NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982
450.2567 Purchase and maintenance of insurance on behalf of director, officer, employee, nondirector volunteer, or agent.
A corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee, nondirector volunteer, or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee, nondirector volunteer, or agent of another corporation, business corporation, partnership, joint venture, trust, or other enterprise against any liability asserted against the person and incurred by the person in any such capacity or arising out of the person's status as such, whether or not the corporation would have power to indemnify the person against such liability under sections 561 to 565.
History: 1982, Act 162, Eff. Jan. 1, 1983
Am. 1993, Act 129, Imd. Eff. July 22, 1993
© 2009 Legislative Council, State of Michigan