BUSINESS CORPORATION ACT (EXCERPT)
Act 284 of 1972
450.1308 Cancellation of shares upon rescission of subscription.
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 subdivision (c) of section 306, effects the cancellation of such shares.
History: 1972, Act 284, Eff. Jan. 1, 1973
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