Michigan Laws 457.296 – Board of trustees; powers
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Terms Used In Michigan Laws 457.296
- 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.
The management and direction of the interests and affairs and property of such corporation shall be vested in said board of trustees, and said board shall make all needful rules, ordinances and by-laws regulating the transaction of the business and the management of the property and all the affairs, concerns and interests of such corporation, and providing for the time and manner of electing the officers and trustees of the corporation and the length of the term of office of the trustees, a part of whom after the first election shall be chosen annually.