Mich. Comp. Laws § 450.4702: Merger; approval of plan by members; withdrawal and distribution.
Where this section sits in the code
- MI Code
- Chapter 450
- Act Act-23-of-1993
Sec. 702.
(1) A plan of merger shall be submitted to the members of each constituent company for approval. A unanimous vote of the members entitled to vote in each constituent company is required to approve a merger, unless an operating agreement of a constituent company provides otherwise.
(2) If an operating agreement of a constituent company provides for approval of a merger by less than unanimous vote of members entitled to vote and the merger is approved, a member that did not vote in favor of the merger may withdraw from the limited liability company and receive, within a reasonable time, the fair value of the member's interest in the limited liability company, based upon the member's share of distributions as determined under section 303.
Collected 2026-09-14T18:32:31Z. Source file · JSON