Michigan Laws 450.1713 – Merger of parent and subsidiary corporations; approval of shareholders
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(1) Approval by shareholders of a subsidiary corporation shall be obtained pursuant to its articles of incorporation, if the articles require approval of a merger by the affirmative vote of holders of more than the percentage of the shares of any class or series of the corporation then owned by the parent corporation.
(2) Approval of the shareholders of the parent corporation shall be obtained in either of the following cases:
Terms Used In Michigan Laws 450.1713
- 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.
(a) If its articles require shareholder approval of the merger.
(b) Pursuant to section 703a, if the plan of merger contains a provision which would amend any part of the articles of the parent corporation into which a subsidiary corporation is being merged, or a subsidiary corporation is to be the surviving corporation.