455.57 Board of trustees; quorum, vacancy; election of officers, terms. Sec. 7. Such trustees shall be known and designated as the board of trustees. They shall elect a president, vice-president, a secretary and a treasurer from their members, who shall hold their offices for 1 year and until their successors shall be elected. They shall discharge the usual duties attached to such offices and such other duties as may be prescribed by the by-laws or general directions of the association. Two-thirds of the members of the board shall constitute a quorum for the transaction of business, and any vacancy in the board may be filled by the board, and the trustee or trustees so appointed shall hold office until the next annual meeting of the association. History: 1889, Act 39, Imd. Eff. Mar. 29, 1889 ;-- How. 3983e-2 ;-- CL 1897, 7645 ;-- CL 1915, 10068 ;-- CL 1929, 10333 ;-- CL 1948, 455.57
Michigan Legal Code