450.2406 Chairperson presiding at meeting of shareholders or members; powers, duties, and authority.
183 words·~1 min read·
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450.2406 Chairperson presiding at meeting of shareholders or members; powers, duties, and authority.
Sec. 406.
(1)At each meeting of shareholders or members, a chairperson shall preside. The chairperson shall be appointed as provided in the bylaws or, in the absence of a provision in the bylaws, by the board of directors.
(2)Unless the articles of incorporation or bylaws provide otherwise, the chairperson that presides at a meeting of the shareholders or members shall determine the order of business and has the authority to establish rules for the conduct of the meeting. Any rules adopted for, or for the conduct of, the meeting must be fair to shareholders or members.
(3)The chairperson of a meeting shall announce at the meeting when the polls close for each vote of the shareholders or members. If an announcement is not made, the polls close on the final adjournment of the meeting. After the polls close, ballots, proxies, and votes and any revocations or changes to ballots, proxies, or votes, shall not be accepted.
History: Add. 2014, Act 557 , Imd. Eff. Jan. 15, 2015