Sec. 403. (1) A licensee shall have a board of directors. (2) The board of directors of a licensee that is not a business development enterprise shall consist of at least 7 directors. All of the following apply to the board of directors of a licensee that is a business development enterprise: (a) The board shall consist of at least 3 directors. (b) At least 1/3 of the members of the board shall be individuals designated by the board of the Michigan strategic fund. (3) If the licensee is a Michigan limited liability company, the board may consist of members who are not managers of the licensee. (4) The board of directors of a licensee shall hold a meeting at least once each calendar quarter.
Mich. Comp. Laws § 487.1403
Board of directors; number of directors; membership; meetings
1986, Act 89, Imd
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.