Section 486.114 – Realty; Purchase, Holding, Disposal; Limitations.
486.114 Realty; purchase, holding, disposal; limitations. Sec. 14. Each and every company formed under this act shall have authority to purchase and hold land adjacent to or within convenient distance of any canal constructed under the provisions of this act, for the purpose of platting and selling to manufacturers, their operatives or to other persons, […]
Section 486.115 – Stockholder’s Liability; Recovery Prerequisites.
486.115 Stockholder’s liability; recovery prerequisites. Sec. 15. 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 486.116 – Shares Deemed Personal Property; Transfer.
486.116 Shares deemed personal property; transfer. Sec. 16. 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: 1887, Act 202, Imd. Eff. June 18, 1887 ;– How. 3895z-7 ;– CL 1897, 6821 ;– CL 1915, […]
Section 486.104 – Board of Directors; Members, Election, Qualification.
486.104 Board of directors; members, election, qualification. Sec. 4. The business and property of such company shall be managed and directed by a board of not less than 5 nor more than 7 directors, who shall be elected annually, and at such time and place as said by-laws may direct. No person shall be a […]
Section 486.105 – Board of Directors; Election, Notice.
486.105 Board of directors; election, notice. Sec. 5. In case it shall happen that an election for directors shall not be held as provided, the said corporation shall not be for that reason dissolved, but such election shall be held on some future day to be fixed by the directors holding over, upon giving the […]
Section 486.106 – Board of Directors; Majority Control.
486.106 Board of directors; majority control. Sec. 6. A majority of the directors shall be a board for the transaction of business, and the acts of a majority of the board shall bind the corporation. History: 1887, Act 202, Imd. Eff. June 18, 1887 ;– How. 3895w ;– CL 1897, 6811 ;– CL 1915, 8909 […]
Section 486.107 – Capital Stock; Subscriptions; Increase; Procedure.
486.107 Capital stock; subscriptions; increase; procedure. Sec. 7. The directors of any such company may at any time receive subscriptions to stock in said company until the whole amount mentioned in their articles of association shall be subscribed, and whenever, in the judgment of the directors, it shall be necessary to increase the capital stock […]
Section 486.108 – Capital Stock; Subscriptions, Calling In; Sale, Procedure, Proceeds; Purchaser’s Rights.
486.108 Capital stock; subscriptions, calling in; sale, procedure, proceeds; purchaser’s rights. Sec. 8. The directors may call in subscriptions to the capital stock of such corporation by installments, in such portions, and at such times and places as they shall think proper, by giving notice thereof as the by-laws shall prescribe; and in case any […]
Section 486.109 – Corporate Powers, Liabilities and Restrictions.
486.109 Corporate powers, liabilities and restrictions. Sec. 9. Every such corporation, organized as hereinbefore prescribed, shall have the following powers and be subject to the liabilities and restrictions following, that is to say: First, To cause such examinations and surveys for the proposed improvements whether dam-locks, canals or digging or deepening of channels to be […]
Section 486.110 – Power to Construct Railroads, Telegraph and Telephone Lines; Holding of Realty.
486.110 Power to construct railroads, telegraph and telephone lines; holding of realty. Sec. 10. Said corporation may, in the exercise of its discretion, erect along the line of its canal or over different portions of its property, such railroads as may be necessary for connecting manufacturing establishments situated upon or connected with their premises or […]