Terms Used In Michigan Laws 453.405

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
   The affairs of said corporation shall be managed by the executive committee and officers of said association, to be chosen for such period and in such manner as the by-laws of such association shall provide, and who shall hold their offices until their successors are chosen and qualified. The officers shall be chosen in conformity to the by-laws of such association, adopted and changed by the members as the articles or by-laws may prescribe, not inconsistent with said articles of association. All officers and members, except honorary members of such association, shall be residents of the state of Michigan.