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Michigan Legislature
Michigan Compiled Laws Complete Through PA 255 of 2017
House: Adjourned until Thursday, January 18, 2018 12:00:00 PM
Senate: Adjourned until Thursday, January 18, 2018 10:00:00 AM

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Act 284 of 1972
Chapter 5

Section 450.1501SectionManagement of corporation; qualifications of director.
Section 450.1505SectionNumber, election, and term of directors; resignation; designation, compensation, and expenses of independent director; communication of independent director with shareholders.
Section 450.1506SectionDivision of directors into classes; terms of directors in first, second, or third class; election.
Section 450.1511SectionRemoval of directors by shareholders.
Section 450.1514SectionRemoval of director by court.
Section 450.1515SectionRepealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1515aSectionFilling vacancy in board.
Section 450.1521SectionRegular or special meetings of board.
Section 450.1523SectionQuorum; majority vote as constituting action of board.
Section 450.1525SectionConsent to action of board without meeting.
Section 450.1527SectionCommittees; designation by board; membership; absence or disqualification of member; terms.
Section 450.1528SectionCommittees; powers and authority; limitations; subcommittees.
Section 450.1529SectionSubmission of matter to shareholder vote.
Section 450.1531SectionOfficers of corporation; election or appointment; holding 2 or more offices; authority and duties.
Section 450.1535SectionRemoval or resignation of officers; contract rights.
Section 450.1541SectionRepealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1541aSectionDirector or officer; manner of discharging duties; reliance on information, opinions, reports, or statements; action against director or officer; limitations.
Section 450.1545SectionRepealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1545aSectionInterest of director or officer in transaction; compensation of directors.
Section 450.1546SectionRepealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1548SectionLoan, guaranty, or assistance by corporation to director, officer, or employee.
Section 450.1551SectionLiability of directors for corporate actions; liability of shareholders accepting or receiving share dividend or distribution.
Section 450.1552SectionRights of director against whom claim is successfully asserted under MCL 450.1551.
Section 450.1553SectionPresumption of concurrence by director in corporation action; effect of dissent.
Section 450.1554SectionAction against director or shareholder; limitation.
Section 450.1561SectionIndemnification of certain persons generally.
Section 450.1562SectionAdditional provisions for indemnification of certain persons.
Section 450.1563SectionIndemnification against actual and reasonable expenses.
Section 450.1564SectionRepealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1564aSectionIndemnification under MCL 450.1561, MCL 450.1562, or MCL 450.1563; determination and evaluation; designation of committee or selection of independent legal counsel; partial indemnification; payment authorization; indemnification for expenses and liabilities.
Section 450.1564bSectionPayment or reimbursement of party in advance of final disposition of proceeding; undertaking as unlimited general obligation; evaluation of reasonableness; advancement of expenses.
Section 450.1564cSectionApplication for indemnification to court; determination.
Section 450.1565SectionLimitation on total amount of expenses advanced or indemnified; duration of indemnification; elimination or impairment.
Section 450.1567SectionLiability insurance.
Section 450.1569Section“Corporation” defined for purposes of MCL 450.1561 to 450.1567; "business organization" defined.
Section 450.1571SectionDefinitions.
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