Section 450.1615 - Class vote on amendment.
BUSINESS CORPORATION ACT (EXCERPT)
Act 284 of 1972
450.1615 Class vote on amendment.
Sec. 615.
(1) The holders of the outstanding shares of a class may vote as a class upon a proposed amendment, whether or not entitled to vote thereon by the articles of incorporation, if the amendment would increase or decrease the aggregate number of authorized shares of the class, or alter or change the powers, preferences or special rights of the shares of the class or other classes so as to affect the class adversely.
(2) If a proposed amendment would alter or change the powers, preferences or special rights of a class so as to affect adversely 1 or more series of a class, but not the entire class, then only the shares of the 1 or more series affected by the amendment shall as a group be considered a single class for the purposes of this section.
History: 1972, Act 284, Eff. Jan. 1, 1973