Sec. 497.
On termination of the derivative proceeding, the court may order 1 of the following:
(a) The plaintiff to pay any of the defendant's reasonable expenses, including reasonable attorney fees, incurred in defending the proceeding if it finds that the proceeding was commenced or maintained in bad faith or without reasonable cause.
(b) The corporation to pay the plaintiff's reasonable expenses, including reasonable attorney fees, incurred in the proceeding if it finds that the proceeding has resulted in a substantial benefit to the corporation. The court shall direct the plaintiff to account to the corporation for any proceeds received by the plaintiff in excess of expenses awarded by the court, except that this shall not apply to a judgment rendered for the benefit of an injured shareholder only and limited to a recovery of the loss or damage sustained by him or her.
History: Add. 1989, Act 121, Eff. Oct. 1, 1989
Structure Michigan Compiled Laws
Act 284 of 1972 - Business Corporation Act (450.1101 - 450.2099)
284-1972-4 - Chapter 4 Shareholders (450.1401...450.1497)
Section 450.1401 - Meetings of Shareholders; Place.
Section 450.1402 - Annual Meeting of Shareholders.
Section 450.1403 - Special Meeting of Shareholders.
Section 450.1406 - Meeting of Shareholders; Duties of Chairperson.
Section 450.1406a - Electronic Transmission as Notice; Consent.
Section 450.1407 - Corporate Action Without Meeting, Notice, or Vote of Shareholders.
Section 450.1411 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1412 - Fixing Record Dates for Certain Purposes.
Section 450.1413 - List of Shareholders Entitled to Vote.
Section 450.1415 - Shareholder Meeting; Quorum.
Section 450.1422 - Irrevocable Proxy.
Section 450.1423 - Revocable Proxy.
Section 450.1431 - Inspectors at Shareholders' Meetings.
Section 450.1432 - Procedure Recognizing Beneficial Owner of Shares as Shareholder.
Section 450.1441 - Voting by Shareholders.
Section 450.1442 - Voting as a Class or Series.
Section 450.1444 - Voting Shares Standing in Name of Another Corporation; Voting Pledged Shares.
Section 450.1445 - Voting Shares Held by Representatives or Fiduciaries.
Section 450.1446 - Voting by Joint Tenants or Tenants in Common.
Section 450.1447 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1447a - Voting Shares Owned by Second Corporation.
Section 450.1448 - Voting of Redeemable Shares.
Section 450.1451 - Cumulative Voting.
Section 450.1455 - Articles Control Where Voting Requirements Exceed Those of Act.
Section 450.1461 - Voting Agreements Between Shareholders.
Section 450.1463 - Repealed. 1997, Act 118, Imd. Eff. Oct. 24, 1997.
Section 450.1466 - Voting Trust Agreement; Certificates.
Section 450.1468 - Extending Duration of Voting Trust Agreement.
Section 450.1471 - Shares as Personal Property; Shares Transferable.
Section 450.1481 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1485 - Corporate Books, Records, and Minutes.
Section 450.1488 - Shareholder Agreement.
Section 450.1489 - Action by Shareholder.
Section 450.1491 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1491a - Definitions.
Section 450.1492 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1492a - Commencement of Derivative Proceeding by Shareholder; Criteria.
Section 450.1493 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1493a - Commencement of Derivative Proceeding by Shareholder; Criteria.
Section 450.1494 - Stay of Derivative Proceeding; Condition.
Section 450.1495 - Dismissal of Derivative Proceeding; Determination.
Section 450.1497 - Termination of Derivative Proceeding; Order of Court.