Section 450.1765 - Notice of intent to demand payment for shares.
BUSINESS CORPORATION ACT (EXCERPT)
Act 284 of 1972
450.1765 Notice of intent to demand payment for shares.
Sec. 765.
(1) If proposed corporate action creating dissenters' rights under section 762 is submitted to a vote at a shareholders' meeting, a shareholder who wishes to assert dissenters' rights must deliver to the corporation before the vote is taken written notice of his or her intent to demand payment for his or her shares if the proposed action is effectuated and must not vote his or her shares in favor of the proposed action.
(2) A shareholder who does not satisfy the requirements of subsection (1) is not entitled to payment for his or her shares under this act.
History: 1972, Act 284, Eff. Jan. 1, 1973 ;-- Am. 1989, Act 121, Eff. Oct. 1, 1989