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.
Mich. Comp. Laws § 450.1501
Management of corporation; qualifications of director
Applied in 1 court decision — leading case 245 Mich. App. 328 - Estes v. Idea Engineering & Fabricating, Inc (2001)
Most recently applied in 245 Mich. App. 328 - Estes v. Idea Engineering & Fabricating, Inc (June 2001)
1972, Act 284, Eff
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.