There is a newer version of the Michigan Compiled Laws
2011 Michigan Compiled Laws
Chapter 450 — CORPORATIONS
Act 284 of 1972 — BUSINESS CORPORATION ACT (450.1101 - 450.2099)
284-1972-3 — CHAPTER 3 CAPITAL STRUCTURE AND CORPORATE FINANCE (450.1301...450.1392)
Section 450.1308 — Cancellation of shares upon rescission of subscription.
MI Comp L § 450.1308 (1996 through Reg Sess) What's This?
BUSINESS CORPORATION ACT (EXCERPT)
Act 284 of 1972
450.1308 Cancellation of shares upon rescission of subscription.
Sec. 308.
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.
History: 1972, Act 284, Eff. Jan. 1, 1973
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