Section 487.1403 - Board of directors; number of directors; meetings.
MICHIGAN BIDCO ACT (EXCERPT)
Act 89 of 1986
487.1403 Board of directors; number of directors; meetings.
Sec. 403.
(1) A licensee shall have a board of directors. The board of directors of each licensee shall consist of not less than 7 directors. If the licensee is a Michigan limited liability company, the board may consist of members who are not managers of the licensee.
(2) The board of directors of a licensee shall hold a meeting not less than once each calendar quarter.
History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150, Imd. Eff. Dec. 2, 1997