Section 450.2515 - Filling of vacancies; increase in number of directors; special meeting where no directors in office. - Michigan Statutes

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Statutes > Michigan > Chapter-450 > Act-162-of-1982 > 162-1982-5 > Section-450-2515

NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982

450.2515 Filling of vacancies; increase in number of directors; special meeting where no directors in office.

Sec. 515.

(1) Unless the right to fill vacancies is reserved to the shareholders or members or otherwise provided by the articles of incorporation or bylaws, a vacancy occurring in the board may be filled by the affirmative vote of a majority of the remaining directors though less than a quorum of the board. A directorship to be filled because of an increase in the number of directors or to fill a vacancy may be filled by the board for a term of office continuing only until the next election of directors by the shareholders or members.

(2) If because of death, resignation, or other cause, a corporation has no directors in office, an officer, a shareholder, a member, an executor, administrator, trustee, or guardian of a shareholder or member, or other fiduciary entrusted with like responsibility for the person or estate of a shareholder or member, may call a special meeting of shareholders or members in accordance with the articles or the bylaws.

History: 1982, Act 162, Eff. Jan. 1, 1983

State Codes and Statutes

Statutes > Michigan > Chapter-450 > Act-162-of-1982 > 162-1982-5 > Section-450-2515

NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982

450.2515 Filling of vacancies; increase in number of directors; special meeting where no directors in office.

Sec. 515.

(1) Unless the right to fill vacancies is reserved to the shareholders or members or otherwise provided by the articles of incorporation or bylaws, a vacancy occurring in the board may be filled by the affirmative vote of a majority of the remaining directors though less than a quorum of the board. A directorship to be filled because of an increase in the number of directors or to fill a vacancy may be filled by the board for a term of office continuing only until the next election of directors by the shareholders or members.

(2) If because of death, resignation, or other cause, a corporation has no directors in office, an officer, a shareholder, a member, an executor, administrator, trustee, or guardian of a shareholder or member, or other fiduciary entrusted with like responsibility for the person or estate of a shareholder or member, may call a special meeting of shareholders or members in accordance with the articles or the bylaws.

History: 1982, Act 162, Eff. Jan. 1, 1983

State Codes and Statutes

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State Codes and Statutes

Statutes > Michigan > Chapter-450 > Act-162-of-1982 > 162-1982-5 > Section-450-2515

NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982

450.2515 Filling of vacancies; increase in number of directors; special meeting where no directors in office.

Sec. 515.

(1) Unless the right to fill vacancies is reserved to the shareholders or members or otherwise provided by the articles of incorporation or bylaws, a vacancy occurring in the board may be filled by the affirmative vote of a majority of the remaining directors though less than a quorum of the board. A directorship to be filled because of an increase in the number of directors or to fill a vacancy may be filled by the board for a term of office continuing only until the next election of directors by the shareholders or members.

(2) If because of death, resignation, or other cause, a corporation has no directors in office, an officer, a shareholder, a member, an executor, administrator, trustee, or guardian of a shareholder or member, or other fiduciary entrusted with like responsibility for the person or estate of a shareholder or member, may call a special meeting of shareholders or members in accordance with the articles or the bylaws.

History: 1982, Act 162, Eff. Jan. 1, 1983