Section 485.5 – Directors; Number, Election, Term, Vacancy.
485.5 Directors; number, election, term, vacancy. Sec. 5. The business and property of such company shall be managed by a board of not less than 3, nor more than 7 directors, who after the first year shall be elected annually, at such time and place as the by-laws direct, and public notice shall be given […]
Section 485.6 – Directors; Quorum; Selection of Officers.
485.6 Directors; quorum; selection of officers. Sec. 6. A majority of the directors shall be a board for the transaction of business. At the first meeting after their election, they may elect 1 of their number president, and appoint such other officers as the articles of association or by-laws require. History: 1875, Act 233, Imd. […]
Section 485.7 – President and Directors; Powers; Annual Report, Contents.
485.7 President and directors; powers; annual report, contents. Sec. 7. The president and directors shall have power to make and prescribe such rules and regulations respecting the transfer of the stock, either before its full payment or thereafter, and for the general management of the affairs of said association, as they may deem proper, not […]
Section 485.8 – Construction of Route; Restrictions.
485.8 Construction of route; restrictions. Sec. 8. It shall be lawful for such company, their officers, engineers, and agents, to enter upon any lands for the purpose of exploring, surveying, and locating the route of any such canal, harbor, or the improvement of any such river or stream, doing thereto no unnecessary damage, and paying […]
Section 485.9 – Real Estate; Power to Hold.
485.9 Real estate; power to hold. Sec. 9. Said corporation shall not, in their corporate capacity, hold, purchase, or deal in any lands other than lands donated to said corporations to aid in constructing said improvements, or the lands in which their canals shall run, to the width of 300 feet on each side of […]