MCL - 162-1982-3

Act 162 of 1982
Chapter 3

Document Type Description
Section 450.2301 Section Payment 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 450.2302 Section Corporation organized upon nonstock basis.
Section 450.2303 Section Corporation organized on stock basis; issuance of shares authorized in articles of incorporation; rules of qualification and government of shareholders.
Section 450.2303a Section Corporation board organized on stock basis; amendment of articles of incorporation deleting reference to par value.
Section 450.2303b Section Conversion 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 450.2303c Section Issuance of bonds convertible into shares or shares convertible into other shares of corporation; condition; cancellation of converted bonds; restoration of converted shares.
Section 450.2303d Section Shares redeemable in cash, bonds, securities, or other property; prices and conditions.
Section 450.2304 Section Corporation 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 450.2305 Section Corporation organized on directorship basis; members; voting; matters subject to action by board of directors.
Section 450.2307 Section Subscription for shares or membership; enforceability; irrevocability; acceptance; consent to revocation; subscription agreement.
Section 450.2308 Section Subscription for shares or membership; payment; installments; call for payment ratable; retention of security interest as security for performance by subscriber.
Section 450.2309 Section Default in payment of amount due under subscription agreement; rights and duties of corporation; limiting and adding to rights and remedies of corporation.
Section 450.2310 Section Rescission of subscription under which part of shares issued and in which security interest retained as cancellation of shares.
Section 450.2311 Section Fees or dues required as condition of shareholding or membership; fixing; enforcement.
Section 450.2312 Section Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.
Section 450.2313 Section Corporation, 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 450.2314 Section Corporation organized on stock basis; issuance of shares; powers.
Section 450.2315 Section Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.
Section 450.2317 Section Person 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 450.2327 Section Charges and expenses of organization or reorganization; sale or underwriting expenses and compensation; payment or allowance.
Section 450.2331 Section Representation of shares by certificates; signatures of officers; seal; facsimiles.
Section 450.2332 Section Certificate representing shares; required statements.
Section 450.2334 Section Lost or destroyed certificate; issuance of new certificate; bond.
Section 450.2336 Section Authorization of shares without certificates.
Section 450.2338 Section Issuing fractions of shares; powers of corporation; providing opportunity to purchase additional fractions of share or scrip.
Section 450.2341a Section Issuance of shares pro rata and without consideration; issuance of shares as share dividend; "share dividend" defined.
Section 450.2343 Section Preemptive right of shareholder of corporation organized on stock basis to acquire unissued shares; extent; statement; principles; "shares" defined.
Section 450.2344 Section Acquisition of own shares or memberships; amendment of articles of incorporation.
Section 450.2345 Section Distributions to shareholders or members.
Section 450.2361 Section Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.
Section 450.2363 Section Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.
Section 450.2365 Section Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.
Section 450.2371 Section Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.
Section 450.2391 Section Conferring voting and inspection rights upon bond holders; signatures of officers.
Section 450.2392 Section Applicability of chapter to distributions made in dissolution under chapter 8.