Terms Used In Michigan Laws 457.676

  • 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 affairs of such corporation shall be controlled by a convention of delegates who shall be appointed or elected by the respective societies forming such corporation in such manner as the constitution and by-laws of such corporation shall provide, and the number of delegates which each society is entitled to send to such conventions, and the time and place of meeting of such conventions shall be as provided by the constitution and by-laws of said corporation. Subject to the action of such convention of delegates, the management of the affairs of said corporation may be placed in the control of such officers, trustees or other persons as may be provided by the constitution and by-laws of said corporation.