455.11 Board of directors; officers and employees, selection, removal, terms.
157 words·~1 min read·
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455.11 Board of directors; officers and employees, selection, removal, terms.
Sec. 11.
The directors shall choose from their number, by ballot or otherwise, a president, secretary, and treasurer, and the latter 2 offices may be held by the same person, and shall have power to appoint and employ such other subordinate officers, agents, servants or employes as the by-laws of the corporation shall designate, or such as shall be necessary to the proper accomplishment of the purposes of the corporation, and such board of directors shall have the power to remove such president or other officer of such corporation, or agents, or employes, for cause, and appoint others in their places; such officers shall be elected annually and shall hold their offices for 1 year, and until their successors shall be elected.
History: 1897, Act 230, Imd. Eff. June 4, 1897 ;-- CL 1897, 7628 ;-- CL 1915, 10044 ;-- CL 1929, 10314 ;-- CL 1948, 455.11