2014 Michigan Compiled Laws
Chapter 450 - CORPORATIONS
Act 162 of 1982 NONPROFIT CORPORATION ACT (450.2101 - 450.3192)
162-1982-4 CHAPTER 4 (450.2401...450.2493)
Section 450.2481 Issuing or delivering unissued or treasury shares; preemptive rights.


MI Comp L § 450.2481 (2014) What's This?

NONPROFIT CORPORATION ACT (EXCERPT)
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.


History: 1982, Act 162, Eff. Jan. 1, 1983


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