{"data":{"id":"us-mi/mich.-comp.-laws-487.1403","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 487.1403","heading":"Board of directors; number of directors; membership; meetings.","body":"Sec. 403.\n\n(1) A licensee shall have a board of directors.\n\n(2) The board of directors of a licensee that is not a business development enterprise shall consist of at least 7 directors. All of the following apply to the board of directors of a licensee that is a business development enterprise:\n\n(a) The board shall consist of at least 3 directors.\n\n(b) At least 1/3 of the members of the board shall be individuals designated by the board of the Michigan strategic fund.\n\n(3) If the licensee is a Michigan limited liability company, the board may consist of members who are not managers of the licensee.\n\n(4) The board of directors of a licensee shall hold a meeting at least once each calendar quarter.","path":["MI Code","Chapter 487","Act Act-89-of-1986"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-487-1403","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"b0c187ac50cbdddca29c8480a34068bc445ea6996deff97ecc6e1244f22eaf11","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-487.1401","next":"us-mi/mich.-comp.-laws-487.1405"},"notice":"GroundRules: Original legal text. Not legal advice."}