NONPROFIT CORPORATION ACT
Act 162 of 1982
450.2501 Board of directors; management of business and affairs of corporation; qualifications; powers.
Sec. 501.
(1) The business and affairs of a corporation shall be managed by or under the direction of its board, except as otherwise provided in this act or in its articles of incorporation. A director is not required to be a shareholder or member of the corporation unless the articles of incorporation or bylaws so require. The articles of incorporation or bylaws may prescribe qualifications for directors.
(2) The board of a corporation that is subject to the uniform prudent management of institutional funds act, 2009 PA 87, MCL 451.921 to 451.931, has the powers granted under both that act and this act. In the event of an inconsistency between the 2 acts, the uniform prudent management of institutional funds act, 2009 PA 87, MCL 451.921 to 451.931, controls.
History: 1982, Act 162, Eff. Jan. 1, 1983 ;-- Am. 2009, Act 88, Imd. Eff. Sept. 10, 2009 ;-- Am. 2014, Act 557, Imd. Eff. Jan. 15, 2015
Notes of Decisions
Hills of Oakland Subdivision Ass'n v. Victoria M Seibert (Mich. Ct. App. 2024).
· cites it 2× “However, MCL 450.2501(1) states, in pertinent part: “The business and affairs of a corporation shall be managed by or under the direction of its board, except as otherwise provided in this act or in its articles of incorporation.”
Sunnyside Resort Condo. Assn Inc v. Neil J Beckman (Mich. Ct. App. 2019).
“The challenged assessments for this issue were 3 Given this conclusion, the SRCA’s argument that it had the power to correct prior errors pursuant to MCL 450.2501(1), the condominium bylaws, and Gordon Props, LLC v First Owners Ass’n of Forty Six Hundred, 460 BR 681 (Bankr ED…”
— Mich. Comp. Laws § 450.2501(1) — 2 cases
Hills of Oakland Subdivision Ass'n v. Victoria M Seibert (Mich. Ct. App. 2024).
“However, MCL 450.2501(1) states, in pertinent part: “The business and affairs of a corporation shall be managed by or under the direction of its board, except as otherwise provided in this act or in its articles of incorporation.”
Sunnyside Resort Condo. Assn Inc v. Neil J Beckman (Mich. Ct. App. 2019).
“The challenged assessments for this issue were 3 Given this conclusion, the SRCA’s argument that it had the power to correct prior errors pursuant to MCL 450.2501(1), the condominium bylaws, and Gordon Props, LLC v First Owners Ass’n of Forty Six Hundred, 460 BR 681 (Bankr ED…”
Annotations are extracted automatically from the opinions in the
Syfert caselaw corpus and ranked by authority, recency, and
treatment. Dots show Syfertize treatment of the citing case itself.