450.1209 Articles of incorporation; permissible provisions.

Sec. 209.

    (1) The articles of incorporation may contain any provision not inconsistent with this act or another statute of this state, including any of the following:

    (a) A provision for management of the business and conduct of the affairs of the corporation, or creating, defining, limiting, or regulating the powers of the corporation, its directors and shareholders, or a class of shareholders.

    (b) A provision that under this act is required or permitted to be set forth in the bylaws.

    (c) A provision eliminating or limiting a director's liability to the corporation or its shareholders for money damages for any action taken or any failure to take any action as a director, except liability for any of the following:

    (i) The amount of a financial benefit received by a director to which he or she is not entitled.

    (ii) Intentional infliction of harm on the corporation or the shareholders.

    (iii) A violation of section 551.

    (iv) An intentional criminal act.

    (2) If the articles of incorporation contain a provision eliminating the liability of a director prior to the amendatory act that amended subsection (1) and added this subsection, that provision shall be considered to eliminate the liability of a director as provided in subsection (1)(c).