450.2110 Definitions; V.
132 words·~1 min read·
/mi/chapter-450/450-2110A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
450.2110 Definitions; V.
Sec. 110.
(1)"Volunteer" means an individual who performs services for a corporation, other than services as a volunteer director, who does not receive compensation or any other type of consideration for the services other than reimbursement for expenses actually incurred.
(2)"Volunteer director" means a director who does not receive anything of more than nominal value from the corporation for serving as a director other than reasonable per diem compensation and reimbursement for actual, reasonable, and necessary expenses incurred by a director in his or her capacity as a director.
History: 1982, Act 162, Eff. Jan. 1, 1983 ;-- Am. 1987, Act 170, Eff. Jan. 1, 1988 ;-- Am. 1990, Act 39, Imd. Eff. Mar. 29, 1990 ;-- Am. 2014, Act 557 , Imd. Eff. Jan. 15, 2015