MCL - 284-1972-3

BUSINESS CORPORATION ACT (EXCERPT)
Act 284 of 1972
Chapter 3
CAPITAL STRUCTURE AND CORPORATE FINANCE
Document Type Description
Section 450.1301 Section Issuance and classes of shares; rights, preferences, and limitations.
Section 450.1301a Section Amendment deleting reference to par value.
Section 450.1302 Section Class of shares; division and issuance in series; rights and preferences; certificate; resolution eliminating class or series of shares; subsequent resolution.
Section 450.1303 Section Convertible shares and bonds; increase in shares to satisfy conversion privileges.
Section 450.1304 Section Convertible shares and bonds; conditions to issuance; disposition of convertible bonds or shares.
Section 450.1304a Section Redeemable shares.
Section 450.1305 Section Subscription for shares.
Section 450.1306 Section Subscription for shares; payment; call; security interest.
Section 450.1307 Section Subscription agreement; default in payment; rights and duties of corporation.
Section 450.1308 Section Cancellation of shares upon rescission of subscription.
Section 450.1311, 450.1313 Section Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1314 Section Reservation of powers to shareholders; consideration for authorized issuance of shares; determination of adequacy; shares fully paid and nonassessable; rights and privileges of subscriber.
Section 450.1315 Section Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1317 Section Liability of purchaser, holder, subscriber, assignee, transferee, pledgee, or shareholder.
Section 450.1321 Section Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1327 Section Expenses of organization and reorganization; expenses of sale or underwriting of shares.
Section 450.1331 Section Share certificates.
Section 450.1332 Section Share certificates; contents.
Section 450.1334 Section Share certificates; loss or destruction; bond.
Section 450.1335 Section Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1336 Section Issuance or transfer of shares without certificates; statement.
Section 450.1338 Section Fractions of share or scrip.
Section 450.1341 Section Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1341a Section Issuance of shares pro rata and without consideration; share dividend.
Section 450.1342 Section Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1342a Section Rights, options, or warrants.
Section 450.1343 Section Preemptive rights.
Section 450.1344 Section Acquisition of own shares by corporation; shares as authorized but unissued; reducing number of authorized shares if reissuance prohibited; restriction on acquisition.
Section 450.1345 Section Distributions to shareholders; record date for determining entitlement; prohibited distribution; determination; measuring effect of distribution; indebtedness to shareholder; obligation to make future payments; enforceability of guaranty or other undertaking by third party; asserting right of rescission or other legal or equitable rights.
Section 450.1351-450.1367 Section Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1368 Section Repealed. 1997, Act 118, Imd. Eff. Oct. 24, 1997.
Section 450.1371-450.1381 Section Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1391 Section Inspection and voting rights of bondholders; facsimile signatures.
Section 450.1392 Section Chapter inapplicable to distributions in dissolution.