Michigan Laws 450.2231 – Bylaws; adoption; amendment or repeal; contents
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(1) Except if the power to adopt, amend, or repeal the bylaws is reserved exclusively to the corporation‘s shareholders, its members, or its board in the articles of incorporation:
(a) The initial bylaws of a corporation shall be adopted by its incorporators, its shareholders, its members, or its board.
Terms Used In Michigan Laws 450.2231
- 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.
(b) The shareholders, the members, or the board may amend or repeal the bylaws or adopt new bylaws.
(c) The shareholders or members may prescribe in the bylaws that any bylaw adopted by them shall not be amended or repealed by the board.
(2) The bylaws may contain any provision for the regulation and management of the affairs of the corporation not inconsistent with law or the articles of incorporation.