{"data":{"id":"us-mi/mich.-comp.-laws-550.357","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 550.357","heading":"Certificate of authority to commence business and issue contracts; requirements.","body":"Sec. 7.\n\nIf the commissioner is satisfied that:\n\nThe solicitation of subscriptions would not work a fraud upon the persons so solicited,\n\nThe rates to be charged and the benefits to be provided are fair and reasonable,\n\nThe amount of money available for working capital is not less than $5,000.00,\n\nThe amounts contributed as the working capital of the corporation are repayable only out of surplus earnings of such corporation,\n\nAdequate and reasonable reserves to insure the maturity of the contracts are provided,\n\nhe shall issue and deliver to the corporation a certificate of authority to commence business and issue contracts under this act.","path":["MI Code","Chapter 550","Act Act-125-of-1963"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-550-357","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"8dc2d2c9a2cd30f074923ddd8b4b2439645adfc68871160f8b30b889e5980f65","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-550.356","next":"us-mi/mich.-comp.-laws-550.358"},"notice":"GroundRules: Original legal text. Not legal advice."}