Mich. Comp. Laws § 450.1571: Definitions.
Where this section sits in the code
- MI Code
- Chapter 450
- Act Act-284-of-1972
Sec. 571.
For the purposes of sections 561 to 567:
"Fines" shall include any excise taxes assessed on a person with respect to an employee benefit plan.
"Other enterprises" shall include employee benefit plans.
"Serving at the request of the corporation" shall include any service as a director, officer, employee, or agent of the corporation which imposes duties on, or involves services by, the director, officer, employee, or agent with respect to an employee benefit plan, its participants, or its beneficiaries.
A person who acted in good faith and in a manner he or she reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be considered to have acted in a manner "not opposed to the best interests of the corporation or its shareholders" as referred to in sections 561 and 562.
Collected 2026-09-14T18:32:31Z. Source file · JSON