§ 550.1301 Board of directors; powers and duties generally; appointment, qualifications, and terms of members; vacancy; officer or employee as voting or nonvoting director; method of selection; definitions;
§ 550.1302 Bylaws generally
§ 550.1303 Meetings; required provisions in bylaws; notice; waiver; participation by conference telephone or similar communications equipment; quorum; action by board; actions requiring majority vote; recor
§ 550.1304 Books, records, and minutes; copy of minutes; disclosure, publication, and dissemination of minutes; compelling production of books or records
§ 550.1305 Establishment and composition of corporate body; service of members on committees; membership on board of directors
§ 550.1306 Effect of common directorship, officership, or interest on validity of contract or other transaction; burden of establishing validity of contract; exclusion of common or interested directors in d
§ 550.1307 Advisory councils; committees of board of directors; bylaws regarding membership and emergency meetings and actions
§ 550.1308 Committees of board of directors; powers and authority; prohibited activities; emergency actions
§ 550.1309 Officers and assistants; selection; restriction; authority and duties; removal; contractual rights; bond; vacancies; compensation; pension
§ 550.1310 Fiduciary duties; scope and manner of discharge; removal of director for breach of fiduciary duty; notice and hearing
§ 550.1311 Liability for misapplication or misuse of corporate money or property
§ 550.1312 Action for failure to perform duties; commencement
§ 550.1313 False statement as misdemeanor; liability for false statement or report; commencement of action for civil liability
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Terms Used In Michigan Laws > Chapter 550 > Act 350 of 1980 > Part 3

  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Association: means an association as defined in former section 108 of the savings and loan act of 1980, former 1980 PA 307. See Michigan Laws 400.171
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Credit union: means a domestic credit union as that term is defined in section 102 of the credit union act, 2003 PA 215, MCL 490. See Michigan Laws 400.171
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Department: means the department of human services. See Michigan Laws 400.171
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Fiduciary: A trustee, executor, or administrator.
  • Food stamps: means the coupons issued pursuant to the food stamp program established under the food stamp act of 1977, 7 USC 2011 to 2036a. See Michigan Laws 400.171
  • Institution: means an institution as defined in section 1202 of the banking code of 1999, 1999 PA 276, MCL 487. See Michigan Laws 400.171
  • 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
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Quorum: The number of legislators that must be present to do business.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c
  • state: 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
  • Statute: A law passed by a legislature.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trustee: A person or institution holding and administering property in trust.
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o