Michigan Laws 500.5515 – Record shareholder of non-surviving insurer right to dissent and obtain payment
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 500.5515
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Dividing insurer: means a domestic stock insurer that approves a plan of division pursuant to section 5505. See Michigan Laws 500.5500
- division: means the act by operation of law by which a domestic stock insurer divides into 2 or more resulting insurers in accordance with a plan of division and this chapter. See Michigan Laws 500.5500
- Insurer: means a corporation engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.5500
- Shareholder: means the person in whose name a share is registered in the records of a corporation or the beneficial owner of a share to the extent of the rights granted by a nominee certificate on file with a corporation. See Michigan Laws 500.5500
If the dividing insurer does not survive the division, a record shareholder of a dividing insurer is entitled to dissent from and obtain payment of the fair value of that shareholder’s shares, in the same manner and to the extent provided for under section 1762 to 1774 of the business corporation act, 1972 PA 284, MCL 450.1762 to 450.1774.