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2019 Michigan Compiled Laws
Chapter 450 - Corporations
Act 284 of 1972 Business Corporation Act (450.1101 - 450.2099)
284-1972-4 Chapter 4 Shareholders (450.1401...450.1497)
Section 450.1467 Responsibility of Voting Trustee; Determination of Right to Vote and Manner of Voting.
Universal Citation: MI Comp L § 450.1467 (2019)
450.1467 Responsibility of voting trustee; determination of right to vote and manner of voting.
Sec. 467.
(1) A trustee who votes shares subject to a voting trust incurs no responsibility as shareholder, trustee or otherwise, except for his malfeasance.
(2) Where 2 or more persons are designated as voting trustees, and the right and method of voting shares in their names at a meeting of shareholders are not fixed by the agreement appointing the trustees, the right to vote and the manner of voting the shares at the meeting shall be determined by a majority of the trustees. If the trustees are equally divided as to how the shares shall be voted, the vote shall be divided equally among the trustees.
History: 1972, Act 284, Eff. Jan. 1, 1973
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