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Form a Business

Corporation; shares of stock; directors, election, terms, powers.

MCL 455.305
in effect
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455.305. Corporation; shares of stock; directors, election, terms, powers. Sec. 5. The corporation shall not have any shares of stock or be for pecuniary profit. It shall have not less than 5 directors to be chosen annually from and by the members at the time and place fixed by the by-laws, they to hold office for 1 year and until their successors are elected. The directors shall manage the affairs of the corporation. 1911, Act 161, Eff. Aug. 1, 1911; CL 1915, 10134; CL 1929, 10392; CL 1948, 455.305
Source: Michigan Legislature (legislature.mi.gov)URL: https://legislature.mi.gov/Laws/MCL?objectName=mcl-455-305Fetched: 10/20/2026

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