Michigan Compiled Laws 23-1993-4 Article 4 (450.4401...450.4409)
- Section 450.4401 Management Vested In Members.
Unless the articles of organization state that the business of the limited liability company is to be managed by 1 or more managers, the...
- Section 450.4402 Managers; Delegation; Qualifications; Number; Notice Of Delegation.
(1) The articles of organization may provide that the business of the limited liability company shall be managed by or under the authority of...
- Section 450.4403 Managers; Selection; Vote; Removal; Notice.
(1) A vote of a majority in interest of the members entitled to vote in accordance with section 502(1) is required to select 1...
- Section 450.4404 Managers; Duties; Action For Failure To Perform Duties.
(1) A manager shall discharge the duties of manager in good faith, with the care an ordinarily prudent person in a like position would...
- Section 450.4405 Managers; Voting Requirements.
(1) Except as otherwise provided in the articles of organization or an operating agreement, voting by managers shall be as provided in this section....
- Section 450.4406 Manager As Agent.
A manager is an agent of the limited liability company for the purpose of its business, and the act of a manager, including the...
- Section 450.4407 Managers; Eliminating Or Limiting Liability; Exceptions.
A provision in the articles of organization or an operating agreement may eliminate or limit the monetary liability of a manager to the limited...
- Section 450.4408 Repealed. 2010, Act 290, Imd. Eff. Dec. 16, 2010.
Compiler's Notes: The repealed section pertained to indemnification of manager against losses, expenses, claims, and demands for alleged acts or omissions.
- Section 450.4409 Manager Or Agent With Interest In Company; Effect; Majority Vote By Members With No Interest In Transaction; Claims.
(1) Except as otherwise provided in an operating agreement, a transaction in which a manager or agent of a limited liability company is determined...
Last modified: October 10, 2016