Mich. Comp. Laws § 449.306
Partnership associations; division of profits, impairment of capital.
Michigan · Michigan Compiled Laws — Act 191 of 1877 (Act 191 of 1877) · Status: effective
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- Mich. Comp. Laws § 449.306, Partnership associations; division of profits, impairment of capital, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1363330
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Full text
The association may, from time to time, divide the profits of its business in such manner and in such an amount as a majority of its managers may determine, which profits so divided shall not at the time diminish or impair the capital of the said association; and any one consenting to a dividend, which shall diminish or impair the capital, shall be liable to any person or persons interested or injured thereby to the amount of such diminution or impairment.