BUSINESS CORPORATION ACT (EXCERPT)
Act 284 of 1972

450.1554 Action against director or shareholder; limitation.

Sec. 554.

An action against a director or shareholder for recovery upon a liability imposed by section 551 shall be commenced within 3 years after the cause of action accrues. An action under section 552 shall be commenced within 3 years after payment by the director to the corporation.

History: 1972, Act 284, Eff. Jan. 1, 1973

Rendered 8/16/2025 4:17 AM
Michigan Compiled Laws Complete Through PA 5 of 2025
Courtesy of legislature.mi.gov