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Mich. Comp. Laws § 450.1308

Cancellation of shares upon rescission of subscription.

Michigan · Michigan Compiled Laws — BUSINESS CORPORATION ACT (Act 284 of 1972) · Status: effective

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Mich. Comp. Laws § 450.1308, Cancellation of shares upon rescission of subscription, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1363619
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Rescission by a corporation of a subscription under which a part of the shares subscribed for have been issued and in which the corporation retains a security interest, as provided in subdivision (c) of section 306, effects the cancellation of such shares.