Sec. 17.
A director who has either a direct or indirect interest in a matter before the corporation shall disclose that interest before the corporation takes action on the matter. This disclosure shall be made a part of the record of the corporation's official proceedings and the interested director shall refrain from participation in the corporation relating to the matter.
History: 1995, Act 75, Imd. Eff. June 13, 1995
Structure Michigan Compiled Laws
Chapter 125 - Planning, Housing, and Zoning
Act 75 of 1995 - Empowerment Zone Development Corporation Act (125.2561 - 125.2591)
Section 125.2561 - Short Title.
Section 125.2563 - Legislative Findings.
Section 125.2565 - Definitions.
Section 125.2569 - Articles of Incorporation; Filing; Validity.
Section 125.2571 - Incorporation of More Than 1 Corporation Prohibited.
Section 125.2577 - Disclosure of Interest in Matter Before Corporation.
Section 125.2579 - Board of Directors; Quorum.
Section 125.2581 - Corporation; Powers and Duties.
Section 125.2583 - Corporation; Dissolution.
Section 125.2585 - Imposition of Sanctions; Basis; Approval.
Section 125.2589 - Construction of Act.
Section 125.2591 - Authority of Act in Addition to Power of Municipality.