Sec. 308. Rescission by a corporation of a subscription under which a part of the shares subscribed for have been issued and in which the corporation retains a security interest, as provided in subdivision (c) of section 306, effects the cancellation of such shares.
Mich. Comp. Laws § 450.1308
Cancellation of shares upon rescission of subscription
Applied in 1 court decision — leading case 200 Mich. App. 162 - Huspen v. T & H, Inc (1993)
Most recently applied in 200 Mich. App. 162 - Huspen v. T & H, Inc (June 1993)
1972, Act 284, Eff
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.