Section 500.5245 - Board of directors; quorum; special meetings; consent to action taken without meeting.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.5245 Board of directors; quorum; special meetings; consent to action taken without meeting.
Sec. 5245.
(1) A majority of the board of directors constitutes a quorum for the transaction of business, and the acts of a majority of the directors present at a meeting at which a quorum is present shall be the acts of the board of directors.
(2) Upon written notice of the time and place and purpose or purposes of any special meeting any of the directors, in-between regular meetings of the board of directors, may consent in writing to any specific action to be taken by the corporation and if approved by a majority of the directors at the special meeting, including those consenting in writing, the action shall be as valid a corporation action as though authorized at a regular meeting of the directors. The minutes of approval and action shall be fully recorded, each written consent shall be made a part thereof, and the minutes and written consent shall be reviewed at the next regular meeting of the board of directors.
(3) Unless prohibited by the articles of incorporation or bylaws, action required or permitted to be taken under authorization voted at a meeting of the board or a committee of the board may be taken without a meeting if, before or after the action, all members of the board then in office or of the committee consent to the action in writing or by electronic transmission. The written consents shall be filed with the minutes of the proceedings of the board or committee. The consent has the same effect as a vote of the board or committee for all purposes.
History: Add. 1966, Act 170, Eff. Mar. 10, 1967 ;-- Am. 2006, Act 290, Imd. Eff. July 20, 2006
Popular Name: Act 218