Michigan Compiled Laws 23-1993-5 Article 5 (450.4501...450.4515)

• Section 450.4501 Members; Admission; Liability For Acts, Debts, Or Obligations.
  (1) A person may be admitted as a member of a limited liability company in connection with the formation of the limited liability company...
• Section 450.4502 Members; Voting Rights.
  (1) An operating agreement may establish and allocate the voting rights of members and may provide that certain members or groups of members have...
• Section 450.4503 Members; Obtaining Certain Financial Statements And Tax Returns; Inspecting And Copying Records; Obtaining Other Information; Formal Accounting Of Company's Affairs.
  (1) Upon written request of a member, a limited liability company shall send a copy of its most recent annual financial statement and its...
• Section 450.4504 Membership Interest As Personal Property.
  (1) A membership interest is personal property and may be held in any manner in which personal property may be held. A husband and...
• Section 450.4505 Membership Interest; Assignment; Liability Of Assignee; Assignor As Member; Liability Of Assignor Not Released.
  (1) Except as provided in an operating agreement, a membership interest is assignable in whole or in part. (2) An assignment of a membership...
• Section 450.4506 Assignee Of Membership Interest; Conditions For Membership; Rights And Powers; Liability For Obligations Of Assignor.
  (1) Unless otherwise provided in an operating agreement, an assignee of a membership interest in a limited liability company that has more than 1...
• Section 450.4507 Charging Membership Interest With Payment Of Judgment; Rights Of Judgment Creditor; Rights And Powers Of Member; Charging Order As Lien On Membership Interest; Section As Exclusive Remedy.
  (1) If a court of competent jurisdiction receives an application from any judgment creditor of a member of a limited liability company, the court...
• Section 450.4508 Encumbrance Against Membership Interest; Effect.
  Unless otherwise provided in an operating agreement, the pledge or granting of a security interest, lien, or other encumbrance in or against any or...
• Section 450.4509 Withdrawal Of Member; Distribution; Expulsion.
  (1) A member may withdraw from a limited liability company only as provided in an operating agreement. A member withdrawing pursuant to an operating...
• Section 450.4510 Commencement And Maintenance Of Civil Suit By Company; Conditions.
  A member may commence and maintain a civil suit in the right of a limited liability company if all of the following conditions are...
• Section 450.4511 Investigation Of Allegations; Stay Of Derivative Proceeding.
  If the limited liability company commences an investigation of the allegations made in the demand or complaint, the court may stay any derivative proceeding...
• Section 450.4512 Dismissal Of Derivative Proceeding; Findings; Burden Of Proof; Determination; “disinterested” Defined.
  (1) The court shall dismiss a derivative proceeding if, on motion by the limited liability company, the court finds that 1 of the groups...
• Section 450.4513 Discontinued Or Settled Derivative Proceeding; Court Approval Required; Notice; Expense.
  A derivative proceeding may not be discontinued or settled without the court's approval. If the court determines that a proposed discontinuance or settlement will...
• Section 450.4514 Termination Of Derivative Proceeding; Court Order.
  If a derivative proceeding is terminated, the court may order 1 of the following: (a) The plaintiff to pay any of the defendants' reasonable...
• Section 450.4515 Action In Circuit Court; Grounds; Order Or Grant Of Relief; “willfully Unfair And Oppressive Conduct” Defined.
  (1) A member of a limited liability company may bring an action in the circuit court of the county in which the limited liability...

Last modified: October 10, 2016