2014 Michigan Compiled Laws
Chapter 450 - CORPORATIONS
Act 23 of 1993 MICHIGAN LIMITED LIABILITY COMPANY ACT (450.4101 - 450.5200)
23-1993-5 ARTICLE 5 (450.4501...450.4515)
- Section 450.4501 Members; admission; liability for acts, debts, or obligations.
- Section 450.4502 Members; voting rights.
- Section 450.4503 Members; obtaining certain financial statements and tax returns; inspecting and copying records; obtaining other information; formal accounting of company's affairs.
- Section 450.4504 Membership interest as personal property.
- Section 450.4505 Membership interest; assignment; liability of assignee; assignor as member; liability of assignor not released.
- Section 450.4506 Assignee of membership interest; conditions for membership; rights and powers; liability for obligations of assignor.
- Section 450.4507 Charging membership interest with payment of judgment; rights of judgment creditor; rights and powers of member; charging order as lien on membership interest; section as exclusive remedy.
- Section 450.4508 Encumbrance against membership interest; effect.
- Section 450.4509 Withdrawal of member; distribution; expulsion.
- Section 450.4510 Commencement and maintenance of civil suit by company; conditions.
- Section 450.4511 Investigation of allegations; stay of derivative proceeding.
- Section 450.4512 Dismissal of derivative proceeding; findings; burden of proof; determination; “disinterested” defined.
- Section 450.4513 Discontinued or settled derivative proceeding; court approval required; notice; expense.
- Section 450.4514 Termination of derivative proceeding; court order.
- Section 450.4515 Action in circuit court; grounds; order or grant of relief; “willfully unfair and oppressive conduct” defined.
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