Michigan Laws 125.2617 – Disclosure of interest in matter before corporation
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Terms Used In Michigan Laws 125.2617
- Corporation: means an enterprise community development corporation organized under this act. See Michigan Laws 125.2605
- 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.
A director who has either a direct or indirect interest in a matter before the corporation shall disclose that interest before the corporation takes action on the matter. This disclosure shall be made a part of the record of the corporation’s official proceedings and the interested director shall refrain from participation in the corporation relating to the matter.