Michigan Laws 450.1780 – Advisory statement and approval
Current as of: 2024 | Check for updates
|
Other versions
In addition to any vote otherwise required by law or the articles of the corporation, a business combination shall require an advisory statement from the board of directors and approval by an affirmative vote of both of the following:
(a) Not less than 90% of the votes of each class of stock entitled to be cast by the shareholders of the corporation.
Terms Used In Michigan Laws 450.1780
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(b) Not less than 2/3 of the votes of each class of stock entitled to be cast by the shareholders of the corporation other than voting shares beneficially owned by the interested shareholder who is, or whose affiliate is, a party to the business combination or an affiliate or associate of the interested shareholder.