NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982
450.2332 Certificate representing shares; required statements.
Sec. 332.
(1) A certificate representing shares shall state upon its face:
(a) That the corporation is a nonprofit corporation formed under the laws of this state.
(b) The name of the person to whom issued.
(c) The number and class of shares which the certificate represents.
(d) A statement that the shares are not transferable, unless the articles or bylaws provide that shares shall be transferable, in which case the certificate shall state any conditions or limitations on transferability of the shares.
(e) The act under which the corporation was formed.
(2) A certificate representing shares issued by a corporation which is authorized to issue shares of more than 1 class shall set forth on its face or back or state that the corporation will furnish to a shareholder upon request and without charge a full statement of the designation, relative rights, preferences, and limitations of the shares of each class authorized to be issued.
History: 1982, Act 162, Eff. Jan. 1, 1983
© 2009 Legislative Council, State of Michigan
