Sec. 767.
(1) A shareholder sent a dissenter's notice described in section 766 must demand payment, certify whether he or she acquired beneficial ownership of the shares before the date required to be set forth in the dissenters' notice pursuant to section 766(2)(c), and deposit his or her certificates in accordance with the terms of the notice.
(2) The shareholder who demands payment and deposits his or her share certificates under subsection (1) retains all other rights of a shareholder until these rights are canceled or modified by the taking of the proposed corporate action.
(3) A shareholder who does not demand payment or deposit his or her share certificates where required, each by the date set in the dissenters' notice, is not entitled to payment for his or her shares under this act.
History: 1972, Act 284, Eff. Jan. 1, 1973 ;-- Am. 1985, Act 76, Imd. Eff. July 5, 1985 ;-- Am. 1989, Act 121, Eff. Oct. 1, 1989
Structure Michigan Compiled Laws
Act 284 of 1972 - Business Corporation Act (450.1101 - 450.2099)
284-1972-7 - Chapter 7 Corporate Combinations and Dispositions (450.1701...450.1774)
Section 450.1701 - Merger of Domestic Corporations; Adoption and Contents of Plan of Merger.
Section 450.1702 - Plan of Share Exchange; Approval; Contents; Power of Corporation Not Limited.
Section 450.1703 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1703a - Plan of Merger or Share Exchange; Approval; Definitions.
Section 450.1704 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1707 - Certificate of Merger or Share Exchange.
Section 450.1712 - Merger of Parent and Subsidiary Corporations; Certificate of Merger.
Section 450.1713 - Merger of Parent and Subsidiary Corporations; Approval of Shareholders.
Section 450.1721-450.1723 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1724 - Merger; Applicable Provisions; Share Exchange.
Section 450.1731-450.1734 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1736 - Merger of Domestic Corporation With Business Organization.
Section 450.1741 - Abandonment of Merger or Share Exchange.
Section 450.1746 - Conversion of Business Organization Into Domestic Corporation; Requirements.
Section 450.1751 - Disposition of Corporate Property and Assets; Approval by Shareholders.
Section 450.1754 - Rights of Shareholders.
Section 450.1761 - Definitions.
Section 450.1762 - Right of Shareholder to Dissent and Obtain Payment for Shares.
Section 450.1764 - Corporate Action Creating Dissenters' Rights; Vote of Shareholders; Notice.
Section 450.1765 - Notice of Intent to Demand Payment for Shares.
Section 450.1766 - Dissenters' Notice; Delivery to Shareholders; Contents.
Section 450.1768 - Restriction on Transfer of Shares Without Certificates; Retention of Rights.
Section 450.1768a - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1769 - Payment by Corporation to Dissenter; Accompanying Documents.