450.1833 Corporate existence continued for purpose of winding up affairs. Sec. 833. Except as a court may otherwise direct, a dissolved corporation shall continue its corporate existence but shall not carry on business 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 to its shareholders. (c) Paying its debts and other liabilities. (d) Doing all other acts incident to liquidation of its business and affairs. History: 1972, Act 284, Eff. Jan. 1, 1973
Michigan Legal Code