Section 487.1403 - Board of directors; number of directors; membership; meetings(1) A licensee shall have a board of directors.(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: (a) The board shall consist of at least 3 directors.(b) At least 1/3 of the members of the board shall be individuals designated by the board of the Michigan strategic fund.(3) If the licensee is a Michigan limited liability company, the board may consist of members who are not managers of the licensee.(4) The board of directors of a licensee shall hold a meeting at least once each calendar quarter.Amended by 2012, Act 358,s 10, eff. 12/13/2012.1986, Act 89, Imd. Eff. 5/1/1986 ;--Am. 1997, Act 150, Imd. Eff. 12/2/1997.