Michigan Compiled Laws
162-1982-5 - Chapter 5 (450.2501...450.2571)
Section 450.2554 - Commencement of Action Under MCL 450.2551 or 450.2552.

Sec. 554.
An action against a director, shareholder, or member for recovery upon a liability imposed by section 551 shall be commenced within 3 years after the cause of action accrues. An action under section 552 shall be commenced within 3 years after payment by the director to the corporation.
History: 1982, Act 162, Eff. Jan. 1, 1983

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 450 - Corporations

Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)

162-1982-5 - Chapter 5 (450.2501...450.2571)

Section 450.2501 - Board of Directors; Management of Business and Affairs of Corporation; Qualifications; Powers.

Section 450.2501a - Board of Directors; Minimum Age; Requirements.

Section 450.2505 - Board; Number, Term, Election or Appointment, and Resignation of Directors.

Section 450.2506 - Dividing Directors Up to 5 Classes; Election or Appointment; Term; Expiration.

Section 450.2511 - Removal of Director; Vote.

Section 450.2514 - Removal of Director by Circuit Court.

Section 450.2515 - Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.

Section 450.2515a - Vacancy.

Section 450.2521 - Regular or Special Meetings of Board; Location; Notice; Attendance or Participation as Waiver of Notice; Participation by Means of Conference Telephone or Other Remote Communication.

Section 450.2523 - Quorum; Vote Constituting Action of Board or Committee; Amendment of Bylaws.

Section 450.2525 - Taking Action Without Meeting; Consent.

Section 450.2527 - Designation of Committees; Membership; Alternates; Absent or Disqualified Member; Providing for Election or Appointment of Committees in Articles or Bylaws.

Section 450.2528 - Executive Committee Designated Under MCL 450.2527(1) or (3); Powers and Authority; Subcommittees.

Section 450.2529 - Submitting Matter to Vote.

Section 450.2531 - Officers of Corporation; Membership; Election or Appointment; Individual Holding 2 or More Offices; Term of Office; Authority and Duties.

Section 450.2535 - Removal of Officer; Suspension of Authority to Act; Contract Rights; Resignation of Officer; Notice.

Section 450.2541 - Director or Officer; Discharge of Duties; Manner; Reliance on Certain Information; Compliance; Liability; Claim for Monetary Damages for Breach of Volunteer Director's Duty; Commencement of Action.

Section 450.2545 - Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.

Section 450.2545a - Transaction in Which Director or Officer Has Interest.

Section 450.2546 - Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.

Section 450.2548 - Loan, Guaranty, or Assistance by Corporation for Officer or Employee.

Section 450.2551 - Liability of Directors for Certain Corporate Actions; Liability of Shareholder or Member Accepting or Receiving Distribution Contrary to Act.

Section 450.2552 - Rights of Director Against Whom Claim Successfully Asserted Under MCL 450.2551.

Section 450.2553 - Presence or Absence of Director at Meeting at Which Action Under MCL 450.2551 Taken; Presumption; Dissent.

Section 450.2554 - Commencement of Action Under MCL 450.2551 or 450.2552.

Section 450.2556 - Volunteer's Acts or Omissions; Claim for Monetary Damages.

Section 450.2561 - Indemnification of Director, Officer, Partner, Trustee, Employee, Nondirector Volunteer, or Agent in Connection With Action, Suit, or Proceeding; Conditions; Presumption.

Section 450.2562 - Indemnification Against Expenses of Director, Officer, Partner, Trustee, Employee, Nondirector Volunteer, or Agent in Connection With Action or Suit by or in Right of Corporation; Conditions; Limitations.

Section 450.2563 - Indemnification for Expenses of Director, Officer, or Nondirector Volunteer Successful in Defense of Action, Suit, or Proceeding Referred to in MCL 450.2561 or 450.2562.

Section 450.2564 - Repealed. 2014, Act 557, Imd. Eff. Jan. 15, 2015.

Section 450.2564a - Indemnification of Director, Officer, Employee, Nondirector Volunteer, or Agent Under MCL 450.2561 or 450.2562; Authorization; Basis; Determination; Evaluation; Designation of Committee or Selection of Legal Counsel; Indemnificati...

Section 450.2564b - Expenses Incurred by Director, Officer, Employee, Nondirector Volunteer, or Agent; Reimbursement; Agreement; Advances.

Section 450.2564c - Indemnification of Director, Officer, Employee, Nondirector Volunteer, or Agent; Application to Court; Determination.

Section 450.2565 - Indemnification or Advance of Expenses Not Exclusive of Other Rights; Limitation; Continuation; Amended Provision.

Section 450.2567 - Purchase and Maintenance of Insurance on Behalf of Director, Officer, Employee, Nondirector Volunteer, or Agent.

Section 450.2569 - Scope of "Corporation" for Purposes of MCL 450.2561 to 450.2567.

Section 450.2571 - Definitions.