Michigan § 450.2308 - Subscription for shares or membership; payment; installments; call for payment ratable; retention of security interest as security for performance by subscriber.
Full text of Michigan Michigan Compiled Laws § 450.2308 — Subscription for shares or membership; payment; installments; call for payment ratable; retention of security interest as security for performance by subscriber., with citation guidance and answers to common questions.
§ 450.2308. Subscription for shares or membership; payment; installments; call for payment ratable; retention of security interest as security for performance by subscriber.
Unless otherwise provided in the subscription agreement:
(a) A subscription for shares or for membership made before or after formation of a corporation shall be paid in full at the time, or in installments and at the times, as the board determines.
(b) A call made by the board for payment on subscriptions is ratable as to all shares or members of the same class.
(c) A corporation may retain a security interest in any shares or memberships as security for performance by the subscriber of the subscriber's obligations under a subscription agreement and subject to the power of sale or rescission on default provided in section 309.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 450.2308
What does Michigan Compiled Laws § 450.2308 cover?
Section 450.2308 ("Subscription for shares or membership; payment; installments; call for payment ratable; retention of security interest as security for performance by subscriber.") 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 § 450.2308?
A common citation format is "Michigan Compiled Laws § 450.2308" (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 § 450.2308 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.