Michigan Compiled Laws
350-1980-3 - Part 3 (550.1301...550.1313)
Section 550.1312 - Action for Failure to Perform Duties; Commencement.

Sec. 312.
An action against a director or officer for failure to perform the duties imposed by this act shall be commenced 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 a person complaining of the failure to perform, whichever occurs sooner.
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.

Section 550.1306 - Effect of Common Directorship, Officership, or Interest on Validity of Contract or Other Transaction; Burden of Establishing Validity of Contract; Exclusion of Common or Interested Directors in Determination of Quorum; Compensation...

Section 550.1307 - Advisory Councils; Committees of Board of Directors; Bylaws Regarding Membership and Emergency Meetings and Actions.

Section 550.1308 - Committees of Board of Directors; Powers and Authority; Prohibited Activities; Emergency Actions.

Section 550.1309 - Officers and Assistants; Selection; Restriction; Authority and Duties; Removal; Contractual Rights; Bond; Vacancies; Compensation; Pension.

Section 550.1310 - Fiduciary Duties; Scope and Manner of Discharge; Removal of Director for Breach of Fiduciary Duty; Notice and Hearing.

Section 550.1311 - Liability for Misapplication or Misuse of Corporate Money or Property.

Section 550.1312 - Action for Failure to Perform Duties; Commencement.

Section 550.1313 - False Statement as Misdemeanor; Liability for False Statement or Report; Commencement of Action for Civil Liability.