BUSINESS CORPORATION ACT (EXCERPT)
Act 284 of 1972
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
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Am. 1993, Act 91, Eff. Oct. 1, 1993
Rendered 8/15/2025 1:02 AM
Michigan Compiled Laws Complete Through PA 5 of 2025
Courtesy of legislature.mi.gov