Section 450.2481 - Issuing or delivering unissued or treasury shares; preemptive rights.
NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982
450.2481 Issuing or delivering unissued or treasury shares; preemptive rights.
Sec. 481.
(1) Except as otherwise provided in the articles of incorporation or by agreement, a corporation may issue or deliver unissued or treasury shares without first offering them to existing shareholders.
(2) The preemptive rights, whether created by statute or common law, of shareholders of a corporation organized before the effective date of this act are not affected by subsection (1). Such a corporation may alter or abolish its shareholders' preemptive rights by an amendment of its articles.
History: 1982, Act 162, Eff. Jan. 1, 1983