Michigan Compiled Laws
162-1982-3 - Chapter 3 (450.2301...450.2392)
Section 450.2308 - Subscription for Shares or Membership; Payment; Installments; Call for Payment Ratable; Retention of Security Interest as Security for Performance by Subscriber.

Sec. 308.
Unless otherwise provided in the subscription agreement:
(a) A subscription for shares or for membership made before or after formation of a corporation shall be paid in full at the time, or in installments and at the times, as the board determines.
(b) A call made by the board for payment on subscriptions is ratable as to all shares or members of the same class.
(c) A corporation may retain a security interest in any shares or memberships as security for performance by the subscriber of the subscriber's obligations under a subscription agreement and subject to the power of sale or rescission on default provided in section 309.
History: 1982, Act 162, Eff. Jan. 1, 1983 ;-- Am. 2014, Act 557, Imd. Eff. Jan. 15, 2015

<< Previous
Next >>

Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 450 - Corporations

Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)

162-1982-3 - Chapter 3 (450.2301...450.2392)

Section 450.2301 - Payment or Distribution of Assets, Income, or Profit; Conferring Benefits on Shareholders or Members; Transfer of Money or Property to or for Benefit of Directors or Officers; Dividends or Distributions to Shareholders or Members;...

Section 450.2302 - Corporation Organized Upon Nonstock Basis.

Section 450.2303 - Corporation Organized on Stock Basis; Issuance of Shares Authorized in Articles of Incorporation; Rules of Qualification and Government of Shareholders.

Section 450.2303a - Corporation Board Organized on Stock Basis; Amendment of Articles of Incorporation Deleting Reference to Par Value.

Section 450.2303b - Conversion of Shares Into Shares of Any Class or Bonds; Conversion of Bonds Into Other Bonds or Shares; Authorization of Board to Increase Authorized Shares.

Section 450.2303c - Issuance of Bonds Convertible Into Shares or Shares Convertible Into Other Shares of Corporation; Condition; Cancellation of Converted Bonds; Restoration of Converted Shares.

Section 450.2303d - Shares Redeemable in Cash, Bonds, Securities, or Other Property; Prices and Conditions.

Section 450.2304 - Corporation Organized on Membership Basis; Provisions of Articles or Bylaws; Rights, Preferences, and Limitations of or on Members; Classes of Members; Voting Rights; Condominium Association; Homeowners or Property Owners Associati...

Section 450.2305 - Corporation Organized on Directorship Basis; Members; Voting; Matters Subject to Action by Board of Directors.

Section 450.2307 - Subscription for Shares or Membership; Enforceability; Irrevocability; Acceptance; Consent to Revocation; Subscription Agreement.

Section 450.2308 - Subscription for Shares or Membership; Payment; Installments; Call for Payment Ratable; Retention of Security Interest as Security for Performance by Subscriber.

Section 450.2309 - Default in Payment of Amount Due Under Subscription Agreement; Rights and Duties of Corporation; Limiting and Adding to Rights and Remedies of Corporation.

Section 450.2310 - Rescission of Subscription Under Which Part of Shares Issued and in Which Security Interest Retained as Cancellation of Shares.

Section 450.2311 - Fees or Dues Required as Condition of Shareholding or Membership; Fixing; Enforcement.

Section 450.2312 - Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.

Section 450.2313 - Corporation, Foreign Corporation, Business Corporation, Foreign Business Corporation, Limited Liability Company, Unincorporated Association, Partnership, or Other Person as Shareholder or Member; Officers and Directors as Director...

Section 450.2314 - Corporation Organized on Stock Basis; Issuance of Shares; Powers.

Section 450.2315 - Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.

Section 450.2317 - Person Purchasing Shares of Corporation; Person Holding Stock or Membership in Fiduciary or Representative Capacity; Person Becoming Assignee, Transferee, or Pledgee of Shares or Membership; Liability.

Section 450.2327 - Charges and Expenses of Organization or Reorganization; Sale or Underwriting Expenses and Compensation; Payment or Allowance.

Section 450.2331 - Representation of Shares by Certificates; Signatures of Officers; Seal; Facsimiles.

Section 450.2332 - Certificate Representing Shares; Required Statements.

Section 450.2334 - Lost or Destroyed Certificate; Issuance of New Certificate; Bond.

Section 450.2336 - Authorization of Shares Without Certificates.

Section 450.2338 - Issuing Fractions of Shares; Powers of Corporation; Providing Opportunity to Purchase Additional Fractions of Share or Scrip.

Section 450.2341a - Issuance of Shares Pro Rata and Without Consideration; Issuance of Shares as Share Dividend; "Share Dividend" Defined.

Section 450.2343 - Preemptive Right of Shareholder of Corporation Organized on Stock Basis to Acquire Unissued Shares; Extent; Statement; Principles; "Shares" Defined.

Section 450.2344 - Acquisition of Own Shares or Memberships; Amendment of Articles of Incorporation.

Section 450.2345 - Distributions to Shareholders or Members.

Section 450.2361 - Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.

Section 450.2363 - Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.

Section 450.2365 - Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.

Section 450.2371 - Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.

Section 450.2391 - Conferring Voting and Inspection Rights Upon Bond Holders; Signatures of Officers.

Section 450.2392 - Applicability of Chapter to Distributions Made in Dissolution Under Chapter 8.