Mich. Comp. Laws § 450.1305
Subscription for shares.
Michigan · Michigan Compiled Laws — BUSINESS CORPORATION ACT (Act 284 of 1972) · Status: effective
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- Citation
- Mich. Comp. Laws § 450.1305, Subscription for shares, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1363616
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Full text
(1) A subscription for shares made before or after organization of a corporation is not enforceable unless in writing and signed by the subscriber.
(2) A subscription for shares of a corporation to be organized is irrevocable and may be accepted by the corporation for a period of 6 months, unless otherwise provided by the subscription agreement or unless all the subscribers consent to its revocation.
(3) A contract with a corporation to purchase its shares to be issued is a subscription agreement and not an executory contract to purchase shares, unless otherwise provided in the contract.