Sec. 310. 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 section 308(c), effects the cancellation of such shares.
Mich. Comp. Laws § 450.2310
Rescission of subscription under which part of shares issued and in which security interest retained as cancellation of shares
1982, Act 162, Eff
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.