reglab/housing_qa huggingface dataset:
MI Comp L § 500.5230 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-52 - Chapter 52 Corporate Powers, Procedures of Stock and Mutual Insurers (500.5200...500.5290)|Section 500.5230 - Special Meetings of Stockholders or Members; Notice of Meetings.

500.5230 Special meetings of stockholders or members; notice of meetings.Sec. 5230.  (1) A special meeting of the stockholders or members of a domestic stock or mutual insurer may be called for purposes other than amending articles of incorporation under section 5214 and extending its corporate existence under section 5222, by the directors at any time they consider advisable.  (2) Notice of a meeting of the members or stockholders must be given by mailing to each member or stockholder a copy of the notice, postage prepaid, directed to his or her last known post office address at least 21 days before the time fixed for the meeting. The notice must state the time and place, and if the meeting is a special meeting, the purpose of the special meeting. However, notice of the time and place of the annual meeting of a mutual insurer may be printed on the policy or certificate of renewal instead of mailing as required under this subsection, in which case the notice must also be printed with the annual statement of the insurer.  (3) A meeting of the stockholders or members may be conducted by means of electronic communications devices by which all stockholders or members participating may simultaneously participate in the meeting. A stockholder or member participating in a meeting allowed under this subsection is deemed to be present in person at a meeting. This subsection does not apply after September 30, 2022. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 2020, Act 266, Imd. Eff. Dec. 29, 2020 Popular Name: Act 218
MI Comp L § 500.5232 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-52 - Chapter 52 Corporate Powers, Procedures of Stock and Mutual Insurers (500.5200...500.5290)|Section 500.5232 - Voting Rights; Stockholders, Members, Proxies, Fiduciaries, Pledgees.

500.5232 Voting rights; stockholders, members, proxies, fiduciaries, pledgees. Sec. 5232.  Each stockholder or member of a domestic stock or mutual insurer shall at every meeting of the stockholders or members thereof be entitled to vote in person or by proxy in writing signed by such stockholder or member: Provided, That for insurers having only members and no stockholders, voting by proxy after June 1, 1943, shall be permitted only if provided in the articles or in any bylaw adopted by the members. Persons holding shares of the capital stock of any such insurer in a fiduciary capacity shall be entitled to vote the shares so held. Persons whose shares are pledged shall be entitled to vote, unless in the transfer by the pledgor on the books of the corporation he shall have expressly empowered the pledgee to vote thereon, in which case only the pledgee or his proxy may represent such shares and vote thereon. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.5234 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-52 - Chapter 52 Corporate Powers, Procedures of Stock and Mutual Insurers (500.5200...500.5290)|Section 500.5234 - Stockholders and Members; Voting Rights, Quorum.

500.5234 Stockholders and members; voting rights, quorum. Sec. 5234.  A majority of the shares entitled to vote on a particular subject matter at any meeting of the stockholders shall constitute a quorum for such vote unless otherwise provided by law or in the articles or in any bylaw adopted by the stockholders. A minimum of 10 members present in person shall constitute a quorum at any meeting of those insurers having members only and no stockholders, unless a larger number is specified in the articles or in any bylaw adopted by the members. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.5236 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-52 - Chapter 52 Corporate Powers, Procedures of Stock and Mutual Insurers (500.5200...500.5290)|Section 500.5236 - Voting Rights; Inspectors of Election.

500.5236 Voting rights; inspectors of election.  Sec. 5236.  Whenever any stockholder or member present at a meeting of stockholders or members of an insurer shall request the appointment of inspectors, the chairman of the meeting shall appoint inspectors who need not be stockholders or members. If the right of any person to vote at such meeting shall be challenged, the inspectors of election shall determine such right. The inspectors shall receive and count the votes either upon an election or the decision of any question and shall determine the result. Their certificate of any vote shall be prima facie evidence thereof. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.5238 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-52 - Chapter 52 Corporate Powers, Procedures of Stock and Mutual Insurers (500.5200...500.5290)|Section 500.5238 - Trustees or Directors; Residency Requirement; Director as Policyholder of Insurer; Meetings; Frequency; Oath.

500.5238 Trustees or directors; residency requirement; director as policyholder of insurer; meetings; frequency; oath.Sec. 5238.  (1) In all insurers organized under the laws of Michigan, at least 1 of the trustees or directors shall be a resident of the state of Michigan. The articles of incorporation or bylaws of an insurer other than a stock insurer may provide that a director shall be a policyholder of the insurer.  (2) The board of directors of a domestic insurer shall meet not fewer than 4 times per fiscal year in person or by means of electronic communication devices that enable all participants in a meeting to communicate with each other.  (3) Each director of a domestic insurer when elected or appointed shall take and subscribe an oath that he or she will diligently and honestly perform the duties of the office and will not knowingly violate, or knowingly permit to be violated, any provisions of this act. The oath shall be transmitted to the commissioner for filing. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1962, Act 48, Eff. Mar. 28, 1963 ;-- Am. 1982, Act 338, Imd. Eff. Dec. 17, 1982 ;-- Am. 1989, Act 139, Eff. July 1, 1989 ;-- Am. 2006, Act 291, Imd. Eff. July 20, 2006 Popular Name: Act 218
MI Comp L § 500.5239 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-52 - Chapter 52 Corporate Powers, Procedures of Stock and Mutual Insurers (500.5200...500.5290)|Section 500.5239 - Repealed. 1988, Act 290, Eff. Jan. 1, 1989.

500.5239 Repealed. 1988, Act 290, Eff. Jan. 1, 1989. Compiler's Notes: The repealed section pertained to liability of directors for delinquency.Popular Name: Act 218
MI Comp L § 500.5240 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-52 - Chapter 52 Corporate Powers, Procedures of Stock and Mutual Insurers (500.5200...500.5290)|Section 500.5240 - Discharging Duties of Director or Officer; Commencement of Action for Failure to Perform Duties.

500.5240 Discharging duties of director or officer; commencement of action for failure to perform duties. Sec. 5240.  (1) A director or an officer shall discharge the duties of that position in good faith and with that degree of diligence, care, and skill which an ordinarily prudent person would exercise under similar circumstances in a like position. In discharging his or her duties, a director or an officer, when acting in good faith, may rely upon the opinion of counsel for the corporation, upon the report of an independent appraiser selected with reasonable care by the board, or upon financial statements of the corporation represented to him or her as correct by the president or the officer of the corporation having charge of its books of account, or as stated in a written report by an independent public or certified public accountant or firm of accountants fairly to reflect the financial condition of the corporation.  (2) An action against a director or officer for failure to perform the duties imposed by this section shall be commenced within 3 years after the cause of action has accrued, or within 2 years after the time when the cause of action is discovered, or should reasonably have been discovered, by the complainant, whichever occurs first. History: Add. 1988, Act 290, Eff. Jan. 1, 1989 Popular Name: Act 218
MI Comp L § 500.5241 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-52 - Chapter 52 Corporate Powers, Procedures of Stock and Mutual Insurers (500.5200...500.5290)|Section 500.5241 - Indemnification Against Expenses of Action, Suit, or Proceeding Generally.

500.5241 Indemnification against expenses of action, suit, or proceeding generally. Sec. 5241.  A corporation has the power to indemnify a person who was or is a party or is threatened to be made a party to a threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative and whether formal or informal, other than an action by or in the right of the corporation, by reason of the fact that he or she is or was a director, officer, employee, or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, partner, trustee, employee, or agent of another foreign or domestic corporation, partnership, joint venture, trust, or other enterprise, whether for profit or not, against expenses, including attorneys' fees, judgments, penalties, fines, and amounts paid in settlement actually and reasonably incurred by him or her in connection with the action, suit, or proceeding, if the person acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation or its shareholders or policyholders, and with respect to a criminal action or proceeding, if the person had no reasonable cause to believe his or her conduct was unlawful. The termination of an action, suit, or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, does not, of itself, create a presumption that the person did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the corporation or its shareholders or policyholders, and, with respect to a criminal action or proceeding, had reasonable cause to believe that his or her conduct was unlawful. History: Add. 1988, Act 290, Eff. Jan. 1, 1989 Popular Name: Act 218
MI Comp L § 500.5242 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-52 - Chapter 52 Corporate Powers, Procedures of Stock and Mutual Insurers (500.5200...500.5290)|Section 500.5242 - Indemnification Against Expenses of Action, Suit, or Proceeding; Additional Provisions.

500.5242 Indemnification against expenses of action, suit, or proceeding; additional provisions. Sec. 5242.  A corporation has the power to indemnify a person who was or is a party to or is threatened to be made a party to a threatened, pending, or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he or she is or was a director, officer, employee, or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, partner, trustee, employee, or agent of another foreign or domestic corporation, partnership, joint venture, trust, or other enterprise, whether for profit or not, against expenses, including actual and reasonable attorneys' fees, and amounts paid in settlement incurred by the person in connection with the action or suit, if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation or its shareholders or policyholders. However, indemnification shall not be made for a claim, issue, or matter in which the person has been found liable to the corporation unless and only to the extent that the court in which the action or suit was brought has determined upon application that, despite the adjudication of liability but in view of all circumstances of the case, the person is fairly and reasonably entitled to indemnification for the expenses which the court considers proper. History: Add. 1988, Act 290, Eff. Jan. 1, 1989 Compiler's Notes: Former MCL 500.5242, which prohibited an insurance company from controlling other insurers, was repealed by Act 91 of 1957, Eff. Sept. 27, 1957.Popular Name: Act 218
MI Comp L § 500.5242a (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-52 - Chapter 52 Corporate Powers, Procedures of Stock and Mutual Insurers (500.5200...500.5290)|Section 500.5242a - Indemnification Against Expenses of Action, Suit, or Proceeding; Mandatory; Standard of Conduct; Determination.

500.5242a Indemnification against expenses of action, suit, or proceeding; mandatory; standard of conduct; determination.  Sec. 5242a.  (1) To the extent that a director, officer, employee, or agent of a corporation has been successful on the merits or otherwise in defense of an action, suit, or proceeding referred to in section 5241 or 5242, or in defense of a claim, issue, or matter in the action, suit, or proceeding, he or she shall be indemnified against expenses, including actual and reasonable attorneys' fees, incurred by him or her in connection with the action, suit, or proceeding and an action, suit, or proceeding brought to enforce the mandatory indemnification provided in this subsection.   (2) An indemnification under section 5241 or 5242, unless ordered by a court, shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of the director, officer, employee, or agent is proper in the circumstances because he or she has met the applicable standard of conduct set forth in sections 5241 and 5242. This determination shall be made in any of the following ways:  (a) By a majority vote of a quorum of the board consisting of directors who were not parties to the action, suit, or proceeding.  (b) If the quorum described in subdivision (a) is not obtainable, then by a majority vote of a committee of directors who are not parties to the action. The committee shall consist of not less than 2 disinterested directors.  (c) By independent legal counsel in a written opinion.  (d) By the shareholders or policyholders.  (3) If a person is entitled to indemnification under section 5241 or 5242 for a portion of expenses including attorneys' fees, judgments, penalties, fines, and amounts paid in settlement, but not for the total amount thereof, the corporation may indemnify the person for the portion of the expenses, judgments, penalties, fines, or amounts paid in settlement for which the person is entitled to be indemnified. History: Add. 1988, Act 290, Eff. Jan. 1, 1989 Popular Name: Act 218
MI Comp L § 500.5242b (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-52 - Chapter 52 Corporate Powers, Procedures of Stock and Mutual Insurers (500.5200...500.5290)|Section 500.5242b - Payment of Expenses in Advance of Final Disposition of Action, Suit, or Proceeding; Undertaking.

500.5242b Payment of expenses in advance of final disposition of action, suit, or proceeding; undertaking. Sec. 5242b.  Expenses incurred in defending a civil or criminal action, suit, or proceeding described in section 5241 or 5242 may be paid by the corporation in advance of the final disposition of the action, suit, or proceeding upon receipt of an undertaking by or on behalf of the director, officer, employee, or agent to repay the expenses if it is ultimately determined that the person is not entitled to be indemnified by the corporation. The undertaking shall be by unlimited general obligation of the person on whose behalf advances are made but need not be secured. History: Add. 1988, Act 290, Eff. Jan. 1, 1989 Popular Name: Act 218
MI Comp L § 500.5242c (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-52 - Chapter 52 Corporate Powers, Procedures of Stock and Mutual Insurers (500.5200...500.5290)|Section 500.5242c - Indemnification or Advancement of Expenses Not Exclusive of Other Rights; Indemnification Inuring to Benefit of Heirs, Executors, and Administrators.

500.5242c Indemnification or advancement of expenses not exclusive of other rights; indemnification inuring to benefit of heirs, executors, and administrators. Sec. 5242c.  (1) The indemnification or advancement of expenses provided under sections 5241 to 5242b is not exclusive of other rights to which a person seeking indemnification or advancement of expenses may be entitled under the articles of incorporation, bylaws, or a contractual agreement. However, the total amount of expenses advanced or indemnified from all sources combined shall not exceed the amount of actual expenses incurred by the person seeking indemnification or advancement of expenses.  (2) The indemnification provided for in sections 5241 to 5242b continues as to a person who ceases to be a director, officer, employee, or agent and shall inure to the benefit of the heirs, executors, and administrators of the person. History: Add. 1988, Act 290, Eff. Jan. 1, 1989 Popular Name: Act 218
MI Comp L § 500.5242d (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-52 - Chapter 52 Corporate Powers, Procedures of Stock and Mutual Insurers (500.5200...500.5290)|Section 500.5242d - “Corporation” Defined for Purposes of MCL 500.5241 to 500.5242c.

500.5242d “Corporation” defined for purposes of MCL 500.5241 to 500.5242c. Sec. 5242d.  For purposes of sections 5241 to 5242c, "corporation" includes all constituent corporations absorbed in a consolidation or merger and the resulting or surviving corporation, so that a person who is or was a director, officer, employee, or agent of the constituent corporation or is or was serving at the request of the constituent corporation as a director, officer, partner, trustee, employee, or agent of another foreign or domestic corporation, partnership, joint venture, trust, or other enterprise whether for profit or not shall stand in the same position under the provisions of this section with respect to the resulting or surviving corporation as the person would if he or she had served the resulting or surviving corporation in the same capacity. History: Add. 1988, Act 290, Eff. Jan. 1, 1989 Popular Name: Act 218
MI Comp L § 500.5243 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-52 - Chapter 52 Corporate Powers, Procedures of Stock and Mutual Insurers (500.5200...500.5290)|Section 500.5243 - Repealed. 1988, Act 290, Eff. Jan. 1, 1989.

500.5243 Repealed. 1988, Act 290, Eff. Jan. 1, 1989. Compiler's Notes: The repealed section pertained to indemnification and reimbursement of directors, officers, or employees.Popular Name: Act 218
MI Comp L § 500.5244 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-52 - Chapter 52 Corporate Powers, Procedures of Stock and Mutual Insurers (500.5200...500.5290)|Section 500.5244 - Liability for Payment Under Invalid Law or Ordinance.

500.5244 Liability for payment under invalid law or ordinance. Sec. 5244.  No personal liability shall arise against any director, trustee, officer, or agent of any insurer by reason of any payment made by or on behalf of such insurer on account of any taxes, licenses, or fees paid pursuant to any statute, law, or ordinance, even though the statute, law, or ordinance is subsequently declared or held to be invalid. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1966, Act 217, Eff. Mar. 10, 1967 ;-- Am. 1988, Act 290, Eff. Jan. 1, 1989 Popular Name: Act 218
MI Comp L § 500.5245 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-52 - Chapter 52 Corporate Powers, Procedures of Stock and Mutual Insurers (500.5200...500.5290)|Section 500.5245 - Board of Directors; Quorum; Special Meetings; Consent to Action Taken Without Meeting.

500.5245 Board of directors; quorum; special meetings; consent to action taken without meeting.Sec. 5245.  (1) A majority of the board of directors constitutes a quorum for the transaction of business, and the acts of a majority of the directors present at a meeting at which a quorum is present are the acts of the board of directors.  (2) On written notice of the time and place and purpose or purposes of any special meeting, any of the directors, in-between regular meetings of the board of directors, may consent in writing to any specific action to be taken by the corporation, and if approved by a majority of the directors at the special meeting, including those consenting in writing, the action is as valid a corporation action as though authorized at a regular meeting of the directors. The minutes of approval and action must be fully recorded, each written consent must be made a part of the minutes, and the minutes and written consent must be reviewed at the next regular meeting of the board of directors.  (3) Unless prohibited by the articles of incorporation or bylaws, action required or permitted to be taken under authorization voted at a meeting of the board or a committee of the board may be taken without a meeting if, before or after the action, all members of the board then in office or of the committee consent to the action in writing or by electronic transmission. The written consents must be filed with the minutes of the proceedings of the board or committee. The consent has the same effect as a vote of the board or committee for all purposes.  (4) The board of directors may permit 1 or more directors to participate in a regular or special meeting of the board, or a committee of the board, or conduct the meeting, by means of electronic communication devices that enable all participants in the meeting to communicate with each other. A director participating in a meeting under this subsection is deemed to be present in person at the meeting. This subsection does not apply after September 30, 2022. History: Add. 1966, Act 170, Eff. Mar. 10, 1967 ;-- Am. 2006, Act 290, Imd. Eff. July 20, 2006 ;-- Am. 2020, Act 266, Imd. Eff. Dec. 29, 2020 Popular Name: Act 218