Section 450.2481 - Issuing or delivering unissued or treasury shares; preemptive rights. - Michigan Statutes

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Statutes > Michigan > Chapter-450 > Act-162-of-1982 > 162-1982-4 > Section-450-2481

NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982

450.2481 Issuing or delivering unissued or treasury shares; preemptive rights.

Sec. 481.

(1) Except as otherwise provided in the articles of incorporation or by agreement, a corporation may issue or deliver unissued or treasury shares without first offering them to existing shareholders.

(2) The preemptive rights, whether created by statute or common law, of shareholders of a corporation organized before the effective date of this act are not affected by subsection (1). Such a corporation may alter or abolish its shareholders' preemptive rights by an amendment of its articles.

History: 1982, Act 162, Eff. Jan. 1, 1983

State Codes and Statutes

Statutes > Michigan > Chapter-450 > Act-162-of-1982 > 162-1982-4 > Section-450-2481

NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982

450.2481 Issuing or delivering unissued or treasury shares; preemptive rights.

Sec. 481.

(1) Except as otherwise provided in the articles of incorporation or by agreement, a corporation may issue or deliver unissued or treasury shares without first offering them to existing shareholders.

(2) The preemptive rights, whether created by statute or common law, of shareholders of a corporation organized before the effective date of this act are not affected by subsection (1). Such a corporation may alter or abolish its shareholders' preemptive rights by an amendment of its articles.

History: 1982, Act 162, Eff. Jan. 1, 1983

State Codes and Statutes

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State Codes and Statutes

Statutes > Michigan > Chapter-450 > Act-162-of-1982 > 162-1982-4 > Section-450-2481

NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982

450.2481 Issuing or delivering unissued or treasury shares; preemptive rights.

Sec. 481.

(1) Except as otherwise provided in the articles of incorporation or by agreement, a corporation may issue or deliver unissued or treasury shares without first offering them to existing shareholders.

(2) The preemptive rights, whether created by statute or common law, of shareholders of a corporation organized before the effective date of this act are not affected by subsection (1). Such a corporation may alter or abolish its shareholders' preemptive rights by an amendment of its articles.

History: 1982, Act 162, Eff. Jan. 1, 1983