Michigan § 451.306 - Protective committees; statement, contents; application to solicit security holders.
Full text of Michigan Michigan Compiled Laws § 451.306 — Protective committees; statement, contents; application to solicit security holders., with citation guidance and answers to common questions.
§ 451.306. Protective committees; statement, contents; application to solicit security holders.
Before any protective committee now in existence or hereafter formed, shall employ solicitors, or itself solicit, the deposit of securities with a depositary under a protective agreement and/or the consent of holders or owners of securities to a protective agreement, it shall file with the commission a statement under oath containing the following information:
The amount of the particular security originally issued;
The amount of the particular security outstanding at the date of the execution of the statement;
The names and addresses of all persons known to or believed by the protective committee to be the holder or owner of the particular security and the amount of the particular security which such persons severally hold or own;
A copy of the agreement or indenture, if any, under which the security was issued;
The purpose and reasons for the organization and formation of the protective committee;
A copy of the depository or protective agreement which the protective committee proposes to employ, and in the case of existing protective committees, a copy of the depository or protective agreement which the committee is now employing, in the procurement of the deposit of securities and/or the consent to a protective committee agreement of the holders or owners of securities;
A complete list of the names and addresses of the members of the protective committee and an identification of its chairman and its secretary;
The name and address of the person or persons who executed the security.
The foregoing statement shall, in the case of protective committees organized after the date this act goes into effect, be accompanied by an application for permission to solicit the holders or owners to make deposit of the particular security under, and/or to procure the consent of holders or owners to the proposed protective committee agreement, and no such solicitation shall be made unless and until the application is granted by the commission.
Frequently Asked Questions About Michigan § 451.306
What does Michigan Compiled Laws § 451.306 cover?
Section 451.306 ("Protective committees; statement, contents; application to solicit security holders.") 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 § 451.306?
A common citation format is "Michigan Compiled Laws § 451.306" (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 § 451.306 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.