{"data":{"id":"us-mi/mich.-comp.-laws-455.305","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 455.305","heading":"Corporation; shares of stock; directors, election, terms, powers.","body":"Sec. 5.\n\nThe 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.","path":["MI Code","Chapter 455","Act Act-161-of-1911"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-455-305","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"f2ecffd2ca4a09e08749d42a5d7f41d2aa6a49a022497e2a7303920a78371619","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-455.304","next":"us-mi/mich.-comp.-laws-455.306"},"notice":"GroundRules: Original legal text. Not legal advice."}