Michigan Proposal to amend certificate of incorporation to authorize a preferred stock
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How to fill out Proposal To Amend Certificate Of Incorporation To Authorize A Preferred Stock?
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FAQ
Definition of Corporation It is an artificial being, created operation of law, having the right of succession and the powers, attributes, and properties expressly authorized by law or incident to its existence.
Hence, limited period of existence and centralized management are not typical characteristics of a corporation.
DEFINITION: A corporation is an artificial being created by operation of law, having the right of succession and the powers, attributes and properties expressly authorized by law or incident to its existence.
Corporate bylaws are required in Michigan. ing to MI Comp L § 450.1231, ?the initial bylaws of a corporation shall be adopted? at the first organizational meeting following incorporation. In other words, bylaws are legally necessary to form a corporation in Michigan.
If the articles of incorporation of a close corporation states the number of persons, not exceeding twenty (20), who are entitled to be holders of record of its stock, and if the certificate for such stock conspicuously states such number, and if the issuance or transfer of stock to any person would cause the stock to ...
In other words, the theory posits that it is an act of the state, i.e. the issuance of the charter, that creates a corporation as a legal fiction. ingly, ?a corporation is an artificial being, invisible, intangible, and existing only in contemplation of law?.
It is called a legal person because it can enter into a contract, own property in its own name, sue and be sued by others, etc. In essence, it is not human, but it acts through human beings. It is called an artificial person because it is invisible, intangible, and exists only in the vision of the law.