Michigan Laws 455.306 – Membership
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Terms Used In Michigan Laws 455.306
- 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.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
There shall be 2 classes of members, life and annual. Any person may become a life member by paying to the corporation $100.00 or more in cash, or donating property or services of that value, which the corporation is willing to accept. Any person over 18 years of age may become an annual member by the payment of $1.00 or more. His membership shall terminate if he fails to pay dues for any year of at least $1.00 before the election of directors for the ensuing year.