or if, upon dissolution, the net assets are to be so distributed in whole or in part.

1979 AC