Sec. 4.
The business and property of such company shall be managed and directed by a board of not less than 5 nor more than 7 directors, who shall be elected annually, and at such time and place as said by-laws may direct. No person shall be a director unless he is a stockholder in the corporation.
History: 1887, Act 202, Imd. Eff. June 18, 1887 ;-- How. 3895u ;-- CL 1897, 6809 ;-- CL 1915, 8907 ;-- CL 1929, 11842 ;-- CL 1948, 486.104
Structure Michigan Compiled Laws
Chapter 486 - Water and Power Companies
Act 202 of 1887 - Water Power Companies (486.101 - 486.116)
Section 486.101 - Water Power and Supply Corporations; Incorporators; Powers.
Section 486.102 - Certificate; Contents; Recording and Filing.
Section 486.103 - Body Corporate; Governing Laws.
Section 486.104 - Board of Directors; Members, Election, Qualification.
Section 486.105 - Board of Directors; Election, Notice.
Section 486.106 - Board of Directors; Majority Control.
Section 486.107 - Capital Stock; Subscriptions; Increase; Procedure.
Section 486.109 - Corporate Powers, Liabilities and Restrictions.
Section 486.110 - Power to Construct Railroads, Telegraph and Telephone Lines; Holding of Realty.
Section 486.111 - Furnishing and Use of Water; Rent, Collection.
Section 486.112 - Injury to Stream or Property; Misdemeanor, Penalty.
Section 486.113 - Board of Directors; Annual Report, Contents.
Section 486.114 - Realty; Purchase, Holding, Disposal; Limitations.
Section 486.115 - Stockholder's Liability; Recovery Prerequisites.
Section 486.116 - Shares Deemed Personal Property; Transfer.