{"data":{"id":"us-mi/mich.-comp.-laws-450.1473","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 450.1473","heading":"Permissible restrictions on transfer or registration of transfer of bonds or shares.","body":"Sec. 473.\n\nIn particular and without limitation of the generality of the power granted by subsection (1) of section 472 to impose restrictions, a restriction on the transfer or registration of transfer of bonds or shares of a corporation is permitted if it does any of the following:\n\nObligates the holders of the restricted instruments to offer to the corporation or to any other holders of bonds or shares of the corporation or to any other person or to any combination thereof, a prior opportunity to acquire the restricted instruments.\n\nObligates the corporation or a holder of bonds or shares of the corporation or any other person or any combination thereof, to purchase the instruments which are the subject of an agreement respecting the purchase and sale of the restricted instruments.\n\nRequires the corporation or the holders of a class of bonds or shares of the corporation to consent to a proposed transfer of the restricted instruments or to approve the proposed transferee of the restricted instruments.\n\nProhibits the transfer of the restricted instruments to designated persons or classes of persons, and the designation is not contrary to public policy.\n\nExists for the purpose of maintaining the status of the corporation as a corporation under subchapter S of the United States internal revenue code.","path":["MI Code","Chapter 450","Act Act-284-of-1972"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-450-1473","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"48c21e2b0b5cc2416ff6262010b48566782200a908efa9705346fba725bbae0d","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-450.1472","next":"us-mi/mich.-comp.-laws-450.1485"},"notice":"GroundRules: Original legal text. Not legal advice."}