BUSINESS CORPORATION ACT (EXCERPT)
Act 284 of 1972
450.1501 Management of corporation; qualifications of director.
Sec. 501.
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 need not be a shareholder of the corporation unless the articles or bylaws so require. The articles or bylaws may prescribe qualifications for directors.
History: 1972, Act 284, Eff. Jan. 1, 1973
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Am. 1982, Act 407, Eff. Jan. 1, 1983
Rendered 8/15/2025 7:33 AM
Michigan Compiled Laws Complete Through PA 5 of 2025
Courtesy of legislature.mi.gov