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2019 Michigan Compiled Laws
Chapter 450 - Corporations
Act 284 of 1972 Business Corporation Act (450.1101 - 450.2099)
284-1972-4 Chapter 4 Shareholders (450.1401...450.1497)
Section 450.1447a Voting Shares Owned by Second Corporation.
Universal Citation: MI Comp L § 450.1447a (2019)
450.1447a Voting shares owned by second corporation.
Sec. 447a.
Absent an order of a court of competent jurisdiction based upon a determination that special circumstances exist and the best interests of the corporation would be served, the shares of a corporation shall not be voted on any matter or considered to be outstanding shares for any purpose related to voting if they are owned, directly or indirectly, by a second corporation, domestic or foreign, and the first corporation owns, directly or indirectly, a majority of the shares entitled to vote for directors of the second corporation.
History: Add. 1989, Act 121, Eff. Oct. 1, 1989 ;-- Am. 1993, Act 91, Eff. Oct. 1, 1993
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