Section 450.2501 - Management of business and affairs of corporation by board; qualifications of directors; powers of board.
NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982
450.2501 Management of business and affairs of corporation by board; qualifications of directors; powers of board.
Sec. 501.
(1) The business and affairs of a corporation shall be managed by its board, except as otherwise provided in this act. A director need not be a shareholder or member of the corporation unless the articles or bylaws so require. The articles 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 has the powers granted under both that act and this act. However, in the event of an inconsistency between the 2 acts, the uniform prudent management of institutional funds act controls.
History: 1982, Act 162, Eff. Jan. 1, 1983 ;-- Am. 2009, Act 88, Imd. Eff. Sept. 10, 2009