Mich. Comp. Laws § 450.1306: Subscription for shares; payment; call; security interest.

Sec. 306.

Unless otherwise provided in the subscription agreement:

A subscription for shares made before or after organization of a corporation shall be paid in full at the time, or in installments and at the times, as shall be determined by the board.

A call made by the board for payment on subscriptions shall be ratable as to all shares of the same class or as to all shares of the same series.

A corporation may retain a security interest in any shares as security for performance by the subscriber of his or her obligations under a subscription agreement and subject to the power of sale or rescission upon default provided in section 307.