Sec. 7.
A volunteer trustee or a nontrustee volunteer who is an officer of the college has no personal liability to the college for monetary damages for a breach of the trustee's or officer's fiduciary duty. This provision does not eliminate or limit the liability of a trustee or officer for any of the following:
(a) A breach of the trustee's or officer's duty of loyalty to the college.
(b) Acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law.
(c) Any distribution of assets of the college in violation of applicable law.
(d) A transaction from which the trustee or officer derived an improper personal benefit.
(e) An act or omission occurring before the effective date of this amendment.
(f) An act or omission that is grossly negligent.
History: Add. 2011, Act 220, Imd. Eff. Nov. 15, 2011 Compiler's Notes: Former MCL 390.707, which pertained to the election of trustees by the alumni association of Albion college, was repealed by Act 137 of 1972, Imd. Eff. May 18, 1972.
Structure Michigan Compiled Laws
Chapter 390 - Universities and Colleges
Act 72 of 1857 - Albion College (390.701 - 390.708)
Section 390.701 - Albion College; Creation; Board of Trustees; Powers.
Section 390.701a - Definitions.
Section 390.702 - Board of Trustees; Membership; Term of Office; Limitation.
Section 390.702a - Repealed. 1972, Act 137, Imd. Eff. May 18, 1972.
Section 390.703 - Board of Trustees; Powers; Course of Study; Conferring of Degrees.
Section 390.704 - Repealed. 2011, Act 220, Imd. Eff. Nov. 15, 2011.
Section 390.705 - Powers of Corporation.
Section 390.705a - Board of Trustees; Custodians of Endowment Funds.
Section 390.706 - Act Declared Public; Non-User of Privileges; Misnomer in Instrument.
Section 390.707 - Breach of Trustee's or Officer's Fiduciary Duty; Liability.
Section 390.707a - Volunteer Trustee; Liability for Acts or Omissions.
Section 390.707b - Volunteer Trustee or Nontrustee Volunteer; Liability of College; Conditions.
Section 390.708 - Repealed. 2011, Act 220, Imd. Eff. Nov. 15, 2011.