450.1447a Voting shares owned by second corporation.
114 words·~1 min read·
/mi/chapter-450/450-1447aA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
450.1447a Voting shares owned by second corporation.
Sec. 447a.
Absent an order of a court of competent jurisdiction based upon a determination that special circumstances exist and the best interests of the corporation would be served, the shares of a corporation shall not be voted on any matter or considered to be outstanding shares for any purpose related to voting if they are owned, directly or indirectly, by a second corporation, domestic or foreign, and the first corporation owns, directly or indirectly, a majority of the shares entitled to vote for directors of the second corporation.
History: Add. 1989, Act 121, Eff. Oct. 1, 1989 ;-- Am. 1993, Act 91, Eff. Oct. 1, 1993