Mich. Comp. Laws § 450.1306
Subscription for shares; payment; call; security interest.
Michigan · Michigan Compiled Laws — BUSINESS CORPORATION ACT (Act 284 of 1972) · Status: effective
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- Mich. Comp. Laws § 450.1306, Subscription for shares; payment; call; security interest, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1363617
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Full text
(1) Unless otherwise provided in the subscription agreement:
(a) A subscription for shares made before or after organization of a corporation shall be paid in full at the time, or in installments and at the times, as shall be determined by the board.
(b) A call made by the board for payment on subscriptions shall be ratable as to all shares of the same class or as to all shares of the same series.
(c) A corporation may retain a security interest in any shares as security for performance by the subscriber of his or her obligations under a subscription agreement and subject to the power of sale or rescission upon default provided in section 307.