There is a newer version of the Michigan Compiled Laws
2006 Michigan Compiled Laws - Mich. Comp. Laws § 450.3137 Nonvoting investment certificate or bond.
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Act 162 of 1982 450.3137 Nonvoting investment certificate or bond. Sec. 1137. Subject to the uniform securities act, Act No. 265 of the Public Acts of 1964, being sections 451.501 to 451.818 of the Michigan Compiled Laws, a cooperative may offer to its members or to the general public any form of nonvoting investment certificate or bond that may bear interest or dividends as provided by the board of directors.
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