NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982
450.2312 Issuance by corporation organized on stock basis of shares for fixed consideration; disposition of treasury shares.
Sec. 312.
(1) Shares may be issued by a corporation organized on a stock basis for a consideration fixed by the board unless the articles of incorporation reserve this right to the shareholders.
(2) Unless otherwise provided in the articles of incorporation, treasury shares which are transferable may be disposed of by the corporation for a consideration fixed by the board.
History: 1982, Act 162, Eff. Jan. 1, 1983
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