Mich. Comp. Laws § 450.1467

Current through Public Act 57 of the 2024 Legislative Session
Section 450.1467 - Responsibility of voting trustee; determination of right to vote and manner of voting
(1) A trustee who votes shares subject to a voting trust incurs no responsibility as shareholder, trustee or otherwise, except for his malfeasance.
(2) Where 2 or more persons are designated as voting trustees, and the right and method of voting shares in their names at a meeting of shareholders are not fixed by the agreement appointing the trustees, the right to vote and the manner of voting the shares at the meeting shall be determined by a majority of the trustees. If the trustees are equally divided as to how the shares shall be voted, the vote shall be divided equally among the trustees.

MCL 450.1467

1972, Act 284, eff. 1/1/1973 .