Sec. 4.
Upon the recording of such articles of association the persons who have signed and acknowledged the same, their associates and successors, shall thereupon become a body politic and corporate and shall have power:
(1) To sue and be sued;
(2) To appoint and employ such officers, managers and agents as the affairs of the corporation may require;
(3) To make rules and by-laws for the regulation and management of its affairs, and alter and repeal the same;
(4) To acquire, hold, sell and convey all real and personal property suitable or necessary for the transaction of the business of the corporation, and to do all things in relation thereto in the same manner and to the same extent as a natural person.
History: 1911, Act 161, Eff. Aug. 1, 1911 ;-- CL 1915, 10133 ;-- CL 1929, 10391 ;-- CL 1948, 455.304