Mich. Comp. Laws § 486.204: Board of directors; members, election, qualifications.

Sec. 4.

The business and property of such company shall be managed and directed by a board of not less than 3 nor more than 7 directors, who shall be elected annually, and at such time and place as the by-laws of said company may direct. No person shall be a director unless he is a stockholder in the corporation.