Michigan Laws 550.1308 – Committees of board of directors; powers and authority; prohibited activities; emergency actions
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(1) To the extent provided by resolution of the board or in the bylaws or articles, a committee established pursuant to section 307 may exercise the powers and authority of the board in management of the business and affairs of the health care corporation. The board shall review and may modify subject to the rights of third parties any action or decision of a committee. A committee shall not do any of the following:
(a) Amend the articles of incorporation.
Terms Used In Michigan Laws 550.1308
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- 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
(b) Adopt an agreement of merger or consolidation.
(c) Authorize the sale, lease, or exchange of all or substantially all of the corporation’s property and assets.
(d) Approve, adopt, or amend provider contracts, provider class plans, rates charged to subscribers, or a certificate.
(e) Amend the bylaws of the corporation.
(f) Fill vacancies on the board.
(g) Fix compensation of the directors or officers.
(h) Perform other similar acts of a final or binding nature with respect to the business of the corporation.
(2) This section shall not prohibit emergency actions by the executive committee on behalf of the board, as authorized in the bylaws of the health care corporation.