§ 450.2501 Board of directors; management of business and affairs of corporation; qualifications; powers
§ 450.2501a Board of directors; minimum age; requirements
§ 450.2505 Board; number, term, election or appointment, and resignation of directors
§ 450.2506 Dividing directors up to 5 classes; election or appointment; term; expiration
§ 450.2511 Removal of director; vote
§ 450.2514 Removal of director by circuit court
§ 450.2515a Vacancy
§ 450.2521 Regular or special meetings of board; location; notice; attendance or participation as waiver of notice; participation by means of conference telephone or other remote communication
§ 450.2523 Quorum; vote constituting action of board or committee; amendment of bylaws
§ 450.2525 Taking action without meeting; consent
§ 450.2527 Designation of committees; membership; alternates; absent or disqualified member; providing for election or appointment of committees in articles or bylaws
§ 450.2528 Executive committee designated under MCL 450.2527(1) or (3); powers and authority; subcommittees
§ 450.2529 Submitting matter to vote
§ 450.2531 Officers of corporation; membership; election or appointment; individual holding 2 or more offices; term of office; authority and duties
§ 450.2535 Removal of officer; suspension of authority to act; contract rights; resignation of officer; notice
§ 450.2541 Director or officer; discharge of duties; manner; reliance on certain information; compliance; liability; claim for monetary damages for breach of volunteer director’s duty; commencement of actio
§ 450.2545a Transaction in which director or officer has interest
§ 450.2548 Loan, guaranty, or assistance by corporation for officer or employee
§ 450.2551 Liability of directors for certain corporate actions; liability of shareholder or member accepting or receiving distribution contrary to act
§ 450.2552 Rights of director against whom claim successfully asserted under MCL 450.2551
§ 450.2553 Presence or absence of director at meeting at which action under MCL 450.2551 taken; presumption; dissent
§ 450.2554 Commencement of action under MCL 450.2551 or 450.2552
§ 450.2556 Volunteer’s acts or omissions; claim for monetary damages
§ 450.2561 Indemnification of director, officer, partner, trustee, employee, nondirector volunteer, or agent in connection with action, suit, or proceeding; conditions; presumption
§ 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; lim
§ 450.2563 Indemnification for expenses of director, officer, or nondirector volunteer successful in defense of action, suit, or proceeding referred to in MCL 450.2561 or 450.2562
§ 450.2564a Indemnification of director, officer, employee, nondirector volunteer, or agent under MCL 450.2561 or 450.2562; authorization; basis; determination; evaluation; designation of committee or select
§ 450.2564b Expenses incurred by director, officer, employee, nondirector volunteer, or agent; reimbursement; agreement; advances
§ 450.2564c Indemnification of director, officer, employee, nondirector volunteer, or agent; application to court; determination
§ 450.2565 Indemnification or advance of expenses not exclusive of other rights; limitation; continuation; amended provision
§ 450.2567 Purchase and maintenance of insurance on behalf of director, officer, employee, nondirector volunteer, or agent
§ 450.2569 Scope of “corporation” for purposes of MCL 450.2561 to 450.2567
§ 450.2571 Definitions
non profit

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Terms Used In Michigan Laws > Chapter 450 > Act 162 of 1982 > Chapter 5

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • annual meeting: when applied to townships, mean the annual meeting required by law to be held on the Saturday immediately preceding the first Monday in April. See Michigan Laws 8.3d
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Fiduciary: A trustee, executor, or administrator.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Quorum: The number of legislators that must be present to do business.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
  • Statute: A law passed by a legislature.
  • Summons: Another word for subpoena used by the criminal justice system.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trustee: A person or institution holding and administering property in trust.
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o