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Code · Michigan · Chapter 550 — General Insurance Laws

550.1311 Liability for misapplication or misuse of corporate money or property.

94 words·~1 min read·/mi/chapter-550/550-1311

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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 Shield
Popular Name: Act 350
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