Mich. Comp. Laws § 455.305: Corporation; shares of stock; directors, election, terms, powers.

Sec. 5.

The corporation shall not have any shares of stock or be for pecuniary profit. It shall have not less than 5 directors to be chosen annually from and by the members at the time and place fixed by the by-laws, they to hold office for 1 year and until their successors are elected. The directors shall manage the affairs of the corporation.