NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982
450.2110 Definitions; T, V.
(1) “Treasury shares” means shares which have been issued, have been subsequently acquired by a corporation, and have not been canceled. Treasury shares are issued shares, but not outstanding shares.
(2) “Volunteer director” means a director who does not receive anything of more than nominal value from the corporation for serving as a director other than reasonable per diem compensation and reimbursement for actual, reasonable, and necessary expenses incurred by a director in his or her capacity as a director.
History: 1982, Act 162, Eff. Jan. 1, 1983
Am. 1987, Act 170, Eff. Jan. 1, 1988
Am. 1990, Act 39, Imd. Eff. Mar. 29, 1990
© 2009 Legislative Council, State of Michigan