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Michigan Legislature
Michigan Compiled Laws Complete Through PA 140 of 2017
House: Adjourned until Tuesday, November 28, 2017 1:30:00 PM
Senate: Adjourned until Tuesday, November 28, 2017 10:00:00 AM

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Act 162 of 1982
Chapter 3

Section 450.2301SectionPayment or distribution of assets, income, or profit; conferring benefits on shareholders or members; transfer of money or property to or for benefit of directors or officers; dividends or distributions to shareholders or members; corporation charging fees or prices for services or products; use, conveyance, or distribution of assets held by corporation for noncharitable purposes; prohibition.
Section 450.2302SectionCorporation organized upon nonstock basis.
Section 450.2303SectionCorporation organized on stock basis; issuance of shares authorized in articles of incorporation; rules of qualification and government of shareholders.
Section 450.2303aSectionCorporation board organized on stock basis; amendment of articles of incorporation deleting reference to par value.
Section 450.2303bSectionConversion of shares into shares of any class or bonds; conversion of bonds into other bonds or shares; authorization of board to increase authorized shares.
Section 450.2303cSectionIssuance of bonds convertible into shares or shares convertible into other shares of corporation; condition; cancellation of converted bonds; restoration of converted shares.
Section 450.2303dSectionShares redeemable in cash, bonds, securities, or other property; prices and conditions.
Section 450.2304SectionCorporation organized on membership basis; provisions of articles or bylaws; rights, preferences, and limitations of or on members; classes of members; voting rights; condominium association; homeowners or property owners association; transferability and termination of membership; rules of qualification and government; limitations on membership.
Section 450.2305SectionCorporation organized on directorship basis; members; voting; matters subject to action by board of directors.
Section 450.2307SectionSubscription for shares or membership; enforceability; irrevocability; acceptance; consent to revocation; subscription agreement.
Section 450.2308SectionSubscription for shares or membership; payment; installments; call for payment ratable; retention of security interest as security for performance by subscriber.
Section 450.2309SectionDefault in payment of amount due under subscription agreement; rights and duties of corporation; limiting and adding to rights and remedies of corporation.
Section 450.2310SectionRescission of subscription under which part of shares issued and in which security interest retained as cancellation of shares.
Section 450.2311SectionFees or dues required as condition of shareholding or membership; fixing; enforcement.
Section 450.2312SectionRepealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.
Section 450.2313SectionCorporation, foreign corporation, business corporation, foreign business corporation, limited liability company, unincorporated association, partnership, or other person as shareholder or member; officers and directors as director of corporation; rights, powers, privileges, and liabilities of shareholders or members.
Section 450.2314SectionCorporation organized on stock basis; issuance of shares; powers.
Section 450.2315SectionRepealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.
Section 450.2317SectionPerson purchasing shares of corporation; person holding stock or membership in fiduciary or representative capacity; person becoming assignee, transferee, or pledgee of shares or membership; liability.
Section 450.2327SectionCharges and expenses of organization or reorganization; sale or underwriting expenses and compensation; payment or allowance.
Section 450.2331SectionRepresentation of shares by certificates; signatures of officers; seal; facsimiles.
Section 450.2332SectionCertificate representing shares; required statements.
Section 450.2334SectionLost or destroyed certificate; issuance of new certificate; bond.
Section 450.2336SectionAuthorization of shares without certificates.
Section 450.2338SectionIssuing fractions of shares; powers of corporation; providing opportunity to purchase additional fractions of share or scrip.
Section 450.2341aSectionIssuance of shares pro rata and without consideration; issuance of shares as share dividend; "share dividend" defined.
Section 450.2343SectionPreemptive right of shareholder of corporation organized on stock basis to acquire unissued shares; extent; statement; principles; "shares" defined.
Section 450.2344SectionAcquisition of own shares or memberships; amendment of articles of incorporation.
Section 450.2345SectionDistributions to shareholders or members.
Section 450.2361SectionRepealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.
Section 450.2363SectionRepealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.
Section 450.2365SectionRepealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.
Section 450.2371SectionRepealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.
Section 450.2391SectionConferring voting and inspection rights upon bond holders; signatures of officers.
Section 450.2392SectionApplicability of chapter to distributions made in dissolution under chapter 8.
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