Sec. 5283c.
As to each participant or as to all participants the stock purchase plan shall effectively limit the aggregate dollar amount or the aggregate number of shares of stock which may be allocated or which may be subject to incentive, qualified, restricted, or employee stock purchase plan stock options granted pursuant to the plan. The limitations may be established on an annual basis, or for the duration of the plan, whether or not the plan has a fixed termination date; and may be determined either by fixed or maximum dollar amounts or fixed or maximum numbers of shares or by formulas based upon earnings of the insurer, dividends paid, compensation received by participants, option prices, market value of shares, outstanding shares, or percentages of outstanding shares, or similar factors which will result in an effective and determinable limitation. Such limitations may be subject to any provisions for adjustment of the plan or of stock allocable or options outstanding thereunder to prevent dilution or enlargement of rights.
History: Add. 1984, Act 365, Imd. Eff. Dec. 27, 1984 Popular Name: Act 218
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
Section 500.5200 - Applicability of Chapter.
Section 500.5202 - Life, Accident or Sickness Insurers; Reorganization Under Code.
Section 500.5204 - Companies Deemed Bodies Corporate and Politic; Corporation Law Applicable.
Section 500.5205 - Proof of Corporate Existence and Authority to Insure.
Section 500.5206 - Corporate Powers; Enumeration; Exercise by Board of Directors.
Section 500.5209 - Insurer's Name; Restrictions.
Section 500.5210 - Dealing in Commodities Prohibited; Exception.
Section 500.5214 - Articles of Incorporation; Amendment.
Section 500.5220 - Blank Forms for Amending Articles.
Section 500.5222 - Corporate Life; Extension.
Section 500.5224 - Corporate Life; Expiration, Liquidation.
Section 500.5228 - Bylaws; Adoption; Filing.
Section 500.5230 - Special Meetings of Stockholders or Members; Notice of Meetings.
Section 500.5232 - Voting Rights; Stockholders, Members, Proxies, Fiduciaries, Pledgees.
Section 500.5234 - Stockholders and Members; Voting Rights, Quorum.
Section 500.5236 - Voting Rights; Inspectors of Election.
Section 500.5239 - Repealed. 1988, Act 290, Eff. Jan. 1, 1989.
Section 500.5241 - Indemnification Against Expenses of Action, Suit, or Proceeding Generally.
Section 500.5242d - “Corporation” Defined for Purposes of MCL 500.5241 to 500.5242c.
Section 500.5243 - Repealed. 1988, Act 290, Eff. Jan. 1, 1989.
Section 500.5244 - Liability for Payment Under Invalid Law or Ordinance.
Section 500.5246 - Officers and Agents; Appointment, Removal, Bond.
Section 500.5248 - Directors, Officers, and Employees of Domestic Insurer; Compensation.
Section 500.5258 - Acknowledgments.
Section 500.5260 - Stock Certificates; Substitutions.
Section 500.5264 - Expenditures, Vouchers, and Affidavits.
Section 500.5266 - Dividends to Stockholders; General Provision.
Section 500.5267 - Dividends to Stockholders; Domestic Fire Insurance Company.
Section 500.5270 - Insurer's Rights as Stockholder in Other Corporations.
Section 500.5274 - Domestic Fire Insurance Company; Assessment of Stockholders.
Section 500.5280 - Domestic Mutual Insurer; Assets; Deficiency; Liability of Director.
Section 500.5282 - Domestic Stock Insurer; Statement of Beneficial Ownership of Equity Securities.
Section 500.5283c - Stock Purchase Plan; Limitations.
Section 500.5284 - Securities Not Owned; Sale; Failure to Deliver to Transferee; Exception.
Section 500.5285 - Nonapplication of Sections to Certain Transactions.
Section 500.5286 - Foreign or Domestic Arbitrage Transactions; Exemptions.
Section 500.5287 - Equity Security; Definition.
Section 500.5288 - Registered Equity Securities; Exemptions; Conditions.
Section 500.5289 - Insurance Commissioner; Regulatory Powers; Effect of Good Faith.
Section 500.5290 - Unlawful Solicitation; Use of Name to Solicit Proxies or Consents.