Michigan Compiled Laws
162-1982-11 - Chapter 11 (450.3100...450.3192)
Section 450.3137 - Nonvoting Investment Certificate or Bond.

Sec. 1137.
Subject to the uniform securities act, 1964 PA 265, MCL 451.501 to 451.818, and the uniform securities act (2002), 2008 PA 551, MCL 451.2101 to 451.2703, a cooperative may offer to its members or to the general public any form of nonvoting investment certificate or bond that may bear interest or dividends as provided by the board of directors.
History: Add. 1984, Act 209, Eff. Nov. 1, 1985 ;-- Am. 2009, Act 94, Imd. Eff. Sept. 24, 2009

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 450 - Corporations

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

162-1982-11 - Chapter 11 (450.3100...450.3192)

Section 450.3100 - Short Title.

Section 450.3101 - Applicability of Act and Chapter; Amendment of Articles or Bylaws; Exemption.

Section 450.3102 - Controlling Definitions.

Section 450.3103 - Definitions; C to F.

Section 450.3104 - Definitions; I to U.

Section 450.3107 - Inconsistent Provisions Inapplicable to Chapter.

Section 450.3109 - Requirements of MCL 460.1 Et Seq. Not Modified; Effect of Economic Activity Conducted by Cooperative.

Section 450.3121 - Articles of Incorporation; Requirement.

Section 450.3123 - Use of Term “Cooperative,”“co-Op,”“consumer Cooperative,” or Any Variation Thereof.

Section 450.3125 - Adoption of Initial Bylaws; Ratification or Amendment; Contents of Bylaws.

Section 450.3131 - Organization on Nonstock Membership Basis.

Section 450.3132 - Membership; Notice of Qualifications.

Section 450.3133 - Classification.

Section 450.3134 - Cooperative Organized on Member Capital Basis, Member Fee Basis, or Basis Combining Member Capital and Membership Fee; Powers.

Section 450.3135 - Net Savings; Determination, Allocation, Distribution, and Use; Apportionment of Losses.

Section 450.3136 - Certificate; Issuance; Contents; Restrictions on Dividends.

Section 450.3137 - Nonvoting Investment Certificate or Bond.

Section 450.3138 - Advising Persons in Writing; Statement on Membership Certificate.

Section 450.3139 - Redemption of Member Capital; Failure to Patronize Cooperative; Notice of Redemption; Failure to Respond and Claim Payment; Failure to Claim Refunds of Patronage Capital, Deposits, and Fees; Failure of Nonmember Patron to Pay in or...

Section 450.3141 - Meetings; Petitions; Signatures; Quorum.

Section 450.3143 - Alternative Notice of Regular Meeting.

Section 450.3144 - Proxies; Voting by Mail Ballot, Referendum, or Electronic Transmission.

Section 450.3145 - Amendments; Affirmative Vote of Majority.

Section 450.3146 - Effective Date of Adopted Action; Confirmation Vote; Filing With Administrator.

Section 450.3147 - Dispute Resolution Body.

Section 450.3148 - Purchase or Sale Under Execution, in Course of Bankruptcy, or by Legal Process or Operation of Law; Pledge of Certificate; Assignment of Proprietary Lease or Other Agreement.

Section 450.3149 - Books for Recording Operations; Annual Report, Balance Sheet, and Income Statement; Certified Report of Condition; Copies of Reports; Mailings at Request and Expense of Member; Notice of Member's Desire to Be Contacted by Other Mem...

Section 450.3151 - Initial Board of Directors; Membership; Term.

Section 450.3152 - Board of Directors; Election or Appointment Other Than by Vote of Membership.

Section 450.3153 - Affiliation With Another Organization; Section Inapplicable to Allocations of Net Savings.

Section 450.3161 - Amendment to Articles of Incorporation; Calling Special Meeting; Consideration of Proposed Amendment.

Section 450.3162 - Distribution of Assets Generally.

Section 450.3183 - Distribution of Assets Upon Dissolution; Distribution of Assets Held for Charitable or Similar Purpose; Redemption of Investment Certificates.

Section 450.3191 - Foreign Cooperative.

Section 450.3192 - Election by Corporation to Accept Act and Chapter; Procedure; Effect of Filing Certificate of Election.