NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982
450.2363 Shares redeemable at option of shareholders in cash, bonds, or other property; classes; amendment to articles.
A corporation may provide, in its original articles of incorporation or by an amendment approved by the holders of record of all outstanding shares, for 1 or more classes of shares which are redeemable, in whole or in part, at the option of the shareholders, if the provision for redemption is consistent with the purpose or purposes of the corporation. Subject to restrictions imposed by section 365, such shares may be redeemable in cash, bonds of the corporation, or other property, at such prices, within such periods, and under such conditions as are stated in the articles. The articles may be amended to delete or change a provision for shares redeemable at the option of the shareholder only with unanimous approval of the holders of such shares.
History: 1982, Act 162, Eff. Jan. 1, 1983
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