Michigan Laws 324.21526 – Board of directors; powers
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 324.21526
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means the underground storage tank authority created in section 21523. See Michigan Laws 324.21502
- board: means the board of directors of the authority. See Michigan Laws 324.21502
- Bonds or notes: means the bonds, notes, commercial paper, other obligations of indebtedness, or any combination of these, issued by the finance authority pursuant to this part. See Michigan Laws 324.21502
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the department of environmental quality. See Michigan Laws 324.21502
- Director: means the director of the department of natural resources. See Michigan Laws 324.301
- Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 324.21503
- seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nstate: 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
Except as otherwise provided in this part, the board of directors may do all things necessary or convenient to implement this part and the purposes, objectives, and powers delegated to the board of directors by other laws or executive orders, including, but not limited to, all of the following:
(a) Adopt an official seal and bylaws for the regulation of its affairs and alter the seal or bylaws.
(b) Sue and be sued in its own name and plead and be impleaded.
(c) Enter into contracts and other instruments necessary, incidental, or convenient to the performance of its duties and the exercise of its powers.
(d) With the prior consent of the director of the department, solicit and accept gifts, grants, loans, and other aid from any person or the federal, state, or local government or any agency of the federal, state, or local government, or participate in any other way in a federal, state, or local government program.
(e) Procure insurance against loss in connection with the property, assets, or activities of the authority.
(f) Contract for goods and services and engage personnel as necessary and engage the services of private consultants, managers, legal counsel, and auditors for rendering professional financial assistance and advice, payable out of any money of the authority.
(g) Indemnify and procure insurance indemnifying members of the board of directors from personal loss or accountability from liability asserted by a person on bonds or notes of the authority, or from any personal liability or accountability by reason of the issuance of the bonds or notes, or by reason of any other action taken or the failure to act by the authority.
(h) Do all other things necessary or convenient to achieve the objectives and purposes of the authority, this part, rules promulgated under this part, or other laws that relate to the purposes and responsibilities of the authority.