Michigan Compiled Laws, Chapter 485. Canal, Harbor and River Improvement Companies § 485.110

Sec. 10. The president and directors shall have power to make and prescribe such by-laws, rules and regulations respecting the transfer of stocks, and the management and control of the affairs and property of such corporation, as they may deem best, not inconsistent with the laws of the United States or of this state, and shall have power to appoint and employ officers, clerks, agents and servants for conducting and carrying on the business of such incorporation, and determine their duties, and salaries, and wages to be paid to them.