Michigan Laws 450.1494 – Stay of derivative proceeding; condition
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 450.1494
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- 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.
If the corporation commences an investigation of the allegations made in the demand or complaint, the court may stay any derivative proceeding for a period as the court considers appropriate.