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Partnership associations; division of profits, impairment of capital.

MCL 449.306
in effect
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449.306. Partnership associations; division of profits, impairment of capital. Sec. 6. The association may, from time to time, divide the profits of its business in such manner and in such an amount as a majority of its managers may determine, which profits so divided shall not at the time diminish or impair the capital of the said association; and any one consenting to a dividend, which shall diminish or impair the capital, shall be liable to any person or persons interested or injured thereby to the amount of such diminution or impairment. 1877, Act 191, Eff. Aug. 21, 1877; How. 2370; CL 1897, 6084; CL 1915, 7954; CL 1929, 9914; CL 1948, 449.306
Source: Michigan Legislature (legislature.mi.gov)URL: https://legislature.mi.gov/Laws/MCL?objectName=mcl-449-306Fetched: 10/20/2026

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