§ 450.2310

450.2310 Rescission of subscription under which part of shares issued and in which security interest retained as cancellation of shares. 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. History: 1982, Act 162, Eff. Jan. 1, 1983