Sec. 5925.
(1) If the mutual company complies substantially and in good faith with the notice requirements of this chapter, the mutual company's failure to give a member the required notice does not impair the validity of any action taken under this chapter.
(2) Except as otherwise provided, an action challenging the validity of or arising out of acts taken or proposed to be taken under this chapter, other than an action challenging the commissioner's decision approving or disapproving the plan, shall be commenced within 30 days after the eligible members have approved the plan. An action based upon noncompliance with a business plan submitted under section 5903(2)(f) shall be commenced in Ingham county circuit court within 3 years after the cause of action has accrued, or within 2 years after the time when the cause of action is discovered or should reasonably have been discovered by the complainant, whichever occurs first.
(3) Notwithstanding section 244, an action challenging the validity of the commissioner's decision approving or disapproving the plan shall be commenced within 30 days after the commissioner's decision.
History: Add. 1995, Act 215, Imd. Eff. Nov. 29, 1995 ;-- Am. 1998, Act 121, Imd. Eff. June 10, 1998 Popular Name: Act 218
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
Section 500.5901 - Definitions.
Section 500.5904 - Plan of Conversion; Prohibited Conduct.
Section 500.5905 - Conversion Plan; Contents; Provisions Applicable to Subscription Rights.
Section 500.5907 - Conversion Plan; Provisions Applicable to Operation as Closed Block of Business.
Section 500.5911 - Receipt of Subscription Rights by Directors and Officers of Mutual Company.
Section 500.5913 - Allocation of Subscription Rights to Employee Benefit Plan.
Section 500.5917 - Effectiveness of Plan; Conditions.
Section 500.5925 - Validity of Actions.
Section 500.5927 - Petition to Waive Notice and Approval Requirements.