{"data":{"id":"us-mi/mich.-comp.-laws-450.1205","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 450.1205","heading":"Articles of incorporation; effect of provision as to compromise, arrangement, or plan of reorganization.","body":"Sec. 205.\n\nWhen the provision of section 204 is included in the original articles of incorporation of a corporation, all persons who become creditors or shareholders thereof are deemed to have become creditors or shareholders subject in all respects to that provision, and it shall be binding upon them.\n\nWhen that provision is inserted in the articles of a corporation, by an amendment of the articles, all persons who become creditors or shareholders of the corporation after the amendment becomes effective are deemed to have become creditors or shareholders subject in all respects to that provision, and it shall be binding upon them.\n\nThe circuit court may administer and enforce the provision and restrain, pendente lite, actions and proceedings against the corporation with respect to which the court so restraining has begun the administration or enforcement of the provision, and appoint a temporary receiver for the corporation and grant the receiver such powers as are deemed proper.","path":["MI Code","Chapter 450","Act Act-284-of-1972"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-450-1205","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"1f291af035cf55ee04141a5df087bb911d8da105727a7154713220373bedf261","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-450.1204","next":"us-mi/mich.-comp.-laws-450.1209"},"notice":"GroundRules: Original legal text. Not legal advice."}