457.205 Board of trustees; election, quorum; officers, appointment, duties. Sec. 5. The stockholders, each of whom shall be entitled to 1 vote for each share of stock held by him, may elect from their number a board of trustees of not less than 6 nor more than 15 members, a majority of whom shall constitute a quorum, and the trustees shall appoint from their own number a president, secretary and treasurer, who shall perform the duties of their respective offices in accordance with the rules and regulations which may be prescribed by the board of trustees. History: 1865, Act 145, Imd. Eff. Mar. 10, 1865 ;-- Am. 1867, Act 180, Imd. Eff. Mar. 27, 1867 ;-- CL 1871, 3221 ;-- How. 4476 ;-- Am. 1893, Act 33, Imd. Eff. Apr. 14, 1893 ;-- CL 1897, 7965 ;-- CL 1915, 10402 ;-- CL 1929, 10603 ;-- CL 1948, 457.205
Michigan Legal Code