455.1 Summer resort and park associations; incorporation, purpose. Sec. 1. That any number of persons, not less than 5, desiring to form a corporation for the purpose of owning, maintaining and improving lands and other property for the purposes of a summer resort or a park for ornament, recreation or amusement, in any city, village […]
***** 455.10 THIS SECTION IS AMENDED EFFECTIVE 91 DAYS AFTER ADJOURNMENT OF THE 2022 REGULAR SESSION SINE DIE: See 455.10.amended ***** 455.10 Board of directors; powers. Sec. 10. The board of directors shall have the management and control of the stock, business, finances, rights and interests, buildings and all property, real and personal, of the […]
***** 455.10.amended THIS AMENDED SECTION IS EFFECTIVE 91 DAYS AFTER ADJOURNMENT OF THE 2022 REGULAR SESSION SINE DIE ***** 455.10.amended Board of directors; powers. Sec. 10. (1) The board of directors of the corporation shall manage and control the stock, business, finances, rights and interests, buildings, and real and personal property of the corporation. (2) […]
455.11 Board of directors; officers and employees, selection, removal, terms. Sec. 11. The directors shall choose from their number, by ballot or otherwise, a president, secretary, and treasurer, and the latter 2 offices may be held by the same person, and shall have power to appoint and employ such other subordinate officers, agents, servants or […]
455.12 By-laws and rules; amendment. Sec. 12. The stockholders shall have the power to make such reasonable by-laws not inconsistent with the laws of this state, or of the United States, as they shall deem proper for the management, control and disposition of the property, affairs and concerns of said corporation and may by such […]
455.13 Books; inspection; stock, transfer. Sec. 13. It shall be the duty of the directors of any such corporation to cause proper books to be kept by the secretary and treasurer, containing the names of all persons who are stockholders, together with their places of residence, and wherein shall be entered all matters and things […]
455.14 Capital stock; deemed personal property, transfer; lien on stock, enforcement; subscriptions; shares, issuance. Sec. 14. The stock of every such corporation shall be deemed personal property, and may be transferred as shall be prescribed by this act and by the by-laws of the corporation, and such corporation shall at all times have a lien […]
455.15 Capital stock; subscriptions, payment; suit; sale, procedure; disposition of proceeds; purchaser, rights. Sec. 15. The directors may require the subscribers to the capital stock of the corporation to pay the amount by them respectively subscribed, in such manner and in such installments as they may deem proper. If any stockholder shall neglect or refuse […]
455.16 Annual dues; levy, use, payment. Sec. 16. It shall be lawful for the board of directors to provide for annual dues to be levied upon each share of stock which shall be paid by the holder thereof in such an amount and under such rules and regulations as shall be provided by the by-laws […]
455.16a Allocation of taxable and assessed values to stockholder lessees; percentage; burden of proof; property transfer affidavit; assessment roll change or tax roll change; “inflation rate” defined. Sec. 16a. (1) Beginning January 1, 2012, if a corporation subject to this act has real property that has been platted under section 20 and lots in that […]
455.17 Stockholders’ liability; subrogation; contribution. Sec. 17. The stockholders of all corporations formed under this act shall be jointly, severally and individually liable for all labor and services performed for such corporation, which said liability, founded on this statue [statute], may be enforced by a suit at law in an action of assumpsit, at any […]
455.18 Annual report. Sec. 18. All corporations formed under the provisions of this act shall annually, between the months of March and the end of the succeeding August, make a report which shall state the amount of the capital stock actually paid in and the amount of money borrowed if any, which report shall be […]
455.2 Articles of association; signing, acknowledgment, contents. Sec. 2. Such articles of association shall be signed by the persons associating in the first instance, and be duly acknowledged before some officer of this state, authorized by the laws of this state to take acknowledgment of deeds, and shall set forth: First, The name by which […]
455.20 Stockholders; map or plat of land; record; use as evidence; street, public places. Sec. 20. If the by-laws of any such corporation shall provide that the stockholders shall be entitled to select a lot on the lands of said corporation for the purpose of building thereon, it shall be the duty of the directors […]
455.21 Stockholders; map or plat of land; ownership, sale; dissolution, disposition of lots; parks and walks dedicated to public use. Sec. 21. Whenever any such corporation shall cause to be platted any part or portion of its lands in the manner prescribed in the foregoing section of this act, it may by its by-laws, provide […]
455.22 Repeal; saving clause; provisions governing act. Sec. 22. Act No. 151 of the session laws of 1869, entitled “An act to provide for the formation of joint stock companies for the purpose of owning and maintaining skating parks or rinks and parks kept for ornament, recreation and amusement,” approved April fifth, 1869, and Act […]
***** 455.23 THIS SECTION IS AMENDED EFFECTIVE 91 DAYS AFTER ADJOURNMENT OF THE 2022 REGULAR SESSION SINE DIE: See 455.23.amended ***** 455.23 Special dues; purpose, time, enforcement. Sec. 23. It shall be lawful for the stockholders at a special meeting called for that purpose by a vote of a majority of all the capital stock, […]
***** 455.23.amended THIS AMENDED SECTION IS EFFECTIVE 91 DAYS AFTER ADJOURNMENT OF THE 2022 REGULAR SESSION SINE DIE ***** 455.23.amended Special dues; purpose, time, enforcement. Sec. 23. (1) The stockholders of the corporation, at a special meeting called for that purpose by a vote of a majority of all the capital stock, may authorize the […]
455.24 Associate members; terms; stock, disposition. Sec. 24. It shall be lawful for the stockholders of any such corporation, either at the time the articles shall be executed, or at any subsequent period, by a vote of 2/3 of the capital stock, to provide the terms upon which persons may become associate members of the […]
***** 455.3 THIS SECTION IS AMENDED EFFECTIVE 91 DAYS AFTER ADJOURNMENT OF THE 2022 REGULAR SESSION SINE DIE: See 455.3.amended ***** 455.3 Filing articles with department of commerce; subscribers and stockholders as body politic and corporate; powers; alteration or amendment of articles; certification, filing, and recording. Sec. 3. The articles of association shall be filed […]
