Michigan Compiled Laws

Mich. Comp. Laws § 450.1351 (2026)

Repealed. 1989, Act 121, Eff. Oct. 1, 1989.

✓ current as of July 2026

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BUSINESS CORPORATION ACT

Act 284 of 1972

450.1351 Repealed. 1989, Act 121, Eff. Oct. 1, 1989.

Repealed. 1989, Act 121, Eff. Oct. 1, 1989.

Compiler's Notes:

The repealed sections pertained to dividends, purchase, or redemption of shares.

Notes of Decisions

Cited in 4 cases, 1983–1991 · leading case: In Re Butterfield Est., 341 N.W.2d 453 (Mich. 1983).

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In Re Butterfield Est., 341 N.W.2d 453 (Mich. 1983). “Michigan's Business Corporation Act states that a director "shall discharge the duties of his position in good faith and with that degree of diligence, care and skill which an ordinarily prudent man would exercise under similar circumstances in a like position".”

Leonard C. Jaques, Sybil J. Jaques v. Comm'r of Internal Revenue, 935 F.2d 104 (6th Cir. 1991). “” Mich. Comp.Laws § 450.1351(2). 2 The “surplus” referred to in § 450.”

Pittsburgh Tube Co. v. Tri-Bend, Inc., 463 N.W.2d 161 (Mich. Ct. App. 1990). “Treated as such, the dividend would be illegal because it was made while the corporation was insolvent or when the corporation would be rendered insolvent by the dividend. A corporation may not declare and pay dividends, or make other distributions on its outstand *589 ing…”

Gowthorpe v. Page, 418 Mich. 241 (Mich. 1983). “Michigan’s Business Corporation Act states that a director "shall discharge the duties of his position in good faith and with that degree of diligence, care and skill which an ordinarily prudent man would exercise under similar circumstances in a like position”.”

— Mich. Comp. Laws § 450.1351(2) — 1 case

Leonard C. Jaques, Sybil J. Jaques v. Comm'r of Internal Revenue, 935 F.2d 104 (6th Cir. 1991). “” Mich. Comp.Laws § 450.1351(2). 2 The “surplus” referred to in § 450.”

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