NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982
450.2310 Rescission of subscription under which part of shares issued and in which security interest retained as cancellation of shares.
Rescission by a corporation of a subscription under which a part of the shares subscribed for have been issued and in which the corporation retains a security interest, as provided in section 308(c), effects the cancellation of such shares.
History: 1982, Act 162, Eff. Jan. 1, 1983
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