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Form a Business

Board of trustees; election, quorum; officers, appointment, duties.

MCL 457.205
in effect
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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. 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
Source: Michigan Legislature (legislature.mi.gov)URL: https://legislature.mi.gov/Laws/MCL?objectName=mcl-457-205Fetched: 10/20/2026

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