Michigan Laws 62.9 – Additional bonds; removal from office
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Terms Used In Michigan Laws 62.9
- 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.
- Officer: means the village president, clerk, or treasurer, a village trustee, or an appointed person authorized by the council. See Michigan Laws 61.1a
The council may, at any time, require any officer to execute and file with the clerk additional or new official bonds, with such new or further sureties as said council shall deem requisite for the interest of the corporation. Any failure to comply with such requirement within 15 days shall subject the officer to immediate removal from office by the council.