Section 450.2447 - Treasury shares; shares of corporation held by another corporation or business corporation; voting. - Michigan Statutes

NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982

450.2447 Treasury shares; shares of corporation held by another corporation or business corporation; voting.

Sec. 447.

(1) Treasury shares shall not be voted on any matter nor deemed to be outstanding shares.

(2) If a corporation holds shares sufficient to elect a majority of the directors of another domestic corporation or a foreign corporation or domestic or foreign business corporation, shares of the first corporation held by such domestic corporation or foreign corporation or domestic or foreign business corporation shall not be voted on any matter or counted in determining the total number of outstanding shares of the first corporation.

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