reglab/housing_qa huggingface dataset:
MI Comp L § 550.1206 (2021)
2021 Michigan Compiled Laws|Chapter 550 - General Insurance Laws|Act 350 of 1980 - The Nonprofit Health Care Corporation Reform Act (550.1101 - 550.1704)|350-1980-2 - Part 2 (550.1201...550.1220)|Section 550.1206 - Funds, Property, and Business of Health Care Corporation; Investments; Insurance; Prepaid Health Care Benefits.

550.1206 Funds, property, and business of health care corporation; investments; insurance; prepaid health care benefits. Sec. 206.  (1) The funds and property of a health care corporation shall be acquired, held, and disposed of only for the lawful purposes of the corporation and for the benefit of the subscribers of the corporation as a whole. A health care corporation shall only transact business, receive, collect, and disburse money, and acquire, hold, protect, and convey property, that is properly within the scope of the purposes of the corporation as specifically set forth in section 202(1)(d), for the benefit of the subscribers of the corporation as a whole, and consistent with this act.  (2) The funds of a health care corporation shall be invested only in securities permitted by the laws of this state for the investments of assets of life insurance companies, as described in chapter 9 of the insurance code of 1956, 1956 PA 218, MCL 500.901 to 500.947.  (3) Without regard to the limitation in subsection (2), up to 2% of the assets of the health care corporation may be invested in venture-type investments. For purposes of calculating adequate and unimpaired surplus under section 204a, a venture-type investment shall be carried on the books of a health care corporation at the original acquisition cost, and losses may only be realized as an offset against gains from venture-type investments. All venture-type investments under this subsection shall provide employment or capital investment primarily within this state. Each investment under this subsection is subject to prior approval by the board of directors. As used in this subsection, "venture-type investments" include:  (a) Common stock, preferred stock, limited partnerships, or similar equity interests acquired from the issuer subject to a provision barring resale without consent of the issuer for 5 years from the date of acquisition by the corporation.  (b) Unsecured debt instruments that are either convertible into equity or have equity acquisition rights. These debt instruments shall be subordinated by their terms to all borrowings of the issuer from other institutional lenders and shall have no part amortized during the first 5 years.  (4) A health care corporation shall not market or transact, as defined in sections 402a and 402b of the insurance code of 1956, 1956 PA 218, MCL 500.402a and 500.402b, any type of insurance described in chapter 6 of the insurance code of 1956, 1956 PA 218, MCL 500.600 to 500.644. This subsection shall not be construed to prohibit the provision of prepaid health care benefits. History: 1980, Act 350, Eff. Apr. 3, 1981 ;-- Am. 2003, Act 59, Eff. July 23, 2003 Popular Name: Blue Cross-Blue ShieldPopular Name: Act 350
MI Comp L § 550.1208 (2021)
2021 Michigan Compiled Laws|Chapter 550 - General Insurance Laws|Act 350 of 1980 - The Nonprofit Health Care Corporation Reform Act (550.1101 - 550.1704)|350-1980-2 - Part 2 (550.1201...550.1220)|Section 550.1208 - Action by Member; Complaint.

550.1208 Action by member; complaint. Sec. 208.  (1) An action may be brought in the right of a health care corporation to procure a judgment in its favor, by a member of the corporate body.  (2) In such an action, the complaint shall allege:  (a) That the plaintiff is a member of the corporate body at the time of bringing the action, and that he or she was a member of the corporate body at the time of the transaction of which he or she complains.  (b) With particularity, the effort of the plaintiff to secure the initiation of the action by the board or the reasons for not making the effort. History: 1980, Act 350, Eff. Apr. 3, 1981 Popular Name: Blue Cross-Blue ShieldPopular Name: Act 350
MI Comp L § 550.1209 (2021)
2021 Michigan Compiled Laws|Chapter 550 - General Insurance Laws|Act 350 of 1980 - The Nonprofit Health Care Corporation Reform Act (550.1101 - 550.1704)|350-1980-2 - Part 2 (550.1201...550.1220)|Section 550.1209 - Action by Member; Discontinuance, Compromise, or Settlement; Notice; Expense.

550.1209 Action by member; discontinuance, compromise, or settlement; notice; expense. Sec. 209.  An action authorized by section 208 shall not be discontinued, compromised, or settled without approval by the court having jurisdiction of the action. If the court determines that the interest of the members of the corporate body or of any component thereof will be substantially affected by the discontinuance, compromise, or settlement, the court may direct that notice, by publication or otherwise, be given to the members of the corporate body or any component thereof, whose interests it determines will be so affected. If notice is so directed to be given, the court may determine which 1 or more of the parties to the action shall bear the expense of giving the notice, in an amount which the court determines and finds reasonable under the circumstances. The amount of this expense shall be awarded as special costs of the action and shall be recoverable in the same manner as statutory taxable costs. History: 1980, Act 350, Eff. Apr. 3, 1981 Popular Name: Blue Cross-Blue ShieldPopular Name: Act 350
MI Comp L § 550.1210 (2021)
2021 Michigan Compiled Laws|Chapter 550 - General Insurance Laws|Act 350 of 1980 - The Nonprofit Health Care Corporation Reform Act (550.1101 - 550.1704)|350-1980-2 - Part 2 (550.1201...550.1220)|Section 550.1210 - Action by Member; Reasonable Expenses; Attorney's Fees.

550.1210 Action by member; reasonable expenses; attorney's fees. Sec. 210.  (1) If an action brought in the right of the corporation is successful, in whole or in part, or if anything is received by the plaintiff or a claimant as a result of a judgment, compromise, or settlement of an action or claim, the court may award the plaintiff or claimant reasonable expenses, including reasonable attorney's fees, and shall direct him or her to account to the corporation for the remainder of the proceeds so received by him or her. This section does not apply to a judgment rendered for the benefit of an injured corporate body member only and limited to a recovery of the loss or damage sustained by him or her.  (2) In an action brought in the right of the corporation by a member of the corporate body, the court having jurisdiction, upon final judgment and finding that the action was brought without reasonable cause, may require the plaintiff to pay to the parties named as defendants the reasonable expenses, including fees of attorneys, incurred by them in the defense of the action. History: 1980, Act 350, Eff. Apr. 3, 1981 Popular Name: Blue Cross-Blue ShieldPopular Name: Act 350
MI Comp L § 550.1212 (2021)
2021 Michigan Compiled Laws|Chapter 550 - General Insurance Laws|Act 350 of 1980 - The Nonprofit Health Care Corporation Reform Act (550.1101 - 550.1704)|350-1980-2 - Part 2 (550.1201...550.1220)|Section 550.1212 - Action Without Notice or Lapse of Time Periods; Waiver; Attorney-in-Fact.

550.1212 Action without notice or lapse of time periods; waiver; attorney-in-fact. Sec. 212.  When, under this act or the articles of incorporation or bylaws of a health care corporation or by the terms of an agreement or instrument, a health care corporation or the board of directors of the health care corporation or any committee of the board may take action after notice to any person or after lapse of a prescribed period of time, the action may be taken without notice and without lapse of the period of time, if at any time before or after the action is completed the person entitled to notice or to participate in the action to be taken or, in case of a subscriber, by his or her attorney-in-fact, submits a signed waiver of those requirements. The attorney-in-fact may not be employed by, or receive substantial income from, the health care corporation. History: 1980, Act 350, Eff. Apr. 3, 1981 Popular Name: Blue Cross-Blue ShieldPopular Name: Act 350
MI Comp L § 550.1214 (2021)
2021 Michigan Compiled Laws|Chapter 550 - General Insurance Laws|Act 350 of 1980 - The Nonprofit Health Care Corporation Reform Act (550.1101 - 550.1704)|350-1980-2 - Part 2 (550.1201...550.1220)|Section 550.1214 - Rate of Interest.

550.1214 Rate of interest. Sec. 214.  A health care corporation may by agreement in writing, and not otherwise, agree to pay a rate of interest in excess of the legal rate, and in that case, the defense of usury is prohibited. History: 1980, Act 350, Eff. Apr. 3, 1981 Popular Name: Blue Cross-Blue ShieldPopular Name: Act 350
MI Comp L § 550.1215 (2021)
2021 Michigan Compiled Laws|Chapter 550 - General Insurance Laws|Act 350 of 1980 - The Nonprofit Health Care Corporation Reform Act (550.1101 - 550.1704)|350-1980-2 - Part 2 (550.1201...550.1220)|Section 550.1215 - Health Care Corporation as Shareholder in Other Nonprofit Corporation; Rights, Powers, Privileges, and Liabilities.

550.1215 Health care corporation as shareholder in other nonprofit corporation; rights, powers, privileges, and liabilities. Sec. 215.  When a health care corporation, consistent with the purposes of the corporation prescribed in this act, is a shareholder in any other nonprofit corporation, its president and other officers or any of its directors may hold the office of director of the other nonprofit corporation the same as if they were individual shareholders in the other nonprofit corporation. The health care corporation, being a shareholder in the other nonprofit corporation, shall possess and exercise all the rights, powers, privileges, and liabilities of individual shareholders. History: 1980, Act 350, Eff. Apr. 3, 1981 Popular Name: Blue Cross-Blue ShieldPopular Name: Act 350
MI Comp L § 550.1216, 550.1217 (2021)
2021 Michigan Compiled Laws|Chapter 550 - General Insurance Laws|Act 350 of 1980 - The Nonprofit Health Care Corporation Reform Act (550.1101 - 550.1704)|350-1980-2 - Part 2 (550.1201...550.1220)|Section 550.1216, 550.1217 - Repealed. 2002, Act 559, Imd. Eff. Sept. 27, 2002.

550.1216, 550.1217 Repealed. 2002, Act 559, Imd. Eff. Sept. 27, 2002. Compiler's Notes: The repealed sections pertained to merger, consolidation, or dissolution of corporation.Popular Name: Blue Cross-Blue ShieldPopular Name: Act 350
MI Comp L § 550.1218 (2021)
2021 Michigan Compiled Laws|Chapter 550 - General Insurance Laws|Act 350 of 1980 - The Nonprofit Health Care Corporation Reform Act (550.1101 - 550.1704)|350-1980-2 - Part 2 (550.1201...550.1220)|Section 550.1218 - Health Care Corporation; Prohibited Actions.

550.1218 Health care corporation; prohibited actions.Sec. 218.  A health care corporation shall not do any of the following:  (a) Take any action to change its nonprofit status.  (b) Except as otherwise provided in section 220, dissolve, merge, consolidate, mutualize, or take any other action that results in a change in direct or indirect control of the health care corporation or sell, transfer, lease, exchange, option, or convey assets that results in a change in direct or indirect control of the health care corporation. History: Add. 2002, Act 559, Imd. Eff. Sept. 27, 2002 ;-- Am. 2013, Act 4, Imd. Eff. Mar. 18, 2013 Popular Name: Blue Cross-Blue ShieldPopular Name: Act 350
MI Comp L § 550.1219 (2021)
2021 Michigan Compiled Laws|Chapter 550 - General Insurance Laws|Act 350 of 1980 - The Nonprofit Health Care Corporation Reform Act (550.1101 - 550.1704)|350-1980-2 - Part 2 (550.1201...550.1220)|Section 550.1219 - Provisions Superseded.

550.1219 Provisions superseded. Sec. 219.  A nonprofit health care corporation is subject to chapter 37 of the insurance code of 1956, 1956 PA 218, MCL 500.3701 to 500.3723. To the extent that a provision of this act concerning health coverage, including, but not limited to, premiums, rates, filings, and coverages, conflicts with chapter 37 of the insurance code of 1956, 1956 PA 218, MCL 500.3701 to 500.3723, chapter 37 of the insurance code of 1956, 1956 PA 218, MCL 500.3701 to 500.3723, supersedes this act. History: Add. 2003, Act 59, Eff. July 23, 2003 Popular Name: Blue Cross-Blue ShieldPopular Name: Act 350
MI Comp L § 550.1302 (2021)
2021 Michigan Compiled Laws|Chapter 550 - General Insurance Laws|Act 350 of 1980 - The Nonprofit Health Care Corporation Reform Act (550.1101 - 550.1704)|350-1980-3 - Part 3 (550.1301...550.1313)|Section 550.1302 - Bylaws Generally.

550.1302 Bylaws generally. Sec. 302.  (1) The board of directors shall adopt initial bylaws and may amend or repeal those bylaws or adopt new bylaws, subject to the prior approval or certification by the attorney general. The bylaws may contain any provision for the regulation and management of the affairs of the health care corporation not inconsistent with the articles of incorporation, this act, or any other applicable provision of law.  (2) The initial bylaws, and any new bylaws, amendments, or repealers shall be submitted to the attorney general for review and approval. The attorney general shall approve the initial bylaws, new bylaws, amendments, or repealers if the attorney general determines that they comply with this act.  (3) If the attorney general disapproves all or any part of the initial bylaws, new bylaws, amendments, or repealers, he or she shall return them to the board with a written statement setting forth the reasons for the disapproval and any recommendations for change which he or she may wish to suggest, not later than 30 days following their receipt. Bylaws, amendments, and repealers not returned to the health care corporation within this 30-day period shall be considered to comply with this act and shall be considered approved. History: 1980, Act 350, Eff. Apr. 3, 1981 Popular Name: Blue Cross-Blue ShieldPopular Name: Act 350
MI Comp L § 550.1305 (2021)
2021 Michigan Compiled Laws|Chapter 550 - General Insurance Laws|Act 350 of 1980 - The Nonprofit Health Care Corporation Reform Act (550.1101 - 550.1704)|350-1980-3 - Part 3 (550.1301...550.1313)|Section 550.1305 - Establishment and Composition of Corporate Body; Service of Members on Committees; Membership on Board of Directors.

550.1305 Establishment and composition of corporate body; service of members on committees; membership on board of directors. Sec. 305.  (1) A health care corporation may establish a corporate body. The corporate body shall consist of individuals selected in the same manner as individuals are selected to serve as nonpublic members on the board of directors. The size of the corporate body shall be such that, for each nonpublic voting director on the board of directors of the corporation, there are 2 members of the corporate body. The 4 public members selected pursuant to section 301(2) shall be considered to be members of the corporate body as well as members of the board of directors. An additional 4 public members shall be appointed to the corporate body by the governor by and with the advice and consent of the senate, 2 of whom shall be retired individuals 62 years of age or older.  (2) Members of the corporate body may serve on committees of the board of directors. A member of the corporate body may be selected for membership on the board of directors, provided that the selection is made in accordance with the provisions of this part governing the selection of voting directors of the board. History: 1980, Act 350, Eff. Apr. 3, 1981 Popular Name: Blue Cross-Blue ShieldPopular Name: Act 350
MI Comp L § 550.1306 (2021)
2021 Michigan Compiled Laws|Chapter 550 - General Insurance Laws|Act 350 of 1980 - The Nonprofit Health Care Corporation Reform Act (550.1101 - 550.1704)|350-1980-3 - Part 3 (550.1301...550.1313)|Section 550.1306 - Effect of Common Directorship, Officership, or Interest on Validity of Contract or Other Transaction; Burden of Establishing Validity of Contract; Exclusion of Common or Interested Directors in Determination of Quorum; Compensation of Directors; Bylaws Regarding Conflict of Interest.

550.1306 Effect of common directorship, officership, or interest on validity of contract or other transaction; burden of establishing validity of contract; exclusion of common or interested directors in determination of quorum; compensation of directors; bylaws regarding conflict of interest. Sec. 306.  (1) A contract or other transaction between a health care corporation and 1 or more of its directors or officers, or between a health care corporation and any other corporation, firm, or association of any type or kind in which 1 or more of its directors or officers are directors or officers, or are otherwise interested, is not void or voidable solely because of such common directorship, officership, or interest, or solely because the directors are present at the meeting of the board or committee thereof which authorizes or approves the contract or transaction, if all of the following conditions are satisfied:  (a) The contract or other transaction is fair and reasonable to the corporation when it is authorized, approved, or ratified.  (b) The material facts as to the officer's or director's relationship or interest and as to the contract or transaction are disclosed or known to the board or committee, and the board or committee authorizes, approves, or ratifies the contract or transaction by a vote sufficient for the purpose. The conditions of this subdivision shall be considered satisfied only if the officer or director has announced the potential conflict prior to the vote, the minutes of the meeting reflect that announcement, and the officer or director abstained from the vote.  (2) When the validity of a contract described in subsection (1) is questioned, the burden of establishing its validity on the grounds prescribed is upon the director, officer, corporation, firm, or association asserting its validity.  (3) Common or interested directors shall not be counted in determining the presence of a quorum at a board or committee meeting at the time a contract or transaction described in subsection (1) is authorized, approved, or ratified.  (4) The board, by affirmative vote of a majority of directors in office and irrespective of any personal interest of any of them, may establish reasonable compensation of directors for services to the health care corporation as directors or officers of the health care corporation.  (5) The bylaws of a health care corporation may include provisions regarding conflict of interest which are more stringent than this section. History: 1980, Act 350, Eff. Apr. 3, 1981 Popular Name: Blue Cross-Blue ShieldPopular Name: Act 350
MI Comp L § 550.1307 (2021)
2021 Michigan Compiled Laws|Chapter 550 - General Insurance Laws|Act 350 of 1980 - The Nonprofit Health Care Corporation Reform Act (550.1101 - 550.1704)|350-1980-3 - Part 3 (550.1301...550.1313)|Section 550.1307 - Advisory Councils; Committees of Board of Directors; Bylaws Regarding Membership and Emergency Meetings and Actions.

550.1307 Advisory councils; committees of board of directors; bylaws regarding membership and emergency meetings and actions. Sec. 307.  The board of directors may establish those advisory councils and, unless otherwise provided in the articles of incorporation or bylaws, those committees it considers necessary to perform its duties. Members of the corporate body may serve on committees of the board of directors. With respect to committees of the board, the bylaws shall include provisions regarding all of the following:  (a) Provisions which assure that the membership of each committee provides for representation of all of the components of directors, as defined in the bylaws, to the greatest extent practicable.  (b) Provisions regarding emergency meetings of the executive committee of the health care corporation, and action by that committee on behalf of the board in cases of emergency, as defined by the bylaws. History: 1980, Act 350, Eff. Apr. 3, 1981 Popular Name: Blue Cross-Blue ShieldPopular Name: Act 350
MI Comp L § 550.1308 (2021)
2021 Michigan Compiled Laws|Chapter 550 - General Insurance Laws|Act 350 of 1980 - The Nonprofit Health Care Corporation Reform Act (550.1101 - 550.1704)|350-1980-3 - Part 3 (550.1301...550.1313)|Section 550.1308 - Committees of Board of Directors; Powers and Authority; Prohibited Activities; Emergency Actions.

550.1308 Committees of board of directors; powers and authority; prohibited activities; emergency actions. Sec. 308.  (1) To the extent provided by resolution of the board or in the bylaws or articles, a committee established pursuant to section 307 may exercise the powers and authority of the board in management of the business and affairs of the health care corporation. The board shall review and may modify subject to the rights of third parties any action or decision of a committee. A committee shall not do any of the following:  (a) Amend the articles of incorporation.  (b) Adopt an agreement of merger or consolidation.  (c) Authorize the sale, lease, or exchange of all or substantially all of the corporation's property and assets.  (d) Approve, adopt, or amend provider contracts, provider class plans, rates charged to subscribers, or a certificate.  (e) Amend the bylaws of the corporation.  (f) Fill vacancies on the board.  (g) Fix compensation of the directors or officers.  (h) Perform other similar acts of a final or binding nature with respect to the business of the corporation.  (2) This section shall not prohibit emergency actions by the executive committee on behalf of the board, as authorized in the bylaws of the health care corporation. History: 1980, Act 350, Eff. Apr. 3, 1981 Popular Name: Blue Cross-Blue ShieldPopular Name: Act 350