Section 450.1554 - Action against director or shareholder; limitation.
BUSINESS CORPORATION ACT (EXCERPT)
Act 284 of 1972
450.1554 Action against director or shareholder; limitation.
Sec. 554.
An action against a director or shareholder for recovery upon a liability imposed by section 551 shall be commenced within 3 years after the cause of action accrues. An action under section 552 shall be commenced within 3 years after payment by the director to the corporation.
History: 1972, Act 284, Eff. Jan. 1, 1973