Main Content
Show update info:
none
In Last Week
In Last Month
In Last Year
162-1982-5
- CHAPTER 5 (450.2501...450.2569)
Section 450.2501 ‑ Management of business and affairs of corporation by board; qualifications of directors; powers of board.
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 450.2515 ‑ 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 450.2527 ‑ 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 450.2561 ‑ 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.
