{"data":{"id":"us-mi/mich.-comp.-laws-486.305","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 486.305","heading":"Officers; election, term, powers; quorum of stockholders; right to vote.","body":"Sec. 5.\n\nThe officers shall be elected by the stockholders when 50 per cent of the stock shall be subscribed, and 10 per cent of the amount subscribed paid in, and after a notice of at least 2 weeks has been given in some newspaper printed in the place where the said business is to be located, said notice to be signed by at least 3 stockholders; and the officers elected shall hold their office 1 year, and until their successors are elected; said officers shall have the general superintendence of the affairs of the company, and the management of the business and may call special meetings of the stockholders; and a majority of the stockholders shall constitute a quorum at all meetings and at all meetings each share shall be entitled to 1 vote either in person or by proxy.","path":["MI Code","Chapter 486","Act Act-113-of-1869"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-486-305","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"d8904281f02d99403a14437a629335885e30cceb88c68348006dd315b18a49a5","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-486.304","next":"us-mi/mich.-comp.-laws-486.306"},"notice":"GroundRules: Original legal text. Not legal advice."}