Mich. Comp. Laws § 450.2308
Subscription for shares or membership; payment; installments; call for payment ratable; retention of security interest as security for performance by subscriber.
Michigan · Michigan Compiled Laws — NONPROFIT CORPORATION ACT (Act 162 of 1982) · Status: effective
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- Mich. Comp. Laws § 450.2308, Subscription for shares or membership; payment; installments; call for payment ratable; retention of security interest as security for performance by subscriber, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1363905
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Full text
Unless otherwise provided in the subscription agreement:
(a) A subscription for shares or for membership made before or after formation of a corporation shall be paid in full at the time, or in installments and at the times, as the board determines.
(b) A call made by the board for payment on subscriptions is ratable as to all shares or members of the same class.
(c) A corporation may retain a security interest in any shares or memberships as security for performance by the subscriber of the subscriber's obligations under a subscription agreement and subject to the power of sale or rescission on default provided in section 309.