Sec. 1148.
(1) The purchase or sale of any member capital or privileges in a cooperative made under execution, or in the course of bankruptcy proceedings, or by any legal process or by operation of law, shall not give any person any membership right, title, or interest in a cooperative, unless in accordance with the articles or bylaws of the cooperative.
(2) No subsequent amendment to the articles or bylaws shall invalidate or otherwise impair a pledge of a certificate issued under section 1136 or an assignment of a proprietary lease or other agreement providing for occupancy of facilities furnished by the cooperative, if the pledge or assignment was made when the articles or bylaws expressly permitted the pledge or assignment in connection with loans made to members.
History: Add. 1984, Act 209, Eff. Nov. 1, 1985
Structure Michigan Compiled Laws
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 450.3121 - Articles of Incorporation; Requirement.
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 450.3136 - 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 450.3141 - 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 450.3151 - Initial Board of Directors; Membership; Term.
Section 450.3152 - Board of Directors; Election or Appointment Other Than by Vote of Membership.
Section 450.3162 - Distribution of Assets Generally.