Michigan Compiled Laws
284-1972-3 - Chapter 3 Capital Structure and Corporate Finance (450.1301...450.1392)
Section 450.1304a - Redeemable Shares.

Sec. 304a.
The articles of incorporation may provide for 1 or more classes or series of shares which are redeemable, in whole or in part, at the option of the shareholder, the corporation, or upon the happening of a specified event. Subject to restrictions imposed by section 345, the shares may be redeemable in cash, bonds, securities, or other property at prices, within the periods, and under conditions as are stated in the articles.
History: Add. 1989, Act 121, Eff. Oct. 1, 1989

<< Previous
Next >>

Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 450 - Corporations

Act 284 of 1972 - Business Corporation Act (450.1101 - 450.2099)

284-1972-3 - Chapter 3 Capital Structure and Corporate Finance (450.1301...450.1392)

Section 450.1301 - Issuance and Classes of Shares; Rights, Preferences, and Limitations.

Section 450.1301a - Amendment Deleting Reference to Par Value.

Section 450.1302 - Class of Shares; Division and Issuance in Series; Rights and Preferences; Certificate; Resolution Eliminating Class or Series of Shares; Subsequent Resolution.

Section 450.1303 - Convertible Shares and Bonds; Increase in Shares to Satisfy Conversion Privileges.

Section 450.1304 - Convertible Shares and Bonds; Conditions to Issuance; Disposition of Convertible Bonds or Shares.

Section 450.1304a - Redeemable Shares.

Section 450.1305 - Subscription for Shares.

Section 450.1306 - Subscription for Shares; Payment; Call; Security Interest.

Section 450.1307 - Subscription Agreement; Default in Payment; Rights and Duties of Corporation.

Section 450.1308 - Cancellation of Shares Upon Rescission of Subscription.

Section 450.1311, 450.1313 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.

Section 450.1314 - Reservation of Powers to Shareholders; Consideration for Authorized Issuance of Shares; Determination of Adequacy; Shares Fully Paid and Nonassessable; Rights and Privileges of Subscriber.

Section 450.1315 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.

Section 450.1317 - Liability of Purchaser, Holder, Subscriber, Assignee, Transferee, Pledgee, or Shareholder.

Section 450.1321 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.

Section 450.1327 - Expenses of Organization and Reorganization; Expenses of Sale or Underwriting of Shares.

Section 450.1331 - Share Certificates.

Section 450.1332 - Share Certificates; Contents.

Section 450.1334 - Share Certificates; Loss or Destruction; Bond.

Section 450.1335 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.

Section 450.1336 - Issuance or Transfer of Shares Without Certificates; Statement.

Section 450.1338 - Fractions of Share or Scrip.

Section 450.1341 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.

Section 450.1341a - Issuance of Shares Pro Rata and Without Consideration; Share Dividend.

Section 450.1342 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.

Section 450.1342a - Rights, Options, or Warrants.

Section 450.1343 - Preemptive Rights.

Section 450.1344 - Acquisition of Own Shares by Corporation; Shares as Authorized but Unissued; Reducing Number of Authorized Shares if Reissuance Prohibited; Restriction on Acquisition.

Section 450.1345 - Distributions to Shareholders; Record Date for Determining Entitlement; Prohibited Distribution; Determination; Measuring Effect of Distribution; Indebtedness to Shareholder; Obligation to Make Future Payments; Enforceability of Gu...

Section 450.1351-450.1367 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.

Section 450.1368 - Repealed. 1997, Act 118, Imd. Eff. Oct. 24, 1997.

Section 450.1371-450.1381 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.

Section 450.1391 - Inspection and Voting Rights of Bondholders; Facsimile Signatures.

Section 450.1392 - Chapter Inapplicable to Distributions in Dissolution.