Sec. 4521. If a corporation has, by any misuser, nonuser, or surrender, forfeited its corporate rights, privileges and franchises, the judgment in an action for quo warranto shall oust and exclude such corporation from such corporate rights, privileges and franchises, and may dissolve the corporation. In addition to such judgment or in lieu thereof (except in case of such surrender), the court may impose a fine not exceeding $10,000.00 upon the corporation. The fine will not prevent further prosecution for any continuance or repetition of the conduct complained of.
Mich. Comp. Laws § 600.4521
Judgment against corporation; dissolution; fine
Applied in 2 court decisions — leading case Attorney General v. Diamond Mortgage Co. (1982)
Most recently applied in Attorney General v. Diamond Mortgage Co. (December 1982)
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.