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Code · Michigan · Chapter 125 — Planning, Housing, and Zoning

125.707 Cooperative financing arrangement; resolution; agent borrower.

82 words·~1 min read·/mi/chapter-125/125-707

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125.707 Cooperative financing arrangement; resolution; agent borrower.
Sec. 57.
A borrower desiring to join in a cooperating financing arrangement with any other borrower shall adopt a resolution determining to enter into a cooperative financing arrangement and designating 1 of the cooperating borrowers as agent borrower. The agent borrower by resolution shall agree to accept the designation and act in the capacity of agent borrower and direct the preparation of a financing agreement.
History: Add. 1970, Act 249, Imd. Eff. Dec. 30, 1970
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