2006 Michigan Compiled Laws - CHAPTER 3 (450.2301...450.2391)

NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982
Chapter 3


DocumentDescription
Section 450.2301Payment or distribution of assets, income, or profit; conferring benefits on shareholders or members; compensation; distribution of assets upon dissolution; providing for payment of dividends or distribution of income or profit in articles or bylaws; application or distribution of profits; use, conveyance, or distribution of assets held by corporation for charitable purposes.
Section 450.2302Corporation organized upon nonstock basis.
Section 450.2303Corporation organized upon stock basis; provisions of articles and bylaws; issuance of shares; rights, preferences, and limitations of or upon shareholders; classes of shares; voting rights; transferability and cancellation of shares; rules of qualification and government.
Section 450.2304Corporation organized upon membership basis; provisions of articles or bylaws; rights, preferences, and limitations of or upon members; classes of members; voting rights; condominium association; homeowners or property owners association; transferability and termination of membership; rules of qualification and government; limitations on membership.
Section 450.2305Corporation organized upon directorship basis; members; voting; matters subject to action by board of directors.
Section 450.2307Subscription for shares or membership; enforceability; irrevocability; acceptance; consent to revocation; contract with corporation to purchase shares to be issued or treasury shares as subscription agreement.
Section 450.2308Subscription for shares or membership; payment; installments; call for payment ratable; retention of shares as security for performance by subscriber.
Section 450.2309Default in payment of amount due under subscription agreement; rights and duties of corporation; interpretation; limiting and adding to rights and remedies of corporation.
Section 450.2310Rescission of subscription under which part of shares issued and in which security interest retained as cancellation of shares.
Section 450.2311Fees or dues required as condition of shareholding or membership; fixing; enforcement.
Section 450.2312Issuance by corporation organized on stock basis of shares for fixed consideration; disposition of treasury shares.
Section 450.2313Corporation, unincorporated association, partnership, or other person as shareholder or member; officers and directors as director of corporation; rights, powers, privileges, and liabilities of shareholders or members.
Section 450.2315Consideration for issuance of shares; rights and privileges of subscribers when payment received by corporation; value of consideration; fully paid shares nonassessable.
Section 450.2317Obligation to pay unpaid portion of consideration for shares or membership as sole obligation; liability of person holding stock or membership in fiduciary or representative capacity; liability of assignee, transferee, or pledgee of shares, membership, or subscription for unpaid portion of consideration.
Section 450.2327Charges and expenses of organization or reorganization; sale or underwriting expenses and compensation; payment or allowance.
Section 450.2331Representation of shares by certificates; signatures of officers and seal.
Section 450.2332Certificate representing shares; required statements.
Section 450.2334Lost or destroyed certificate; issuance of new certificate; bond.
Section 450.2338Issuing certificates for fractions of share; purposes; rights of holders; paying fair value of fractions of share in cash; issuing scrip in registered or bearer form exchangeable for full shares; conditions; providing opportunity to purchase additional fractions of share or scrip.
Section 450.2361Shares redeemable upon occurrence of specified event or events in cash, bonds, or other property; classes; sinking fund for redemption.
Section 450.2363Shares redeemable at option of shareholders in cash, bonds, or other property; classes; amendment to articles.
Section 450.2365Purchase or redemption by corporation of own shares under certain conditions prohibited.
Section 450.2371Cancellation of shares reacquired by corporation; retention of reacquired shares as treasury shares; status of cancelled shares.
Section 450.2391Conferring voting and inspection rights upon bond holders; signatures of officers.

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