2006 Michigan Compiled Laws - Mich. Comp. Laws § 450.2308 Subscription for shares or membership; payment; installments; call for payment ratable; retention of shares as security for performance by subscriber.
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Act 162 of 1982 450.2308 Subscription for shares or membership; payment; installments; call for payment ratable; retention of shares as security for performance by subscriber. Sec. 308. Unless otherwise provided in the subscription agreement: (a) A subscription for shares or for membership made before or after organization of a corporation, shall be paid in full at such time, or in such installments and at such times, as shall be determined by the board. (b) A call made by the board for payment on subscriptions shall be ratable as to all shares or members of the same class. (c) A corporation may retain any shares 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 upon default provided in section 309.
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