Michigan Laws 550.1311 – Liability for misapplication or misuse of corporate money or property
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 550.1311
- 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.
Each director or officer of a health care corporation shall be individually liable for the misapplication or misuse of corporate money or property caused through the neglect or failure of that director or officer to discharge his or her duties in compliance with the standards prescribed in section 310, or through wilful violation of this act or other laws governing the health care corporation.