Section 450.2602 - Amendment of articles of incorporation; purposes. - Michigan Statutes

NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982

450.2602 Amendment of articles of incorporation; purposes.

Sec. 602.

Without limitation upon the general power of amendment granted by section 601, a corporation may amend its articles of incorporation:

(a) To change its corporate name.

(b) To enlarge, limit, or otherwise change its corporate purposes or powers.

(c) To change the duration of the corporation.

(d) To increase or decrease the aggregate number of shares, or shares of any class which the corporation has authority to issue.

(e) To exchange, classify, reclassify, or cancel any of its issued or unissued shares.

(f) To change the designation of any of its issued or unissued shares, and to change the qualifications, preferences, limitations, and relative rights in respect of any of its issued or unissued shares or of its members.

(g) To change the issued or unissued shares of any class into a different number of shares of the same class or into the same or a different number of shares of other classes.

(h) To create new classes of shares or members having rights and preferences superior or inferior to, or equal with the issued or unissued shares or the members of any class then authorized.

(i) To change its registered office or change its resident agent.

(j) To strike out, change, or add any provision for management of the business and conduct of the affairs of the corporation, or creating, defining, limiting, and regulating the powers of the corporation, its director and shareholders or members or any class of shareholders or members, including any provision which under this act is required or permitted to be set forth in the bylaws.

(k) To change its basis of organization to a stock corporation or a nonstock corporation organized upon a membership or directorship basis, in which event the amendment shall comply with section 202(c) and (d) or section 202(e) and (f), as applicable.

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