{"data":{"id":"us-mi/mich.-comp.-laws-450.1491a","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 450.1491a","heading":"Definitions.","body":"Sec. 491a.\n\nAs used in this section and sections 492a to 497:\n\n\"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.\n\n\"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.\n\n\"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.","path":["MI Code","Chapter 450","Act Act-284-of-1972"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-450-1491a","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"7b1c203459f3bcaac7ac6b356c23097956a92adfd4e5d4f19b7c9f17332f6473","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-450.1489","next":"us-mi/mich.-comp.-laws-450.1492a"},"notice":"GroundRules: Original legal text. Not legal advice."}