Michigan Compiled Laws
Mich. Comp. Laws § 450.1491 (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Repealed. 1989, Act 121, Eff.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
450.1491 Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Compiler's Notes:
The repealed section pertained to parties and complaint in derivative action.
Notes of Decisions
Cited in 3
cases, 1981–2018 · leading case: Jaffe v. Harris, 312 N.W.2d 381 (Mich. Ct. App. 1981).
Jaffe v. Harris, 312 N.W.2d 381 (Mich. Ct. App. 1981). “[1] Similarly the right of a shareholder to prosecute claims of a corporation has been recognized by statute, MCL 450.1491; MSA 21.200(491), and case law.”
Campau v. McMath, 463 N.W.2d 186 (Mich. Ct. App. 1990). “Defendants initially argue that plaintiffs had no authority to challenge the issuance of the new stock because they did not first satisfy the demand requirement of MCL 450.1491; MSA 21.200(491). However, a demand is not required where it would be futile, as is the case here.”
Peter Karmanos Jr v. Gurminder S Bedi (Mich. Ct. App. 2018). “Thereafter, effective in 1973, our Legislature enacted MCL 450.1491 that, until its repeal in 1989, provided that a complaint initiating a shareholder derivative suit was required to allege “[w]ith particularity the effort of the plaintiff to secure the initiation of the action…”
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