Section 485.1 – Canal or Harbor Company; Incorporators, Procedure; Articles, Contents.
485.1 Canal or harbor company; incorporators, procedure; articles, contents. Sec. 1. Any number of persons, not less than 3, may be formed into a corporation for the purpose of constructing a canal or harbor, or improving the navigation of any river or stream in the upper peninsula and in Branch and Macomb counties, by dredging […]
Section 485.2 – Articles; Signing, Filing; Powers of Company.
485.2 Articles; signing, filing; powers of company. Sec. 2. Each subscriber to such articles of association shall subscribe thereto his name and place of residence, and the number of shares of stock taken by him. The said articles shall be filed in the office of the secretary of state, and thereupon the persons who have […]
Section 485.3 – Articles; Filing, Prerequisites; Vote of Stockholder.
485.3 Articles; filing, prerequisites; vote of stockholder. Sec. 3. Such articles of agreement shall not be filed in the office of the secretary of state until 5 per cent of the capital subscribed shall have been paid to the directors named in the articles, nor until there is endorsed on said articles, or annexed thereto, […]
Section 485.4 – Articles; Certified Copy as Evidence.
485.4 Articles; certified copy as evidence. Sec. 4. A copy of said articles, filed in pursuance of this act, certified by the secretary of state to be a true copy, and of the whole thereof, shall be in all courts and places presumptive evidence of the incorporation of such company and of the facts therein […]
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 […]
Section 485.10 – Condemnation; Procedure; Use of Property.
485.10 Condemnation; procedure; use of property. Sec. 10. Whenever said company shall desire to enter upon, use, or occupy any lands, or condemn any franchises or right to the use of running water, when no agreement can be made with the owners thereof, the like proceedings shall be had and taken as is provided in […]