Section 450.1406 - Meeting of shareholders; duties of chairperson.
BUSINESS CORPORATION ACT (EXCERPT)
Act 284 of 1972
450.1406 Meeting of shareholders; duties of chairperson.
Sec. 406.
(1) At each meeting of shareholders, 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) The chairperson, unless the articles of incorporation or bylaws provide otherwise, shall determine the order of business and shall have the authority to establish rules for the conduct of the meeting. Any rules adopted for, and the conduct of, the meeting shall be fair to shareholders.
(3) The chairperson of the meeting shall announce at the meeting when the polls close for each matter voted upon. If no announcement is made, the polls shall close upon the final adjournment of the meeting. After the polls close, no ballots, proxies, or votes nor any revocations or changes to ballots, proxies, or votes may be accepted.
History: Add. 1997, Act 118, Imd. Eff. Oct. 24, 1997