125.2577 Disclosure of interest in matter before corporation. Sec. 17. A director who has either a direct or indirect interest in a matter before the corporation shall disclose that interest before the corporation takes action on the matter. This disclosure shall be made a part of the record of the corporation's official proceedings and the interested director shall refrain from participation in the corporation relating to the matter. History: 1995, Act 75, Imd. Eff. June 13, 1995
Michigan Legal Code