Sec. 493a. A shareholder may not commence a derivative proceeding until all of the following have occurred: (a) A written demand has been made upon the corporation to take suitable action. (b) Ninety days have expired from the date the demand was made unless the shareholder has earlier been notified that the demand has been rejected by the corporation or unless irreparable injury to the corporation would result by waiting for the expiration of the 90-day period.
Mich. Comp. Laws § 450.1493a
Commencement of derivative proceeding by shareholder; criteria
Applied in 9 court decisions — leading case Kamen v. Kemper Financial Services, Inc. (1991)
Most recently applied in 29 F. Supp. 3d 972 - Taylor ex rel. Flagstar Bankcorp, Inc. v. Campanelli (June 2014)
Add. 1989, Act 121, Eff
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.