Michigan Compiled Laws 350-1980-3 Part 3 (550.1301...550.1313)

• Section 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; Prohibition.
  (1) The property and lawful business of a health care corporation existing and authorized to do business under this act shall be held and...
• Section 550.1302 Bylaws Generally.
  (1) The board of directors shall adopt initial bylaws and may amend or repeal those bylaws or adopt new bylaws, subject to the prior...
• Section 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; Record Roll Call Vote; Recording Vote In Minutes.
  (1) Regular or special meetings of the board or a committee of the board shall be held within this state. With respect to regular...
• Section 550.1304 Books, Records, And Minutes; Copy Of Minutes; Disclosure, Publication, And Dissemination Of Minutes; Compelling Production Of Books Or Records.
  (1) A health care corporation shall keep accurate books and records of account and minutes of the proceedings of the board of directors of...
• Section 550.1305 Establishment And Composition Of Corporate Body; Service Of Members On Committees; Membership On Board Of Directors.
  (1) A health care corporation may establish a corporate body. The corporate body shall consist of individuals selected in the same manner as individuals...
• Section 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 Determination Of Quorum; Compensation Of Directors; Bylaws Regarding Conflict Of Interest.
  (1) A contract or other transaction between a health care corporation and 1 or more of its directors or officers, or between a health...
• Section 550.1307 Advisory Councils; Committees Of Board Of Directors; Bylaws Regarding Membership And Emergency Meetings And Actions.
  The board of directors may establish those advisory councils and, unless otherwise provided in the articles of incorporation or bylaws, those committees it considers...
• Section 550.1308 Committees Of Board Of Directors; Powers And Authority; Prohibited Activities; Emergency Actions.
  (1) To the extent provided by resolution of the board or in the bylaws or articles, a committee established pursuant to section 307 may...
• Section 550.1309 Officers And Assistants; Selection; Restriction; Authority And Duties; Removal; Contractual Rights; Bond; Vacancies; Compensation; Pension.
  (1) The board of directors shall select the officers of the health care corporation and a chairperson, vice-chairperson, and other board officers and assistants...
• Section 550.1310 Fiduciary Duties; Scope And Manner Of Discharge; Removal Of Director For Breach Of Fiduciary Duty; Notice And Hearing.
  (1) With respect to management of the affairs and property of the health care corporations, and in the selection, supervision, and control of committees...
• Section 550.1311 Liability For Misapplication Or Misuse Of Corporate Money Or Property.
  Each director or officer of a health care corporation shall be individually liable for the misapplication or misuse of corporate money or property caused...
• Section 550.1312 Action For Failure To Perform Duties; Commencement.
  An action against a director or officer for failure to perform the duties imposed by this act shall be commenced within 3 years after...
• Section 550.1313 False Statement As Misdemeanor; Liability For False Statement Or Report; Commencement Of Action For Civil Liability.
  (1) Except with respect to statements which are subject to prosecution for perjury, as defined in section 423 of Act No. 328 of the...

Last modified: October 10, 2016