There is a newer version of the Michigan Compiled Laws
2010 Michigan Compiled Laws
Chapter 450 - CORPORATIONS
Act 162 of 1982 - NONPROFIT CORPORATION ACT (450.2101 - 450.3192)
162-1982-5 - CHAPTER 5 (450.2501...450.2569)
NONPROFIT CORPORATION ACT (EXCERPT)Act 162 of 1982 Chapter 5
- Section 450.2501 - Management of business and affairs of corporation by board; qualifications of directors; powers of board.
- Section 450.2501a - Board of directors; minimum age; requirements.
- Section 450.2505 - Board; number, term, and election or appointment of directors; resignation of director; number of directors on effective date of amendatory act.
- Section 450.2506 - Dividing directors into 2 or more classes; election or appointment; term; expiration; election of directors by shareholders or members of class.
- Section 450.2511 - Removal of director or entire board.
- Section 450.2515 - Filling of vacancies; increase in number of directors; special meeting where no directors in office.
- Section 450.2521 - Regular or special meetings of board; location; notice; waiver; participation by means of conference telephone or other remote communication.
- Section 450.2523 - Quorum; vote constituting action of board or committee; amendment of bylaws.
- Section 450.2525 - Taking action without meeting; consent.
- Section 450.2527 - Designation of committees; membership; alternates; term; providing for election or appointment of committees in articles or bylaws.
- Section 450.2528 - Committee designated pursuant to MCL 450.2527; powers and authority.
- Section 450.2531 - Officers of corporation; election or appointment; person holding 2 or more offices; term of office; authority and duties.
- Section 450.2535 - Removal of officer; suspension of authority to act; contract rights; resignation of officer; notice.
- Section 450.2541 - Director or officer; discharge of duties; compliance; liability of volunteer director; action against director or officer for failure to perform duties.
- Section 450.2545 - Transaction between corporation and directors or officers, or between corporation and corporation or business corporation, firm, or association in which directors or officers interested, not void or voidable; conditions.
- Section 450.2546 - Burden of establishing validity of contract described in MCL 450.2545; grounds; counting common or interested directors in determining presence of quorum; compensation of directors; approval of shareholders or members.
- Section 450.2548 - Loan, guaranty, or assistance by corporation for officer or employee; corporation as charitable purpose corporation.
- Section 450.2551 - Liability of directors for certain corporate actions; liability of shareholder or member accepting or receiving unauthorized distribution.
- Section 450.2552 - Rights of director against whom claim successfully asserted under MCL 450.2551.
- Section 450.2553 - Presence or absence of director at meeting at which action referred to in MCL 450.2551 taken; presumption; dissent.
- Section 450.2554 - Commencement of action under MCL 450.2551 or 450.2552.
- Section 450.2556 - Volunteer's acts or omissions; claim for monetary damages.
- Section 450.2561 - Indemnification of director, officer, partner, trustee, employee, nondirector volunteer, or agent in connection with action, suit, or proceeding; conditions; presumption.
- Section 450.2562 - Indemnification against expenses of director, officer, partner, trustee, employee, nondirector volunteer, or agent in connection with action or suit by or in right of corporation; conditions; limitations.
- Section 450.2563 - Indemnification against expenses of director, officer, employee, nondirector volunteer, or agent successful in defense of action, suit, or proceeding referred to in MCL 450.2561 or 450.2562; authorization; determination; indemnification for portion of expenses.
- Section 450.2564 - Advance payment by corporation of expenses incurred in defending action, suit, or proceeding described in MCL 450.2561 or 450.2562; repayment.
- Section 450.2565 - Indemnification or advancement of expenses not exclusive of other rights; limitation; continuation of indemnification.
- Section 450.2567 - Purchase and maintenance of insurance on behalf of director, officer, employee, nondirector volunteer, or agent.
- Section 450.2569 - Scope of “corporation” for purposes of MCL 450.2561 to 450.2567; effect.
Disclaimer: These codes may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.