Michigan Laws 457.226 – Succession and by-laws
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Terms Used In Michigan Laws 457.226
- 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.
Every such corporation shall have power to provide by its by-laws for succession to its original membership and for new membership; and shall also have power to provide by its by-laws for election from its members of a board of trustees and to fix the number and term of office of such trustees; but such board shall not be less than 5 in number and such term of office shall not exceed 3 years.