Sec. 6.
The association may, from time to time, divide the profits of its business in such manner and in such an amount as a majority of its managers may determine, which profits so divided shall not at the time diminish or impair the capital of the said association; and any one consenting to a dividend, which shall diminish or impair the capital, shall be liable to any person or persons interested or injured thereby to the amount of such diminution or impairment.
History: 1877, Act 191, Eff. Aug. 21, 1877 ;-- How. 2370 ;-- CL 1897, 6084 ;-- CL 1915, 7954 ;-- CL 1929, 9914 ;-- CL 1948, 449.306
Structure Michigan Compiled Laws
Act 191 of 1877 - Partnership Associations (449.301 - 449.316)
Section 449.302 - Partnership Associations; Liability of Members; Labor Debts.
Section 449.303 - Partnership Associations; Limited as Last Word in Name; Effect of Omission.
Section 449.306 - Partnership Associations; Division of Profits, Impairment of Capital.
Section 449.307 - Partnership Associations; Loan of Credit, Name or Capital, Interest.
Section 449.308 - Partnership Associations; Dissolution, Conditions.
Section 449.309 - Partnership Associations; Dissolution, Distribution of Property.
Section 449.311 - Saving Clause.
Section 449.314 - Existing Associations; Articles, Filing; Penalty; Franchise Fee.
Section 449.315 - Existing Associations; Articles, Amendment, Procedure; Evidence.