Michigan Laws 457.544 – Property and business; management and control
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Terms Used In Michigan Laws 457.544
- 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, direction and control of the property and business of such corporation shall be vested in such of its officers and persons as the constitution and by-laws of such subordinate court may direct, but when no special rule exists, then as a 2/3 majority of the members present at any regular meeting and acting thereon shall from time to time determine.