2006 Michigan Compiled Laws - Mich. Comp. Laws § 450.2481 Issuing or delivering unissued or treasury shares; preemptive rights.
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Act 162 of 1982 450.2481 Issuing or delivering unissued or treasury shares; preemptive rights. Sec. 481. (1) Except as otherwise provided in the articles of incorporation or by agreement, a corporation may issue or deliver unissued or treasury shares without first offering them to existing shareholders. (2) The preemptive rights, whether created by statute or common law, of shareholders of a corporation organized before the effective date of this act are not affected by subsection (1). Such a corporation may alter or abolish its shareholders' preemptive rights by an amendment of its articles.
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