{"data":{"id":"us-mi/mich.-comp.-laws-450.2491a","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 450.2491a","heading":"Definitions.","body":"Sec. 491a.\n\nAs used in this section and sections 492a to 497:\n\n(a) \"Derivative proceeding\" means a civil suit in the right of a domestic corporation or a foreign corporation that is authorized to or does conduct affairs in this state.\n\n(b) \"Director\" includes an individual who was serving on the board of a corporation organized on a directorship basis at the time of the act or omission complained of and an individual who becomes a member of the board of that corporation after the act or omission.\n\n(c) \"Disinterested director\" means an individual who is currently serving on the board of a corporation and is not a party to a derivative proceeding, or an individual who is currently serving on the board of a corporation and is a party to a derivative proceeding if the corporation demonstrates that the claim asserted against the director is frivolous or insubstantial.\n\n(d) \"Member\" means a record or beneficial owner of a membership in a corporation that is organized on a membership basis and includes a beneficial owner whose membership is held in a voting trust or held by a nominee on the owner's behalf.\n\n(e) \"Shareholder\" means a record or beneficial owner of shares of a corporation that is organized on a stock basis and includes a beneficial owner whose shares are held in a voting trust or held by a nominee on the owner's behalf.","path":["MI Code","Chapter 450","Act Act-162-of-1982"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-450-2491a","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"c2bf623674b78dbf82842b000f309c18d050a9648eba6de7979836f14b885abd","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-450.2489","next":"us-mi/mich.-comp.-laws-450.2492a"},"notice":"GroundRules: Original legal text. Not legal advice."}