Mich. Comp. Laws § 450.2307
Subscription for shares or membership; enforceability; irrevocability; acceptance; consent to revocation; subscription agreement.
Michigan · Michigan Compiled Laws — NONPROFIT CORPORATION ACT (Act 162 of 1982) · Status: effective
Cite this
- Citation
- Mich. Comp. Laws § 450.2307, Subscription for shares or membership; enforceability; irrevocability; acceptance; consent to revocation; subscription agreement, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1363904
- Permanent ID
ys:prov:1363904@1- SHA-256
881bb522e64ca71b77180a28f345daf40eb5a97cef72b11eba80797be150cac2
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
(1) A subscription for shares or membership made before or after a corporation is formed is not enforceable unless it is in writing and signed by the subscriber.
(2) A subscription for shares of or membership in a corporation to be formed is irrevocable and the corporation may accept it for a period of 6 months, unless otherwise provided in the subscription agreement or unless all of 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.