Mich. Comp. Laws § 450.2310

Rescission of subscription under which part of shares issued and in which security interest retained as cancellation of shares.

Michigan · Michigan Compiled Laws — NONPROFIT CORPORATION ACT (Act 162 of 1982) · Status: effective

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Citation: Mich. Comp. Laws § 450.2310, Rescission of subscription under which part of shares issued and in which security interest retained as cancellation of shares, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1363907
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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 section 308(c), effects the cancellation of such shares.