reglab/housing_qa huggingface dataset:
MI Comp L § 450.2311 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-3 - Chapter 3 (450.2301...450.2392)|Section 450.2311 - Fees or Dues Required as Condition of Shareholding or Membership; Fixing; Enforcement.

450.2311 Fees or dues required as condition of shareholding or membership; fixing; enforcement. Sec. 311.  A corporation may fix in the bylaws, or the bylaws may authorize the board to fix, an amount as fees or dues which shareholders or members may be required to pay initially or periodically as a condition of shareholding or admission or retention of membership. The corporation may make bylaws necessary to enforce this requirement, including provisions for cancellation of shares or termination of membership for nonpayment of dues or obligations and for reissuance of shares or reinstatement of membership. History: 1982, Act 162, Eff. Jan. 1, 1983
MI Comp L § 450.2312 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-3 - Chapter 3 (450.2301...450.2392)|Section 450.2312 - Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.

450.2312 Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015. Compiler's Notes: The repealed section pertained to issuance of shares by corporation organized on stock bases.
MI Comp L § 450.2313 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-3 - Chapter 3 (450.2301...450.2392)|Section 450.2313 - Corporation, Foreign Corporation, Business Corporation, Foreign Business Corporation, Limited Liability Company, Unincorporated Association, Partnership, or Other Person as Shareholder or Member; Officers and Directors as Director of Corporation; Rights, Powers, Privileges, and Liabilities of Shareholders or Members.

450.2313 Corporation, foreign corporation, business corporation, foreign business corporation, limited liability company, unincorporated association, partnership, or other person as shareholder or member; officers and directors as director of corporation; rights, powers, privileges, and liabilities of shareholders or members.Sec. 313.  (1) Except as otherwise provided in the articles of incorporation or the bylaws, corporations, foreign corporations, business corporations, foreign business corporations, limited liability companies, unincorporated associations, and partnerships, and any other person without limitation, may be a shareholder or a member of a corporation.  (2) If a corporation, foreign corporation, business corporation, or foreign business corporation is a shareholder or a member in a corporation, its officers or directors may serve as a director of the corporation of which it is a shareholder or member. A corporation, foreign corporation, business corporation, foreign business corporation, limited liability company, unincorporated association, partnership, or other person that is a shareholder or member of a corporation possesses and may exercise all the rights, powers, privileges, and liabilities of individual shareholders or members. History: 1982, Act 162, Eff. Jan. 1, 1983 ;-- Am. 2014, Act 557, Imd. Eff. Jan. 15, 2015
MI Comp L § 450.2314 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-3 - Chapter 3 (450.2301...450.2392)|Section 450.2314 - Corporation Organized on Stock Basis; Issuance of Shares; Powers.

450.2314 Corporation organized on stock basis; issuance of shares; powers.Sec. 314.  (1) All of the following apply to the issuance of shares by a corporation that is organized on a stock basis:  (a) The board may authorize shares that are issued for no consideration or for consideration that may consist of any tangible or intangible property or benefit to the corporation, including, but not limited to, cash, promissory notes, services performed, contracts for services to be performed, or other securities of the corporation.  (b) A determination by the board that any consideration received or to be received for issued shares is conclusive concerning the nature and amount of consideration for the issuance of shares in determining whether the shares are validly issued, fully paid, and nonassessable.  (c) When the corporation receives the consideration for which the board authorized the issuance of shares, the shares issued are fully paid and nonassessable and the subscriber has all the rights and privileges of a holder of the shares.   (2) The powers granted in this section to the board may be reserved to the shareholders in the articles of incorporation. History: Add. 2014, Act 557, Imd. Eff. Jan. 15, 2015
MI Comp L § 450.2315 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-3 - Chapter 3 (450.2301...450.2392)|Section 450.2315 - Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.

450.2315 Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015. Compiler's Notes: The repealed section pertained to consideration for issuance of shares.
MI Comp L § 450.2317 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-3 - Chapter 3 (450.2301...450.2392)|Section 450.2317 - Person Purchasing Shares of Corporation; Person Holding Stock or Membership in Fiduciary or Representative Capacity; Person Becoming Assignee, Transferee, or Pledgee of Shares or Membership; Liability.

450.2317 Person purchasing shares of corporation; person holding stock or membership in fiduciary or representative capacity; person becoming assignee, transferee, or pledgee of shares or membership; liability.Sec. 317.  (1) A person that purchases shares of a corporation from the corporation or purchases a membership in a corporation is not liable to the corporation or its creditors with respect to the shares or membership except to pay the consideration for the issuance of the shares or membership.  (2) A person that holds stock or membership in a corporation in a fiduciary or representative capacity is not personally liable to the corporation as the holder of or subscriber for shares or membership, but the estate or funds for which the person is holding the stock or membership are liable to the corporation as the holder or subscriber.  (3) A person that becomes an assignee, transferee, or pledgee of shares or membership or of a subscription for shares or membership in good faith and without knowledge or notice that the full consideration has not been paid is not liable to the corporation or its creditors for any unpaid portion of the consideration, but the original holder or subscriber and any assignee or transferee before an assignment or transfer to a person that takes in good faith and without knowledge or notice remains liable for that amount.  (4) Unless otherwise provided in the articles of incorporation, a person that is a shareholder or member of a corporation is not personally liable for the acts or debts of the corporation except that the person may become personally liable by reason of the person's own acts or conduct. History: 1982, Act 162, Eff. Jan. 1, 1983 ;-- Am. 2014, Act 557, Imd. Eff. Jan. 15, 2015
MI Comp L § 450.2327 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-3 - Chapter 3 (450.2301...450.2392)|Section 450.2327 - Charges and Expenses of Organization or Reorganization; Sale or Underwriting Expenses and Compensation; Payment or Allowance.

450.2327 Charges and expenses of organization or reorganization; sale or underwriting expenses and compensation; payment or allowance. Sec. 327.  The reasonable charges and expenses of organization or reorganization of a corporation, and the reasonable expenses of and compensation for the sale or underwriting of its shares, may be paid or allowed by the corporation out of the consideration received by it in payment for its shares without thereby rendering the shares not fully paid or assessable. History: 1982, Act 162, Eff. Jan. 1, 1983
MI Comp L § 450.2331 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-3 - Chapter 3 (450.2301...450.2392)|Section 450.2331 - Representation of Shares by Certificates; Signatures of Officers; Seal; Facsimiles.

450.2331 Representation of shares by certificates; signatures of officers; seal; facsimiles.Sec. 331.  Except as provided in section 336, the shares of a corporation shall be represented by certificates that are signed by the chairperson of the board, vice-chairperson of the board, president or a vice-president and that also may be signed by another officer of the corporation. The corporation may seal the certificate with the seal of the corporation or a facsimile of the seal. The signatures of the officers may be facsimiles. If an officer who has signed or whose facsimile signature has been placed on a certificate ceases to be an officer before the certificate is issued, the corporation may issue the certificate and his or her signature has the same effect as if he or she were an officer on the date of issue. History: 1982, Act 162, Eff. Jan. 1, 1983 ;-- Am. 2014, Act 557, Imd. Eff. Jan. 15, 2015
MI Comp L § 450.2332 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-3 - Chapter 3 (450.2301...450.2392)|Section 450.2332 - Certificate Representing Shares; Required Statements.

450.2332 Certificate representing shares; required statements.Sec. 332.  (1) A certificate that represents shares issued by a corporation shall state on its face all of the following:  (a) That the corporation is a nonprofit corporation formed under the laws of this state.  (b) The name of the person to which the certificate is issued.  (c) The number and class of shares that the certificate represents.  (d) A statement that the shares are not transferable, unless the articles or bylaws provide that shares are transferable. If the shares are transferable, the certificate shall state any conditions or limitations on transferability of the shares.  (e) The act under which the corporation was formed.  (2) A certificate that represents shares issued by a corporation that is authorized to issue shares of more than 1 class shall set forth on its face or back or state on its face or back that the corporation will furnish to a shareholder, on request and without charge, a full statement of the designation, relative rights, preferences, and limitations of the shares of each class the corporation is authorized to issue. History: 1982, Act 162, Eff. Jan. 1, 1983 ;-- Am. 2014, Act 557, Imd. Eff. Jan. 15, 2015
MI Comp L § 450.2334 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-3 - Chapter 3 (450.2301...450.2392)|Section 450.2334 - Lost or Destroyed Certificate; Issuance of New Certificate; Bond.

450.2334 Lost or destroyed certificate; issuance of new certificate; bond. Sec. 334.  A corporation may issue a new certificate for shares or fractional shares in place of a certificate theretofore issued by it, alleged to have been lost or destroyed, and the board may require the owner of the lost or destroyed certificate, or the owner's legal representative, to give the corporation a bond sufficient to indemnify the corporation against any claim that may be made against it on account of the alleged lost or destroyed certificate or the issuance of such a new certificate. History: 1982, Act 162, Eff. Jan. 1, 1983
MI Comp L § 450.2336 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-3 - Chapter 3 (450.2301...450.2392)|Section 450.2336 - Authorization of Shares Without Certificates.

450.2336 Authorization of shares without certificates.Sec. 336.  (1) Unless the articles of incorporation or bylaws provide otherwise, the board of a corporation may authorize the issuance of some or all of the shares of any or all of its classes of shares without certificates. The authorization does not affect shares that are already represented by certificates until they are surrendered to the corporation.  (2) Within a reasonable time after the issuance or transfer of shares without certificates under this section, the corporation shall send the shareholder a written statement of the information required on certificates under section 332 and, if applicable, sections 472 and 488. History: Add. 2014, Act 557, Imd. Eff. Jan. 15, 2015
MI Comp L § 450.2338 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-3 - Chapter 3 (450.2301...450.2392)|Section 450.2338 - Issuing Fractions of Shares; Powers of Corporation; Providing Opportunity to Purchase Additional Fractions of Share or Scrip.

450.2338 Issuing fractions of shares; powers of corporation; providing opportunity to purchase additional fractions of share or scrip.Sec. 338.  (1) A corporation may issue fractions of a share and may do any 1 or more of the following:  (a) Issue certificates for fractions of shares that entitle the holders to exercise voting rights and receive distributions permitted under section 301 in proportion to their fractional holdings.   (b) Pay in cash the fair value of fractions of shares as of the time when those entitled to receive the fractions are determined.  (c) Issue scrip in registered or bearer form over the manual or facsimile signature of an officer of the corporation or of its agent, exchangeable as provided in the scrip for full shares. The scrip does not entitle the holder to any right of a shareholder except as provided in the scrip. A corporation shall issue scrip subject to the condition that it becomes void if it is not exchanged for certificates that represent full shares before a specified date. The scrip may be subject to the condition that the shares for which the scrip is exchangeable may be sold by the corporation and the proceeds of the sale distributed to the holders of the scrip, or subject to any other condition that is established by the board.   (2) A corporation may provide reasonable opportunity for a person that is entitled to fractions of a share or scrip to sell them or to purchase additional fractions of a share or scrip that the person needs to acquire a full share. History: 1982, Act 162, Eff. Jan. 1, 1983 ;-- Am. 2014, Act 557, Imd. Eff. Jan. 15, 2015
MI Comp L § 450.2341a (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-3 - Chapter 3 (450.2301...450.2392)|Section 450.2341a - Issuance of Shares Pro Rata and Without Consideration; Issuance of Shares as Share Dividend; "Share Dividend" Defined.

450.2341a Issuance of shares pro rata and without consideration; issuance of shares as share dividend; "share dividend" defined.Sec. 341a.  (1) Unless the articles of incorporation provide otherwise, a corporation may issue shares pro rata and without consideration to the corporation's shareholders or to the shareholders of 1 or more classes as a share dividend.  (2) A corporation may not issue shares of 1 class as a share dividend in respect of shares of another class unless the articles authorize the issuance, the issuance is consistent with the limitations in section 301, and either a majority of the votes entitled to be cast by the class to be issued approve the issue or there are no outstanding shares of the class to be issued.  (3) As used in this section, "share dividend" means shares issued under subsection (1). History: Add. 2014, Act 557, Imd. Eff. Jan. 15, 2015
MI Comp L § 450.2344 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-3 - Chapter 3 (450.2301...450.2392)|Section 450.2344 - Acquisition of Own Shares or Memberships; Amendment of Articles of Incorporation.

450.2344 Acquisition of own shares or memberships; amendment of articles of incorporation.Sec. 344.  (1) Subject to restrictions imposed under this act or the articles of incorporation, a corporation that is organized on a stock or membership basis may acquire its own shares or memberships. Except as provided in subsection (4), those shares or memberships constitute authorized but unissued shares or memberships.  (2) If the articles of incorporation prohibit reissue of any shares or memberships acquired under subsection (1), the board by resolution shall adopt and file any necessary amendment to the articles of incorporation to reduce the number of authorized shares or memberships accordingly.  (3) A corporation shall not acquire its own shares or memberships by purchase, redemption, or otherwise unless after the acquisition there remain outstanding shares or memberships that possess, collectively, voting rights or unless the articles of incorporation have been amended to provide that the corporation is organized on a directorship basis after the acquisition.  (4) A corporation that acquires its own shares or memberships may grant a security interest in the shares or memberships as security for the payment of the purchase price of the shares or memberships. Any shares or memberships acquired by the corporation in which it has granted a security interest are not canceled and do not constitute authorized but unissued shares or memberships until the corporation pays the purchase price. If a corporation has granted a security interest in its own shares or memberships, the shares or memberships shall not be voted directly or indirectly and are not counted in determining the total number of issued shares or members entitled to vote at any given time, except to the extent provided by the agreement creating the security interest in the event of default. When the purchase price is paid, the shares or memberships are canceled and constitute authorized but unissued shares or memberships. If the articles of incorporation prohibit reissue of canceled shares or memberships, then the board by resolution shall adopt and file any amendment to the articles of incorporation required under subsection (2). History: Add. 2014, Act 557, Imd. Eff. Jan. 15, 2015
MI Comp L § 450.2361 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-3 - Chapter 3 (450.2301...450.2392)|Section 450.2361 - Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.

450.2361 Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015. Compiler's Notes: The repealed section pertained to shares redeemable upon occurrence of specified event.
MI Comp L § 450.2363 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-3 - Chapter 3 (450.2301...450.2392)|Section 450.2363 - Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.

450.2363 Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015. Compiler's Notes: The repealed section pertained to shares redeemable at option of shareholders in cash, bonds, or other property.
MI Comp L § 450.2365 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-3 - Chapter 3 (450.2301...450.2392)|Section 450.2365 - Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.

450.2365 Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015. Compiler's Notes: The repealed section pertained to prohibiting purchase or redemption of own shares by corporation under certain conditions.
MI Comp L § 450.2371 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-3 - Chapter 3 (450.2301...450.2392)|Section 450.2371 - Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.

450.2371 Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015. Compiler's Notes: The repealed section pertained to cancellation or retention of reacquired shares.
MI Comp L § 450.2391 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-3 - Chapter 3 (450.2301...450.2392)|Section 450.2391 - Conferring Voting and Inspection Rights Upon Bond Holders; Signatures of Officers.

450.2391 Conferring voting and inspection rights upon bond holders; signatures of officers. Sec. 391.  (1) A corporation, in its articles of incorporation, may confer upon the holders of bonds issued or to be issued by it, rights to inspect the corporate books and records and to vote in the election of directors and on any other matters on which shareholders or members of the corporation may vote to the extent, in the manner, and subject to the conditions prescribed in the articles. The articles may grant to the board the power to confer such voting or inspection rights under the terms of any bonds issued or to be issued by the corporation.  (2) The signatures of the officers upon a bond may be facsimiles. History: 1982, Act 162, Eff. Jan. 1, 1983
MI Comp L § 450.2392 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-3 - Chapter 3 (450.2301...450.2392)|Section 450.2392 - Applicability of Chapter to Distributions Made in Dissolution Under Chapter 8.

450.2392 Applicability of chapter to distributions made in dissolution under chapter 8.Sec. 392.  This chapter does not apply to distributions made in a dissolution under chapter 8. History: Add. 2014, Act 557, Imd. Eff. Jan. 15, 2015
MI Comp L § 450.2401 (2021)
2021 Michigan Compiled Laws|Chapter 450 - Corporations|Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)|162-1982-4 - Chapter 4 (450.2401...450.2497)|Section 450.2401 - Meetings of Shareholders or Members; Location.

450.2401 Meetings of shareholders or members; location. Sec. 401.  Meetings of shareholders or members may be held at a place within or without this state as provided in the bylaws. In the absence of such a provision, meetings shall be held at the registered office or such other place as may be determined by the board. History: 1982, Act 162, Eff. Jan. 1, 1983