450.2713 Subsidiary corporation as constituent corporation in merger; approval of shareholders or members.
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450.2713 Subsidiary corporation as constituent corporation in merger; approval of shareholders or members.
Sec. 713.
(1)A subsidiary corporation that is a constituent corporation in a merger under section 711 shall obtain the approval of its shareholders or members in accordance with the applicable provisions of section 703a.
(2)A parent corporation shall obtain approval of its shareholders or members for a merger under section 711 if either of the following applies:
(a)Its articles of incorporation require shareholder or member approval of the merger.
(b)Pursuant to section 703a, the plan of merger contains a provision that would amend any part of the articles of incorporation of the parent corporation into which a subsidiary corporation is being merged, or a subsidiary corporation is to be the surviving corporation of the merger.
History: Add. 2014, Act 557 , Imd. Eff. Jan. 15, 2015