Sec. 14.
The officers of such company shall be a president, who also shall be a director, a secretary, a treasurer, and such other officers, agents and servants, as the board of directors shall deem necessary for the transaction of the business of the company; such officers shall be elected annually, by the directors, and may be required to give bonds, with penalty and sureties, to the approval of the board of directors.
History: 1869, Act 113, Imd. Eff. Apr. 3, 1869 ;-- CL 1871, 3368 ;-- How. 3123 ;-- CL 1897, 8513 ;-- CL 1915, 11295 ;-- CL 1929, 11888 ;-- CL 1948, 486.314
Structure Michigan Compiled Laws
Chapter 486 - Water and Power Companies
Act 113 of 1869 - Waterworks (486.301 - 486.318)
Section 486.301 - Waterworks in Municipalities; Incorporators; Powers.
Section 486.302 - Certificate; Contents, Filing and Recording; Body Corporate, Name.
Section 486.303 - Corporate Power to Hold Property.
Section 486.304 - Capital Stock; Fixed Amount, Increase.
Section 486.305 - Officers; Election, Term, Powers; Quorum of Stockholders; Right to Vote.
Section 486.306 - Corporate Powers.
Section 486.308 - Condemnation Proceedings.
Section 486.311 - Stockholder's Liability; Recovery Prerequisites; Contribution to Creditor.
Section 486.312 - Contract Between Municipality and Company; Obligations.
Section 486.313 - Stockholders; Annual and Special Meetings.
Section 486.314 - Officers of Company; Designation, Election, Bonding.
Section 486.316 - Purchase of Corporate Rights and Property by Municipality; Arbitration.
Section 486.318 - Company Fully Organized; Qualification, Powers, Financial Arrangements.