487.1401 Name of licensee; inclusion of word “BIDCO.” Sec. 401. (1) Except as provided in subsection (2), the name of each licensee shall include the word “BIDCO”. (2) A business development enterprise is not required to include the word “BIDCO” in its name. (3) A licensee shall not transact business under a name other than […]
487.1403 Board of directors; number of directors; membership; meetings. Sec. 403. (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 […]
487.1405 Death, resignation, or removal of director, officer, or manager; election of director; appointment of officer or manager; notice to commissioner; additional information. Sec. 405. Within 30 days after the death, resignation, or removal of a director, officer, or manager, the election of a director, or the appointment of an officer or manager, the licensee […]
487.1407 Dividend and distribution policies; buying back share of stock or membership interest. Sec. 407. (1) A licensee shall not pay, or obligate itself to pay, a cash dividend or distribution or dividend and distribution in kind to its owners, unless that payment is consistent with a dividend and distribution policy that has been adopted […]
