STATE STATUTES & CODES
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MICHIGAN STATUTES AND CODES
Section 450.2528 - Committee designated pursuant to MCL 450.2527; powers and authority.
Act 162 of 1982
450.2528 Committee designated pursuant to MCL 450.2527; powers and authority.
Sec. 528.
A committee designated pursuant to section 527, to the extent provided in the resolution of the board in the case of a committee designated in section 527(1), or to the extent provided in the articles or in the bylaws in the case of a committee designated in section 527(3), may exercise any or all powers and authority of the board in management of the business and affairs of the corporation. However, such a committee does not have power or authority to:
(a) Amend the articles of incorporation.
(b) Adopt an agreement of merger or consolidation.
(c) Recommend to shareholders or members the sale, lease, or exchange of all or substantially all of the corporation's property and assets.
(d) Recommend to shareholders or members a dissolution of the corporation or a revocation of a dissolution.
(e) Amend the bylaws of the corporation.
(f) Fill vacancies in the board.
(g) Fix compensation of the directors for serving on the board or on a committee.
(h) Cancel stock or terminate membership.
History: 1982, Act 162, Eff. Jan. 1, 1983