2006 Michigan Compiled Laws - Mich. Comp. Laws § 450.1796 Special meeting of shareholders; purpose; time.

Sec. 796.

(1) If the acquiring person so requests at the time of delivery of an acquiring person statement and gives an undertaking to pay the corporation's expenses of a special meeting, within 10 days after the delivery, the directors of the issuing public corporation shall call a special meeting of shareholders of the issuing public corporation for the purpose of considering the voting rights to be accorded the shares acquired or to be acquired in the control share acquisition. The corporation may require the acquiring person in advance of the meeting to pay or provide for payment of the amount reasonably estimated by the corporation as its expenses of a special meeting.

(2) Unless the acquiring person agrees in writing to another date, the special meeting of shareholders shall be held within 50 days after receipt by the issuing public corporation of the request.

(3) If no request is made, but an acquiring person statement has been filed with the corporation, the voting rights to be accorded the shares acquired in the control share acquisition shall be presented at the next special or annual meeting of shareholders.

(4) If the acquiring person so requests in writing at the time of delivery of the acquiring person statement, the special meeting shall not be held sooner than 30 days after receipt by the issuing public corporation of the acquiring person statement.

History: Add. 1988, Act 58, Eff. Apr. 1, 1988
Compiler's Notes: Section 2 of Act 58 of 1988 provides: "This amendatory act shall not apply to any domestic corporation before June 1, 1989, unless the corporation's board of directors adopts a resolution, pursuant to this section, electing to have this act apply to the corporation. The resolution shall specify the date after January 1, 1988 and before June 1, 1989 on which this act will apply to the corporation. The resolution shall be filed with the department of commerce, corporation and securities bureau, on or before the date that the act will apply to the corporation."