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Michigan Compiled Laws, Chapter 449. Partnerships § 449.307

Current as of January 01, 2025 | Updated by Findlaw Staff

Sec. 7. It shall not be lawful for such association to loan its credit, its name, or its capital to any member of said association, and for such loan to any other person or association, the consent in writing of a majority in number and value of interest shall be requisite, and in no case shall the credit of the association be loaned except the regular business of the association is to be directly benefitted thereby.

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Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 449. Partnerships § 449.307 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-449-partnerships/mi-comp-laws-449-307/

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