State Codes and Statutes
Statutes > Michigan > Chapter-450 > Act-284-of-1972 > 284-1972-5 > Section-450-1501BUSINESS 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 ;-- Am. 1982, Act 407, Eff. Jan. 1, 1983
