450.1491a Definitions. Sec. 491a. As used in this section and sections 492a to 497: (a) 'Derivative proceeding' means a civil suit in the right of a domestic corporation or a foreign corporation that is authorized to or does transact business in this state. (b) 'Shareholder' means a record or beneficial owner of shares and includes a beneficial owner whose shares are held in a voting trust or held by a nominee on the owner's behalf. (c) 'Disinterested director' means a director who is not a party to a derivative proceeding, or a director who is a party if the corporation demonstrates that the claim asserted against the director is frivolous or insubstantial. History: Add. 1989, Act 121, Eff. Oct. 1, 1989 ;-- Am. 1997, Act 118, Imd. Eff. Oct. 24, 1997
Michigan Legal Code