486.104 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: 1887, Act 202, Imd. Eff. June 18, 1887 ;– How. 3895u ;– CL 1897, 6809 ;– CL 1915, 8907 ;– CL 1929, 11842 ;– CL 1948, 486.104