Mich. Comp. Laws § 457.296

Sec. 6. The management and direction of the interests and affairs and property of such corporation shall be vested in said board of trustees, and said board shall make all needful rules, ordinances and by-laws regulating the transaction of the business and the management of the property and all the affairs, concerns and interests of such corporation, and providing for the time and manner of electing the officers and trustees of the corporation and the length of the term of office of the trustees, a part of whom after the first election shall be chosen annually.