2006 Michigan Compiled Laws - Mich. Comp. Laws § 450.2501 Management of business and affairs of corporation by board; qualifications of directors; powers of board.
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Act 162 of 1982 450.2501 Management of business and affairs of corporation by board; qualifications of directors; powers of board. Sec. 501. (1) The business and affairs of a corporation shall be managed by its board, except as otherwise provided in this act. A director need not be a shareholder or member of the corporation unless the articles or bylaws so require. The articles or bylaws may prescribe qualifications for directors. (2) The board of a corporation which is subject to Act No. 157 of the Public Acts of 1976, being sections 451.1201 to 451.1210 of the Michigan Compiled Laws, shall have the powers granted under Act No. 157 of the Public Acts of 1976 and this act. However, in the event of an inconsistency between this act and Act No. 157 of the Public Acts of 1976, Act No. 157 shall control.
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