Section 462.205 – Applicability of MCL 450.1101 to 450.2098 to Railroad Corporations.
462.205 Applicability of MCL 450.1101 to 450.2098 to railroad corporations. Sec. 205. The business corporation act, Act No. 284 of the Public Acts of 1972, being sections 450.1101 to 450.2098 of the Michigan Compiled Laws, shall apply to railroad corporations incorporated under this act or a former act repealed by this act, unless otherwise provided […]
Section 462.243 – Purchase of Land Belonging to State, City, Village, County, or Township.
462.243 Purchase of land belonging to state, city, village, county, or township. Sec. 243. If a railroad company desires to purchase land belonging to the state or a city, village, county, or township, the state through the appropriate department, or the city, village, county, or township officers respectively, having charge of the lands, may grant […]
Section 462.207 – Records of Corporations Formed Under Former Acts; Duration, Rights, and Limitations of Existing Corporations.
462.207 Records of corporations formed under former acts; duration, rights, and limitations of existing corporations. Sec. 207. (1) Within 30 days after the effective date of this act, the department, the secretary of state, or any other agency having records of corporations formed under former acts repealed by this act shall certify and send to […]
Section 462.211 – Board of Directors; Corporate Powers; Stockholders Entitled to Vote for Directors; Election of President; Powers of Board of Directors Generally; Voting by Stockholders; Quorum; Vacancy.
462.211 Board of directors; corporate powers; stockholders entitled to vote for directors; election of president; powers of board of directors generally; voting by stockholders; quorum; vacancy. Sec. 211. (1) All of the corporate powers of any corporation organized under this act, or under any former act for the incorporation of railroads, are vested in the […]
Section 462.213 – Articles of Association; Alteration and Amendment; Signature; Certification; Filing; Effect; Recording; Powers of Railroad Company; Copies as Prima Facie Evidence; Public Inspection of Records and Files.
462.213 Articles of association; alteration and amendment; signature; certification; filing; effect; recording; powers of railroad company; copies as prima facie evidence; public inspection of records and files. Sec. 213. (1) A corporation organized under this act, or under any former act for the incorporation of railroads, upon a vote of its stockholders holding shares representing […]
Section 462.215 – Board of Directors; Election; Classification; Terms; Meetings; Notice; Removal of Directors or Officers; Rules, Regulations, and Directions; Stockholder Vote by Proxy; Adjournment of Meeting.
462.215 Board of directors; election; classification; terms; meetings; notice; removal of directors or officers; rules, regulations, and directions; stockholder vote by proxy; adjournment of meeting. Sec. 215. (1) At any meeting of stockholders for the election of directors, the stockholders may classify the directors into 3 classes, as near as may be, 1 of which […]
Section 462.217 – Annual Meeting; Statement of Affairs.
462.217 Annual meeting; statement of affairs. Sec. 217. At each annual meeting of stockholders the board of directors shall present a clear and full statement of the affairs of the railroad company for the preceding year. History: 1993, Act 354, Imd. Eff. Jan. 14, 1994
Section 462.219 – Subscribers to Capital Stock; Payment in Installments; Forfeiture of Stock for Neglect or Refusal to Pay.
462.219 Subscribers to capital stock; payment in installments; forfeiture of stock for neglect or refusal to pay. Sec. 219. The board of directors may, by resolution, require the subscribers to the capital stock to pay the amounts by them respectively subscribed in a manner and in installments as the board considers proper. If a subscriber […]
Section 462.221 – Stock as Personal Estate; Transfer.
462.221 Stock as personal estate; transfer. Sec. 221. The stock of a railroad company is considered personal estate and is transferable in the manner and under such restrictions and conditions as may be provided for in the by-laws, but any certificate of stock issued before payment in full, shall show on its face, or by […]
Section 462.223 – Railroad Company; Liabilities and Restrictions.
462.223 Railroad company; liabilities and restrictions. Sec. 223. A railroad company shall possess the general powers and be subject to the following liabilities and restrictions: (a) To cause such examinations and surveys of the proposed railroad, or railroad bridge or tunnel to be made as may be necessary to the selection of the most advantageous […]