Section 485.126 – Stockholder’s Liability; Recovery Prerequisites.
485.126 Stockholder’s liability; recovery prerequisites. Sec. 26. The stockholders of every company organized in pursuance of this act, shall be jointly and severally personally liable for the payment of all debts and demands against such association, which shall be contracted, or which shall be, or shall become due during the time of their holding such […]
Section 485.127 – Shares Deemed Personalty; Transfer.
485.127 Shares deemed personalty; transfer. Sec. 27. The shares of any company formed under this act shall be deemed personal property, and may be transferred as shall be prescribed by the by-laws of such company. History: 1869, Act 149, Imd. Eff. Apr. 5, 1869 ;– CL 1871, 2742 ;– How. 3871 ;– CL 1897, 6747 […]
Section 485.129 – Governing Laws.
485.129 Governing laws. Sec. 29. All companies formed under this act shall at all times be subject to all general laws in force relative to corporations. History: 1869, Act 149, Imd. Eff. Apr. 5, 1869 ;– CL 1871, 2744 ;– How. 3873 ;– CL 1897, 6749 ;– CL 1915, 8849 ;– CL 1929, 11784 ;– […]
Section 485.122 – Lien; Enforcement.
485.122 Lien; enforcement. Sec. 22. Any such corporation claiming any lien may bring an action of assumpsit against the owner of such property to determine and satisfy the amount of such lien or such corporation may waive its claim of lien and bring such action against such owner for the amount thereof. The proceedings in […]
Section 485.123 – Lien on Floatables; Owner Unknown or Without Jurisdiction of Court.
485.123 Lien on floatables; owner unknown or without jurisdiction of court. Sec. 23. If the owner of such logs, timber or other floatables, cannot be ascertained, or is without the jurisdiction of the court, the proceeding to ascertain and determine the amount of such lien may be against the property, and commenced by filing the […]
Section 485.124 – Annual Report; Contents.
485.124 Annual report; contents. Sec. 24. On or before the first Monday in January in each year it shall be the duty of the directors of every company formed under this act, to report to the secretary of state, under the oath of the secretary and 1 or more of the directors, the length of […]
Section 485.125 – Taxation.
485.125 Taxation. Sec. 25. Each and every company formed under this act, shall pay to the treasurer of the state of Michigan an annual tax at the rate of 1 per cent on the whole amount of capital paid in upon the capital stock of said company, which tax shall be estimated upon the last […]
Section 485.116 – Tolls; Improved Streams Open to All.
485.116 Tolls; improved streams open to all. Sec. 16. Any stream improved under this act shall be open to all persons for use, upon the payment of tolls, prescribed as aforesaid for the passage of vessels, boats, logs, rafts, timber and lumber through such improved stream or waters, and uniform rates of toll shall be […]
Section 485.117 – Tolls; Collection.
485.117 Tolls; collection. Sec. 17. Whenever said tolls are prescribed as aforesaid, the directors of the corporation may collect the same by action of assumpsit from persons using such improved portions of such stream. The proceedings in such action shall be in accordance with the practice of the courts in which such action is commenced […]
Section 485.118 – Lien on Floatables; Sale, Procedure.
485.118 Lien on floatables; sale, procedure. Sec. 18. Such company shall have a lien upon all logs, rafts, timber or lumber or other floatables driven, rafted or run through such stream or waters upon which toll shall be due, for such toll, and may sell a sufficient quantity of such logs, timber or lumber, or […]