NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982
450.2935 Authorizing, signing, or making false statement or notice; authorizing or making wrongful alteration of book, record, or account; liability; commencement of action.
(1) If a report, certificate, or other statement made, or public notice given by, the officers or directors of a corporation is false in a material representation, or if any book, record, or account of the corporation is knowingly or wrongfully altered, the officers, directors, or agents knowingly or wrongfully authorizing, signing, or making the false report, certificate, other statement or notice or authorizing or making the wrongful alteration are jointly and severally personally liable to a person who has become a creditor, shareholder, or member of the corporation upon the faith of the false material representation or alteration therein for all damages resulting therefrom.
(2) An action for the liability imposed by this section shall be commenced within 2 years after discovery of the false representation or alteration and within 6 years after the certificate, report, public notice, or other statement or the alteration has been made or given by the officers, directors, or agents of the corporation.
History: 1982, Act 162, Eff. Jan. 1, 1983
© 2009 Legislative Council, State of Michigan