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Terms Used In Michigan Laws 453.5

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
     Such corporation shall have power and authority to designate, elect, and appoint from its members such officers and agents, under such name and style, as shall be in accordance with the constitution of the national grange of the order of the patrons of husbandry, and as shall be provided for by the articles of association or by-laws (or both) of the corporation, and such corporation shall have authority to make all such rules, regulations, and by-laws, not repugnant to law, or to the constitution and regulations of the national grange of the order of the patrons of husbandry, as may be necessary and convenient for the regulation, management, and government of the affairs, business, property, and interests of the corporation; and such corporation may change the location of its business office whenever desirable.