Michigan § 487.1407 - Dividend and distribution policies; buying back share of stock or membership interest.
Full text of Michigan Michigan Compiled Laws § 487.1407 — Dividend and distribution policies; buying back share of stock or membership interest., with citation guidance and answers to common questions.
§ 487.1407. Dividend and distribution policies; buying back share of stock or membership interest.
A licensee shall not pay, or obligate itself to pay, a cash dividend or distribution or dividend and distribution in kind to its owners, unless that payment is consistent with a dividend and distribution policy that has been adopted by the licensee and approved by the commissioner. In reviewing dividend and distribution policies under this section, the commissioner shall protect against unsafe or unsound acts which could threaten the viability of the licensee as an ongoing BIDCO but be flexible in recognizing the special characteristics of BIDCOs and the diverse range of potentially appropriate dividend policies for BIDCOs. The commissioner may at any time withdraw any previous approval of a dividend and distribution policy if the commissioner determines that the withdrawal is necessary to prevent unsafe or unsound acts.
Without the prior approval of the commissioner, a licensee shall not buy back, or obligate itself to buy back a share of stock or a membership interest from an owner.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 487.1407
What does Michigan Compiled Laws § 487.1407 cover?
Section 487.1407 ("Dividend and distribution policies; buying back share of stock or membership 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 § 487.1407?
A common citation format is "Michigan Compiled Laws § 487.1407" (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 § 487.1407 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.