125.909 Consideration for issuance of stock, bond or debentures. Sec. 9. Consideration for issuance of stock, bonds, or income debentures. No redevelopment corporation shall issue stock, bonds or income debentures, except for money or property actually received for the use and lawful purposes of the corporation or services actually performed for the corporation. History: 1941, Act 250, Imd. Eff. June 16, 1941 ;-- CL 1948, 125.909
Michigan Legal Code