MCL - Section 450.523

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Chapter 450
R.S. of 1846
R-S-1846-450-504-55
R-S-1846-450-504-55-CORPORATIONS
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Revised Statutes of 1846 (EXCERPT)
CORPORATIONS


450.523 Fraudulent transfer of shares to avoid taxation; penalty.

Sec. 23.

     If any shareholder shall fraudulently transfer any share in either of the corporations mentioned in the twenty-third section of this chapter, for the purpose of avoiding taxation, he shall forfeit a sum equal to 1/2 the par value of the shares so transferred.


History: R.S. 1846, Ch. 55 ;-- CL 1857, 2165 ;-- CL 1871, 3450 ;-- How. 4882 ;-- CL 1897, 8549 ;-- CL 1915, 11340 ;-- CL 1929, 10165 ;-- CL 1948, 450.523
Compiler's Notes: In this section, “twenty-third” evidently should read “twenty-first.”