Section 450.1432 - Procedure recognizing beneficial owner of shares as shareholder.
BUSINESS CORPORATION ACT (EXCERPT)
Act 284 of 1972
450.1432 Procedure recognizing beneficial owner of shares as shareholder.
Sec. 432.
(1) A corporation may establish a procedure by which the beneficial owner of shares that are registered in the name of a nominee is recognized by the corporation as the shareholder. The procedure established may determine the extent of this recognition.
(2) The procedure may set forth any of the following:
(a) The types of nominees to which it applies.
(b) The rights or privileges that the corporation recognizes in a beneficial owner.
(c) The manner in which the procedure is selected by the nominee.
(d) The information that must be provided when the procedure is selected.
(e) The period for which selection of the procedure is effective.
(f) Other aspects of the rights and duties created.
History: Add. 1989, Act 121, Eff. Oct. 1, 1989