membership interests of the contracting corporation; or that elects or appoints, directly or indirectly, all of the
directors of the contracting directorship corporation.
(iii) A corporation or foreign corporation, if all of its outstanding shares are owned or controlled, directly
or indirectly, or all of its outstanding memberships are owned or controlled, directly or indirectly, by an
affiliate; or a directorship corporation, if all of its directors are elected or appointed, directly or indirectly, by
an affiliate. As used in this subparagraph, "affiliate" means a nonprofit corporation, whether or not subject to
this act, or a foreign corporation, that owns or controls, directly or indirectly, all of the outstanding shares of
the contracting corporation; or that owns or controls, directly or indirectly, all of the outstanding memberships
of the contracting corporation; or that elects or appoints, directly or indirectly, all of the directors of the
contracting corporation if it is a directorship corporation.
(j) Lend money, invest and reinvest its funds, and take and hold real and personal property as security for
the payment of funds loaned, invested, or reinvested.
(k) Make donations for any of the following: the public welfare; a community fund; or hospital; or a
charitable, educational, scientific, civic, or similar purpose. A corporation also has the power to provide aid in
time of war or other national emergency.
(l) Pay pensions, establish and carry out pension, federally qualified profit sharing, savings, thrift, and
other retirement, incentive, and benefit plans, trusts, and provisions for any of its directors, officers, and
employees.
(m) Purchase, receive, take, otherwise acquire, own, hold, sell, lend, exchange, transfer, otherwise dispose
of, pledge, use, and otherwise deal in and with its own shares, bonds, and other securities.
(n) Participate with others in any domestic corporation, foreign corporation, domestic business corporation,
foreign business corporation, partnership, limited partnership, limited liability company, limited liability
partnership, joint venture, or other association of any kind, or in any transaction, undertaking, or agreement
that the participating corporation would have power to conduct by itself, whether or not the participation
involves sharing or delegation of control with or to others.
(o) Cease its corporate activities and dissolve.
(p) Conduct its affairs, carry on its operations, and have offices and exercise the powers granted under this
act in any jurisdiction in or outside the United States, and, in the case of a corporation the purpose or purposes
of which require the transaction of business, the receipt and payment of money, the care and custody of
property, and other incidental business matters, transact that business, receive, collect, and disburse that
money, and engage in those other incidental business matters as are naturally or properly within the scope of
its articles.
(q) Have and exercise all powers necessary or convenient to effect any purpose for which the corporation
is formed.
(2) A corporation that is subject to the uniform prudent management of institutional funds act, 2009 PA 87,
MCL 451.921 to 451.931, has all powers granted under both this act and that act. However, in the event of an
inconsistency between the 2 acts, the uniform prudent management of institutional funds act, 2009 PA 87,
MCL 451.921 to 451.931, controls.
(3) The corporate existence of all corporations incorporated before January 1, 1983, without capital stock,
for religious, benevolent, social, or fraternal purposes, shall be considered to be in perpetuity. A limitation or
term fixed in the articles or in the law under which the corporation originally incorporated is not effective
unless the corporation affirmatively waived its right to perpetual existence after September 18, 1931, by
fixing a definite term of existence by amendment to its articles.
(4) Any nonprofit power corporation that is authorized to furnish electric service may construct, maintain,
and operate its lines along, over, across, or under any public places, streets, and highways, and across or under
the waters in this state, with all necessary erections and fixtures. A nonprofit power corporation may exercise
the power of eminent domain, in the manner provided by the uniform condemnation procedures act, 1980 PA
87, MCL 213.51 to 213.75. As a condition to the exercise of any of these powers, nonprofit corporations are
subject to the jurisdiction of the Michigan public service commission under 1909 PA 106, MCL 460.551 to
460.559, 1919 PA 419, MCL 460.54 to 460.62, and 1939 PA 3, MCL 460.1 to 460.11.
(5) A corporation formed under this act that is operating a public school academy as defined in section 5 of
the revised school code, 1976 PA 451, MCL 380.5, is a public body corporate and a governmental agency and
shall have all powers granted under this act and under the revised school code, 1976 PA 451, MCL 380.1 to
380.1853. However, in the event of an inconsistency between this act and the revised school code, the revised
school code shall control.
(6) Subject to the limitations on the practice of law by corporations contained in 1917 PA 354, MCL
450.681, a domestic corporation may be formed and a foreign corporation may be authorized to conduct
affairs in this state for the purpose of providing services in a learned profession and may employ and enter
Rendered Tuesday, August 27, 2024 Page 14 Michigan Compiled Laws Complete Through PA 122 of 2024
Courtesy of www.legislature.mi.gov
