The Corporation is a public economic development corporation incorporated pursuant to Act 338, Public Acts of Michigan, 1974, as amended. Any net earnings of the corporation beyond that necessary for the retirement of indebtedness or to implement the public purposes or program of the City of Gladstone may not inure to the benefit of a person other than the City of Gladstone and, upon dissolution of the Corporation shall belong to the City. Upon dissolution of the Corporation title to all property owned by the Corporation, subject to existing rights in other parties, shall vest in the City of Gladstone.
