450.2833 Dissolved corporation; continuation of corporate existence; conduct of affairs. Sec. 833. Except as a court may otherwise direct, a dissolved corporation shall continue its corporate existence but shall not conduct affairs except for the purpose of winding up its affairs by: (a) Collecting its assets. (b) Selling or otherwise transferring, with or without security, assets which are not to be distributed in kind pursuant to section 855. (c) Paying its debts and other liabilities. (d) Doing all other acts incident to liquidation of its affairs. History: 1982, Act 162, Eff. Jan. 1, 1983
Michigan Legal Code