110 chapters · 500 sections in this title.
Mich. Comp. Laws § 390.705a Board of trustees; custodians of endowment funds.
0.4K chars
Sec. 5-a. The said board of trustees shall be the custodians of the endowment fund of said college and shall control the investment of the funds held for endowment purposes, whether general or special. Said board, in its management of said funds, may employ committees, individual…
Mich. Comp. Laws § 390.706 Act declared public; non-user of privileges; misnomer in instrument.
0.4K chars
Sec. 6. This act shall be and hereby is declared to be a public act; no non-user of any of the privileges hereby granted to the said corporation shall create or produce a forfeiture of the same and no misnomer of said corporation in any deed, will, testament, gift, grant, demise …
Mich. Comp. Laws § 390.707 Breach of trustee's or officer's fiduciary duty; liability.
0.8K chars
Sec. 7. A volunteer trustee or a nontrustee volunteer who is an officer of the college has no personal liability to the college for monetary damages for a breach of the trustee's or officer's fiduciary duty. This provision does not eliminate or limit the liability of a trustee or…
Mich. Comp. Laws § 390.707a Volunteer trustee; liability for acts or omissions.
0.3K chars
Sec. 7a. During the time that the college is tax exempt under section 501(c)(3) of the internal revenue code, 26 USC 501, the college assumes all liability to any person other than the college for all acts or omissions of a volunteer trustee incurred in the good faith performance…