Section 486.54 - Board of directors; members, election, qualification.
WATER POWER COMPANIES (EXCERPT)
Act 39 of 1883
486.54 Board of directors; members, election, qualification.
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: 1883, Act 39, Imd. Eff. Apr. 21, 1883 ;-- How. 3895d ;-- CL 1897, 6792 ;-- CL 1915, 8892 ;-- CL 1929, 11827 ;-- CL 1948, 486.54
Popular Name: Water Company Act