MCL - 350-1980-3

Act 350 of 1980
Part 3

Document Type Description
Section 550.1301 Section Board of directors; powers and duties generally; appointment, qualifications, and terms of members; vacancy; officer or employee as voting or nonvoting director; method of selection; definitions; prohibition.
Section 550.1302 Section Bylaws generally.
Section 550.1303 Section Meetings; required provisions in bylaws; notice; waiver; participation by conference telephone or similar communications equipment; quorum; action by board; actions requiring majority vote; record roll call vote; recording vote in minutes.
Section 550.1304 Section Books, records, and minutes; copy of minutes; disclosure, publication, and dissemination of minutes; compelling production of books or records.
Section 550.1305 Section Establishment and composition of corporate body; service of members on committees; membership on board of directors.
Section 550.1306 Section Effect of common directorship, officership, or interest on validity of contract or other transaction; burden of establishing validity of contract; exclusion of common or interested directors in determination of quorum; compensation of directors; bylaws regarding conflict of interest.
Section 550.1307 Section Advisory councils; committees of board of directors; bylaws regarding membership and emergency meetings and actions.
Section 550.1308 Section Committees of board of directors; powers and authority; prohibited activities; emergency actions.
Section 550.1309 Section Officers and assistants; selection; restriction; authority and duties; removal; contractual rights; bond; vacancies; compensation; pension.
Section 550.1310 Section Fiduciary duties; scope and manner of discharge; removal of director for breach of fiduciary duty; notice and hearing.
Section 550.1311 Section Liability for misapplication or misuse of corporate money or property.
Section 550.1312 Section Action for failure to perform duties; commencement.
Section 550.1313 Section False statement as misdemeanor; liability for false statement or report; commencement of action for civil liability.