Section 450.1305 - Subscription for shares(1) A subscription for shares made before or after organization of a corporation is not enforceable unless in writing and signed by the subscriber.(2) A subscription for shares of a corporation to be organized is irrevocable and may be accepted by the corporation for a period of 6 months, unless otherwise provided by the subscription agreement or unless all the subscribers consent to its revocation.(3) A contract with a corporation to purchase its shares to be issued is a subscription agreement and not an executory contract to purchase shares, unless otherwise provided in the contract.1972, Act 284, eff. 1/1/1973 ;--Am. 1989, Act 121, eff. 10/1/1989 .