Michigan § 450.1306 - Subscription for shares; payment; call; security interest.
Full text of Michigan Michigan Compiled Laws § 450.1306 — Subscription for shares; payment; call; security interest., with citation guidance and answers to common questions.
§ 450.1306. Subscription for shares; payment; call; security interest.
Unless otherwise provided in the subscription agreement:
A subscription for shares made before or after organization of a corporation shall be paid in full at the time, or in installments and at the times, as shall be determined by the board.
A call made by the board for payment on subscriptions shall be ratable as to all shares of the same class or as to all shares of the same series.
A corporation may retain a security interest in any shares as security for performance by the subscriber of his or her obligations under a subscription agreement and subject to the power of sale or rescission upon default provided in section 307.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 450.1306
What does Michigan Compiled Laws § 450.1306 cover?
Section 450.1306 ("Subscription for shares; payment; call; security interest.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 450.1306?
A common citation format is "Michigan Compiled Laws § 450.1306" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 450.1306 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.