Section 491.910 - Rescission of subscription; effect. - Michigan Statutes

SAVINGS AND LOAN ACT OF 1980 (EXCERPT)
Act 307 of 1980

491.910 Rescission of subscription; effect.

Sec. 910.

Rescission by a stock association of a subscription under which a part of the shares subscribed for have been issued and in which the association retains a security interest, as provided in section 906, effects the cancellation of the shares.

History: 1980, Act 307, Eff. Jan. 1, 1981