486.314 Officers of company; designation, election, bonding. Sec. 14. The officers of such company shall be a president, who also shall be a director, a secretary, a treasurer, and such other officers, agents and servants, as the board of directors shall deem necessary for the transaction of the business of the company; such officers shall be elected annually, by the directors, and may be required to give bonds, with penalty and sureties, to the approval of the board of directors. History: 1869, Act 113, Imd. Eff. Apr. 3, 1869 ;-- CL 1871, 3368 ;-- How. 3123 ;-- CL 1897, 8513 ;-- CL 1915, 11295 ;-- CL 1929, 11888 ;-- CL 1948, 486.314
Michigan Legal Code