Mich. Admin. Code R. 432.21104
Current through Vol. 24-19, November 1, 2024
Rule 104. Upon permanent dissolution of a qualified organization, all assets, real property, and personal property shall be utilized for the lawful purposes as stated in the qualified organization's bylaws, constitution, charter, or articles of incorporation that are filed with the bureau as prescribed by R 432.21202 and shall not be distributed to any private individual or shareholder. All remaining assets upon dissolution shall be distributed to the local government or another nonprofit organization as stated in the qualified organization's bylaws, constitution, charter, or articles of incorporation. The disbursement of remaining assets shall be reported to the bureau in writing.
Mich. Admin. Code R. 432.21104