487.1403 Board of directors; number of directors; membership; meetings.
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487.1403 Board of directors; number of directors; membership; meetings.
Sec. 403.
(1)A licensee shall have a board of directors.
(2)The board of directors of a licensee that is not a business development enterprise shall consist of at least 7 directors. All of the following apply to the board of directors of a licensee that is a business development enterprise:
(a)The board shall consist of at least 3 directors.
(b)At least 1/3 of the members of the board shall be individuals designated by the board of the Michigan strategic fund.
(3)If the licensee is a Michigan limited liability company, the board may consist of members who are not managers of the licensee.
(4)The board of directors of a licensee shall hold a meeting at least once each calendar quarter.
History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150 , Imd. Eff. Dec. 2, 1997 ;-- Am. 2012, Act 358 , Imd. Eff. Dec. 13, 2012