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Subscription for shares; payment; call; security interest.

MCL 450.1306
in effect
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450.1306. Subscription for shares; payment; call; security interest. Sec. 306. (1) Unless otherwise provided in the subscription agreement: (a) A subscription for shares made before or after organization of a corporation shall be paid in full at the time, or in installments and at the times, as shall be determined by the board. (b) A call made by the board for payment on subscriptions shall be ratable as to all shares of the same class or as to all shares of the same series. (c) A corporation may retain a security interest in any shares as security for performance by the subscriber of his or her obligations under a subscription agreement and subject to the power of sale or rescission upon default provided in section 307. 1972, Act 284, Eff. Jan. 1, 1973; Am. 1989, Act 121, Eff. Oct. 1, 1989
Source: Michigan Legislature (legislature.mi.gov)URL: https://legislature.mi.gov/Laws/MCL?objectName=mcl-450-1306Fetched: 10/20/2026

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