457.367 Membership; trustees, election, term, qualification.
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457.367 Membership; trustees, election, term, qualification.
Sec. 7.
Every such corporation shall have power to provide by its by-laws for succession to its original membership and for new membership; and shall also have power to provide by its by-laws for the election from its stockholders of a board of trustees, and to fix the number and term of office of such trustees. But such board of trustees shall not be less than 5 and such term of office shall not exceed 3 years. Such board of trustees shall consist of an equal number from each subordinate chartered lodge of Knights of Pythias owning and holding shares of stock in said corporation as a lodge and situated in the town or city where the property of said corporation is located.
History: 1905, Act 85, Imd. Eff. May 3, 1905 ;-- CL 1915, 10477 ;-- CL 1929, 10680 ;-- CL 1948, 457.367