{"data":{"id":"us-mi/mich.-comp.-laws-450.1306","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 450.1306","heading":"Subscription for shares; payment; call; security interest.","body":"Sec. 306.\n\nUnless otherwise provided in the subscription agreement:\n\nA 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.\n\nA 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.\n\nA 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.","path":["MI Code","Chapter 450","Act Act-284-of-1972"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-450-1306","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"7689ec80dc025b963d82bb30f7df97e22a271ce61d0c9274879d538289b98a23","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-450.1305","next":"us-mi/mich.-comp.-laws-450.1307"},"notice":"GroundRules: Original legal text. Not legal advice."}