Sec. 6.
The business and property of such company shall be managed and directed by a board of not less than 3 nor more than 7 directors, who, after the first year, shall be elected annually, or once in 2 years, as the by-laws of said company shall direct, and at such time and place as said by-laws may direct; and public notice shall be given of the time and place of holding such election not less than 20 days previous thereto, in such a manner as the by-laws of such company may direct; the election shall be made by such of the stockholders as shall attend for that purpose, either in person or by proxy. All elections shall be by ballot, and each stockholder shall be entitled to as many votes as he shall own shares of stock, and the persons having the greatest number of votes shall be directors. Whenever any vacancy shall happen in the board of directors, such vacancy shall be filled for the remainder of the term, by the remaining directors. The directors shall hold their offices for 1 or 2 years, as said by-laws may direct, and until others are elected in their places, and no person shall be a director unless he is a stockholder in said company.
History: 1869, Act 149, Imd. Eff. Apr. 5, 1869 ;-- CL 1871, 2721 ;-- How. 3850 ;-- CL 1897, 6726 ;-- CL 1915, 8827 ;-- CL 1929, 11762 ;-- CL 1948, 485.106
Structure Michigan Compiled Laws
Chapter 485 - Canal, Harbor, and River Improvement Companies
Act 149 of 1869 - River Improvement Companies (485.101 - 485.129)
Section 485.101 - Corporations to Improve on Rivers; Formation; Tolls.
Section 485.103 - Body Corporate; Powers; Governing Law.
Section 485.104 - Improvement of Streams; Consent of Governor and Attorney General.
Section 485.106 - Directors; Powers, Election, Term, Vacancy, Qualification.
Section 485.107 - Directors; Calling of Election.
Section 485.108 - Directors; Majority Control.
Section 485.109 - Directors; President; Treasurer; Selection, Vacancy.
Section 485.110 - President and Directors; Powers.
Section 485.111 - Subscriptions; Increase in Capital Stock, Certificate, Filing.
Section 485.112 - Subscriptions; Calling In; Sale, Procedure, Purchaser's Rights.
Section 485.113 - Corporate Powers.
Section 485.114 - Tolls; Forfeiture of Right to Collect.
Section 485.116 - Tolls; Improved Streams Open to All.
Section 485.117 - Tolls; Collection.
Section 485.118 - Lien on Floatables; Sale, Procedure.
Section 485.119 - Stream to Be Kept in Repair; Forfeiture.
Section 485.120 - Injury to Stream or Property; Penalty.
Section 485.121 - Log Jam; Power to Break, Lien for Cost.
Section 485.122 - Lien; Enforcement.
Section 485.123 - Lien on Floatables; Owner Unknown or Without Jurisdiction of Court.
Section 485.124 - Annual Report; Contents.
Section 485.126 - Stockholder's Liability; Recovery Prerequisites.