125.911 Regulation of corporation by supervising agency.
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125.911 Regulation of corporation by supervising agency.
Sec. 11.
Regulation of redevelopment corporations by supervising agency.
A redevelopment corporation shall:
1. Furnish to the supervising agency from time to time, as required by it, but with respect to regular reports not more often than once every 6 months, such financial information, statements, audited reports or other material as such supervising agency shall require, each of which shall conform to such standards of accounting and financial procedure as the supervising agency may by general regulation prescribe.
2. Establish and maintain such depreciation and other reserves, surplus and other accounts as the supervising agency may reasonably require.
3. Any provision of the general corporation law to the contrary notwithstanding, 1 member of the board of directors of a redevelopment corporation shall be a designee of the supervising agency, as long as any of the real property of the redevelopment corporation is entitled to the tax exemption provided for in section 12 of this act.
History: 1941, Act 250, Imd. Eff. June 16, 1941 ;-- CL 1948, 125.911