{"data":{"id":"us-mi/mich.-comp.-laws-450.2308","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 450.2308","heading":"Subscription for shares or membership; payment; installments; call for payment ratable; retention of security interest as security for performance by subscriber.","body":"Sec. 308.\n\nUnless otherwise provided in the subscription agreement:\n\n(a) A subscription for shares or for membership made before or after formation of a corporation shall be paid in full at the time, or in installments and at the times, as the board determines.\n\n(b) A call made by the board for payment on subscriptions is ratable as to all shares or members of the same class.\n\n(c) A corporation may retain a security interest in any shares or memberships as security for performance by the subscriber of the subscriber's obligations under a subscription agreement and subject to the power of sale or rescission on default provided in section 309.","path":["MI Code","Chapter 450","Act Act-162-of-1982"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-450-2308","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"f32b2f6ab4659c5302dae323872c075f635c33d1d2c35590b0193b187dcf4329","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-450.2307","next":"us-mi/mich.-comp.-laws-450.2309"},"notice":"GroundRules: Original legal text. Not legal advice."}