Sec. 3505. If it appears to the court that the corporation is insolvent or that dissolution thereof would be beneficial to the stockholders and not injurious to the public, the court may dissolve the corporation and appoint a receiver of its estate and effects. Pending the hearing, the court may appoint a temporary receiver and prescribe his powers and duties.
Mich. Comp. Laws § 600.3505
Voluntary dissolution of corporations; dissolution; receiver; temporary receiver
Applied in 2 court decisions — leading case 40 Mich. App. 515 - Hosner v. Brown (1972)
Most recently applied in 136 Mich. App. 492 - In re Dissolution of Esquire Products International, Inc. (August 1984)
1961, Act 236, Eff
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.