Michigan Laws 450.2493a – Derivative proceeding; commencement
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Terms Used In Michigan Laws 450.2493a
- 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 shareholder, member, or director may not commence a derivative proceeding until all of the following have occurred:
(a) A written demand is made on the corporation to take suitable action.
(b) Ninety days have expired from the date the demand was made unless the shareholder, member, or director is notified that the corporation has rejected the demand or unless irreparable injury to the corporation would result by waiting for the expiration of the 90-day period.