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MICHIGAN LIMITED LIABILITY COMPANY ACT (EXCERPT) Act 23 of 1993 Article 5
Section 450.4501 Section Members; admission; liability for acts, debts, or obligations.
Section 450.4502 Section Members; voting rights.
Section 450.4503 Section Members; obtaining certain financial statements and tax returns; inspecting and copying records; obtaining other information; formal accounting of company's affairs.
Section 450.4504 Section Membership interest as personal property.
Section 450.4505 Section Membership interest; assignment; liability of assignee; assignor as member; liability of assignor not released.
Section 450.4506 Section Assignee of membership interest; conditions for membership; rights and powers; liability for obligations of assignor.
Section 450.4507 Section Charging membership interest with payment of judgment; rights of judgment creditor; rights and powers of member; charging order as lien on membership interest; section as exclusive remedy.
Section 450.4508 Section Encumbrance against membership interest; effect.
Section 450.4509 Section Withdrawal of member; distribution; expulsion.
Section 450.4510 Section Commencement and maintenance of civil suit by company; conditions.
Section 450.4511 Section Investigation of allegations; stay of derivative proceeding.
Section 450.4512 Section Dismissal of derivative proceeding; findings; burden of proof; determination; “disinterested” defined.
Section 450.4513 Section Discontinued or settled derivative proceeding; court approval required; notice; expense.
Section 450.4514 Section Termination of derivative proceeding; court order.
Section 450.4515 Section Action in circuit court; grounds; order or grant of relief; “willfully unfair and oppressive conduct” defined.
