Michigan Compiled Laws
350-1980-3 - Part 3 (550.1301...550.1313)
Section 550.1311 - Liability for Misapplication or Misuse of Corporate Money or Property.

Sec. 311.
Each director or officer of a health care corporation shall be individually liable for the misapplication or misuse of corporate money or property caused through the neglect or failure of that director or officer to discharge his or her duties in compliance with the standards prescribed in section 310, or through wilful violation of this act or other laws governing the health care corporation.
History: 1980, Act 350, Eff. Apr. 3, 1981 Popular Name: Blue Cross-Blue ShieldPopular Name: Act 350

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 550 - General Insurance Laws

Act 350 of 1980 - The Nonprofit Health Care Corporation Reform Act (550.1101 - 550.1704)

350-1980-3 - Part 3 (550.1301...550.1313)

Section 550.1301 - Board of Directors; Powers and Duties Generally; Appointment, Qualifications, and Terms of Members; Vacancy; Officer or Employee as Voting or Nonvoting Director; Method of Selection; Definitions; Prohibition.

Section 550.1302 - Bylaws Generally.

Section 550.1303 - Meetings; Required Provisions in Bylaws; Notice; Waiver; Participation by Conference Telephone or Similar Communications Equipment; Quorum; Action by Board; Actions Requiring Majority Vote; Record Roll Call Vote; Recording Vote in...

Section 550.1304 - Books, Records, and Minutes; Copy of Minutes; Disclosure, Publication, and Dissemination of Minutes; Compelling Production of Books or Records.

Section 550.1305 - Establishment and Composition of Corporate Body; Service of Members on Committees; Membership on Board of Directors.