450.1713 Merger of parent and subsidiary corporations; approval of shareholders.
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450.1713 Merger of parent and subsidiary corporations; approval of shareholders.
Sec. 713.
(1)Approval by shareholders of a subsidiary corporation shall be obtained pursuant to its articles of incorporation, if the articles require approval of a merger by the affirmative vote of holders of more than the percentage of the shares of any class or series of the corporation then owned by the parent corporation.
(2)Approval of the shareholders of the parent corporation shall be obtained in either of the following cases:
(a)If its articles require shareholder approval of the merger.
(b)Pursuant to section 703a, if the plan of merger contains a provision which would amend any part of the articles of the parent corporation into which a subsidiary corporation is being merged, or a subsidiary corporation is to be the surviving corporation.
History: 1972, Act 284, Eff. Jan. 1, 1973 ;-- Am. 1989, Act 121, Eff. Oct. 1, 1989