Michigan § 450.3136 - Certificate; issuance; contents; restrictions on dividends.
Full text of Michigan Michigan Compiled Laws § 450.3136 — Certificate; issuance; contents; restrictions on dividends., with citation guidance and answers to common questions.
§ 450.3136. Certificate; issuance; contents; restrictions on dividends.
If a cooperative is to be financed in whole or in part on a member capital basis, each member shall be provided a certificate or certificates setting forth the initial member capital of the member.
A certificate issued pursuant to this section shall contain the information required by section 1138. The certificate may be denominated a membership certificate, share certificate, stock certificate, or a similar designation but shall not constitute shares as defined in section 109.
The board of directors shall not pay dividends when currently the cooperative is insolvent or would thereby be made insolvent, or when the declaration, payment, or distribution of a dividend would be contrary to the articles or bylaws.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 450.3136
What does Michigan Compiled Laws § 450.3136 cover?
Section 450.3136 ("Certificate; issuance; contents; restrictions on dividends.") 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 § 450.3136?
A common citation format is "Michigan Compiled Laws § 450.3136" (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 § 450.3136 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.