Section 486.208 – Capital Stock; Subscriptions, Calling In; Sale, Procedure, Proceeds; Purchaser’s Rights.
486.208 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 deem proper, by giving notice thereof as the by-laws shall prescribe; and in case any […]
Section 486.209 – Corporate Powers; Liabilities and Restrictions.
486.209 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 all proposed improvements, to be made as may be necessary to prepare for the […]
Section 486.210 – Power to Construct Railroad, Telegraph and Telephone Lines; Holding of Realty.
486.210 Power to construct railroad, telegraph and telephone lines; holding of realty. Sec. 10. Said corporation may, in the exercise of its discretion, erect, maintain and operate such railroads as may be necessary for connecting manufacturing establishments situated upon or connected with its premises, or enjoying power privileges from it with any line of railroad […]
Section 486.211 – Furnishing and Use of Water or Power; Compensation; Right to Sue and Be Sued.
486.211 Furnishing and use of water or power; compensation; right to sue and be sued. Sec. 11. Such company may furnish and sell water, water power, electricity or electric power, and any and all other forms of power to other persons or companies for any and all purposes on such terms as shall be agreed […]
Section 486.212 – Injury to Stream or Property; Misdemeanor, Penalty.
486.212 Injury to stream or property; misdemeanor, penalty. Sec. 12. If any person shall wilfully obstruct any stream or waters improved, or in use under the provisions of this act, or any part thereof, or shall wilfully destroy or injure any buildings, piers, dams, fixtures, banks, power lines or other constructions in use by and […]
Section 486.213 – Board of Directors; Annual Report, Contents.
486.213 Board of directors; annual report, contents. Sec. 13. On or before the first Monday in July 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 at least 2 of the directors, […]
Section 486.214 – Realty; Purchase, Holding, Disposal; Personal Property, Disposal.
486.214 Realty; purchase, holding, disposal; personal property, disposal. Sec. 14. Each and every corporation formed under this act shall have authority to purchase and hold land in amount not to exceed 3,000 acres adjacent to or within convenient distance of any canal, stream or dam, constructed under the provisions of this act, for the purpose […]
Section 486.215 – Stockholder’s Liability; Recovery Prerequisites.
486.215 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 owning 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 486.201 – Water Power and Supply Corporations in Upper Peninsula; Incorporators; Powers.
486.201 Water power and supply corporations in upper peninsula; incorporators; powers. Sec. 1. That any number of persons may form themselves into a corporation for the purpose of damming any stream or streams, and of excavating and constructing, maintaining, repairing and improving any stream or canal already existing, or which they may wish to excavate […]