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.
History: 1911, Act 161, Eff. Aug. 1, 1911 ;-- CL 1915, 10134 ;-- CL 1929, 10392 ;-- CL 1948, 455.305
Structure Michigan Compiled Laws
Chapter 455 - Summer Resort and Park Associations
Act 161 of 1911 - Parks, Playgrounds, Drives, and Boulevards (455.301 - 455.313)
Section 455.301 - Parks, Playgrounds, Drives and Boulevards; Incorporation, Purpose.
Section 455.302 - Articles of Association; Acknowledgment, Contents.
Section 455.303 - Filing Articles of Association With Department of Commerce.
Section 455.304 - Body Corporate; Powers.
Section 455.305 - Corporation; Shares of Stock; Directors, Election, Terms, Powers.
Section 455.307 - Corporation; Powers; Condemnation.
Section 455.308 - Municipal Corporation; Transfer of Realty, Revocation.
Section 455.309 - Municipal Corporation; Aid.
Section 455.310 - Lands Held in Trust; Free Access, Tax Exemption.
Section 455.311 - Trustees; Court Appointment.