Sec. 5. The trustees of such corporation, when thereunto authorized, by majority vote of the members of such corporation voting thereon at any annual meeting, or any special meeting called expressly for that purpose, by a general by-law, adopted and recorded, may sell, mortgage, give, grant, convey and lease said lands or any part or portion thereof, upon such terms and subject to such reservations and restrictions as may be deemed advisable.
Mich. Comp. Laws § 455.205
Property; sale and disposition, proceedings
Applied in 1 court decision — leading case 393 F. Supp. 2d 578 - Bates v. Colony Park Ass'n (2005)
Most recently applied in 393 F. Supp. 2d 578 - Bates v. Colony Park Ass'n (September 2005)
1929, Act 137, Eff
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.