Subscription for shares or membership; payment; installments; call for payment ratable; retention of security interest as security for performance by subscriber.
MCL 450.2308
in effect450.2308. 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.
1982, Act 162, Eff. Jan. 1, 1983; Am. 2014, Act 557, Imd. Eff. Jan. 15, 2015
Source: Michigan Legislature (legislature.mi.gov)URL: https://legislature.mi.gov/Laws/MCL?objectName=mcl-450-2308Fetched: 10/20/2026