BUSINESS CORPORATION ACT
Act 284 of 1972
450.1107 Definitions; F to I.
Sec. 107.
(1) "Foreign corporation" means a corporation for profit formed under laws other than the laws of this state, which includes in its purposes a purpose for which a corporation may be formed under this act.
(2) "Foreign nonprofit corporation" means a corporation organized under laws other than the laws of this state, which includes in its purposes a purpose for which a corporation may be organized under the nonprofit corporation act, Act No. 162 of the Public Acts of 1982, being sections 450.2101 to 450.3192 of the Michigan Compiled Laws.
(3) "Independent director" means a director who meets all of the following requirements:
(a) Is elected by the shareholders.
(b) Is designated as an independent director by the board or the shareholders.
(c) Has at least 5 years of business, legal, or financial experience, or other equivalent experience. For a corporation with securities registered under section 12 of the securities exchange act of 1934, chapter 404, 48 Stat. 881, 15 U.S.C. 78L, "experience" shall mean experience as a senior executive, director, or attorney, or other equivalent experience, for a corporation with registered securities.
(d) Is not and during the 3 years prior to being designated as an independent director has not been any of the following:
(i) An officer or employee of the corporation or any affiliate of the corporation.
(ii) Engaged in any business transaction for profit or series of transactions for profit, including banking, legal, or consulting services, involving more than $10,000.00 with the corporation or any affiliate of the corporation.
(iii) An affiliate, executive officer, general partner, or member of the immediate family of any person that had the status or engaged in a transaction described in subparagraph (i) or (ii).
(e) Does not propose to enter into a relationship or transaction described in subdivision (d)(i) through (iii).
(f) Does not have an aggregate of more than 3 years of service as a director of the corporation, whether or not as an independent director.
History: 1972, Act 284, Eff. Jan. 1, 1973 ;-- Am. 1989, Act 121, Eff. Oct. 1, 1989
Notes of Decisions
Leonard C. Jaques, Sybil J. Jaques v. Comm'r of Internal Revenue, 935 F.2d 104 (6th Cir. 1991).
“Earned surplus is defined as “the portion of the surplus of a corporation that represents the accumulated net earnings, gains and profits, after deduction of all losses, that has not been distributed to shareholders as dividends or transferred to stated capital or capital…”
Pittsburgh Tube Co. v. Tri-Bend, Inc., 463 N.W.2d 161 (Mich. Ct. App. 1990).
“” MCL 450.1107(3); MSA 21.200(107X3). While there is no dispute that at the time of the transaction Tri-Bend was in considerable arrears on its account with plaintiff and thus insolvent as that term is defined for purposes of the Business Corporation Act, there is no merit to…”
John Madden v. Joseph a Avila (Mich. Ct. App. 2016).
“MCL 450.1107(1) (defining “foreign corporation” as “a corporation for profit formed under laws other than the laws of this state, which includes in its purposes a purpose for which a corporation may be formed under this act”).”
— Mich. Comp. Laws § 450.1107(1) — 2 cases
Leonard C. Jaques, Sybil J. Jaques v. Comm'r of Internal Revenue, 935 F.2d 104 (6th Cir. 1991).
“Earned surplus is defined as “the portion of the surplus of a corporation that represents the accumulated net earnings, gains and profits, after deduction of all losses, that has not been distributed to shareholders as dividends or transferred to stated capital or capital…”
John Madden v. Joseph a Avila (Mich. Ct. App. 2016).
“MCL 450.1107(1) (defining “foreign corporation” as “a corporation for profit formed under laws other than the laws of this state, which includes in its purposes a purpose for which a corporation may be formed under this act”).”
— Mich. Comp. Laws § 450.1107(3) — 1 case
Pittsburgh Tube Co. v. Tri-Bend, Inc., 463 N.W.2d 161 (Mich. Ct. App. 1990).
“” MCL 450.1107(3); MSA 21.200(107X3). While there is no dispute that at the time of the transaction Tri-Bend was in considerable arrears on its account with plaintiff and thus insolvent as that term is defined for purposes of the Business Corporation Act, there is no merit to…”
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