NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982
450.2565 Indemnification or advancement of expenses not exclusive of other rights; limitation; continuation of indemnification.
(1) The indemnification or advancement of expenses provided under sections 561 to 564 is not exclusive of other rights to which a person seeking indemnification or advancement of expenses may be entitled under the articles of incorporation, bylaws, or a contractual agreement. However, the total amount of expenses advanced or indemnified from all sources combined shall not exceed the amount of actual expenses incurred by the person seeking indemnification or advancement of expenses.
(2) The indemnification provided in sections 561 to 564 and this section continues as to a person who ceases to be a director, officer, employee, nondirector volunteer, or agent and shall inure to the benefit of the heirs, executors, and administrators of the person.
History: 1982, Act 162, Eff. Jan. 1, 1983
Am. 1987, Act 170, Eff. Jan. 1, 1988
Am. 1993, Act 129, Imd. Eff. July 22, 1993
© 2009 Legislative Council, State of Michigan