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2006 Michigan Compiled Laws - CHAPTER 5 DIRECTORS AND OFFICERS (450.1501...450.1571)

BUSINESS CORPORATION ACT (EXCERPT)
Act 284 of 1972
Chapter 5
DIRECTORS AND OFFICERS

DocumentDescription
Section 450.1501Management of corporation; qualifications of director.
Section 450.1505Number, election, and term of directors; resignation; designation, compensation, and expenses of independent director; communication of independent director with shareholders.
Section 450.1506Division of directors into classes; terms of directors in first, second, or third class; election.
Section 450.1511Removal of directors by shareholders.
Section 450.1514Removal of director by court.
Section 450.1515Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1515aFilling vacancy in board.
Section 450.1521Regular or special meetings of board.
Section 450.1523Quorum; majority vote as constituting action of board.
Section 450.1525Consent to action of board without meeting.
Section 450.1527Committees; designation by board; membership; absence or disqualification of member; terms.
Section 450.1528Committees; powers and authority; limitations; subcommittees.
Section 450.1531Officers of corporation; election or appointment; holding 2 or more offices; authority and duties.
Section 450.1535Removal or resignation of officers; contract rights.
Section 450.1541Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1541aDirector or officer; manner of discharging duties; reliance on information, opinions, reports, or statements; action against director or officer; limitations.
Section 450.1545Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1545aInterest of director or officer in transaction; compensation of directors.
Section 450.1546Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1548Loan, guaranty, or assistance by corporation to director, officer, or employee.
Section 450.1551Liability of directors for corporate actions; liability of shareholders accepting or receiving share dividend or distribution.
Section 450.1552Rights of director against whom claim is successfully asserted under § 450.1551.
Section 450.1553Presumption of concurrence by director in corporation action; effect of dissent.
Section 450.1554Action against director or shareholder; limitation.
Section 450.1561Indemnification of certain persons generally.
Section 450.1562Additional provisions for indemnification of certain persons.
Section 450.1563Indemnification against actual and reasonable expenses.
Section 450.1564Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1564aIndemnification under § 450.1561 or § 450.1562; determination and evaluation; designation of committee or selection of independent legal counsel; partial indemnification; payment authorization; indemnification for expenses and liabilities.
Section 450.1564bPayment or reimbursement of party in advance of final disposition of proceeding; undertaking as unlimited general obligation; evaluation of reasonableness; advancement of expenses.
Section 450.1564cApplication for indemnification to court; determination.
Section 450.1565Limitation on total amount of expenses advanced or indemnified; duration of indemnification.
Section 450.1567Liability insurance.
Section 450.1569"Corporation" defined for purposes of §§ 450.1561 to 450.1567.
Section 450.1571Definitions.

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