Michigan Laws 125.1632a – Personal liability of board members; insurance
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 125.1632a
- 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.
- Corporation: means a corporation organized pursuant to this act. See Michigan Laws 125.1603
- Project: means land or an interest in land, existing or planned improvements, machinery, furnishings, or equipment suitable for use by any of the following:
(i) An industrial or commercial enterprise, including agricultural and forestry enterprises and enterprises designed to produce energy from renewable resources. See Michigan Laws 125.1603
The members of the board of directors of any corporation organized pursuant to this act or any person executing any revenue bond or revenue note on behalf of a corporation shall not be liable personally on the revenue bond or revenue note, or be subject to any personal liability or accountability by reason of the issuance of the revenue bond or revenue note, by reason of acquisition, construction, ownership, or operation of a project, or by reason of any other action taken or omitted by the board of directors. By resolution the board of directors of any corporation organized pursuant to this act may provide for the purchase of insurance indemnifying the members of the board from and against any and all personal liability or accountability described in this section or any loss or expense related thereto.