Mich. Comp. Laws § 450.1621
Dissent of shareholder to amendment; payment to dissenting shareholder.
Michigan · Michigan Compiled Laws — BUSINESS CORPORATION ACT (Act 284 of 1972) · Status: effective
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- Mich. Comp. Laws § 450.1621, Dissent of shareholder to amendment; payment to dissenting shareholder, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1363733
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Full text
(1) A holder of adversely affected shares who does not vote for or consent in writing to a proposed amendment may dissent, pursuant to section 762, and receive payment for the shares, if the amendment does either of the following:
(a) Materially alters or abolishes a preferential right of the shares having preferences.
(b) Creates, alters, or abolishes a material provision or right in respect of the redemption of the shares or a sinking fund for the redemption or purchase of the shares.
(2) A dissenting shareholder shall not receive payment in excess of the sum payable upon redemption of the shares or liquidation of the corporation, whichever is less.