486.101 Water power and supply corporations; incorporators; powers. Sec. 1. That any number of persons not less than 5 may form themselves into a corporation for the purpose of damming any stream and of excavating and constructing, maintaining, repairing and improving any canal already existing or which they may wish to excavate and construct with […]
486.102 Certificate; contents; recording and filing. Sec. 2. Such persons under their hands and seals, shall make a certificate which shall specify: First, The name of the corporation; Second, A statement of the amount of capital stock of such company, and the number of shares into which the capital stock shall be divided; Third, The […]
486.103 Body corporate; governing laws. Sec. 3. Upon complying with the provisions of the last preceding section such company shall be a body corporate by the name designated in said certificate, and shall be subject to and governed by all the general provisions relating to corporations embraced in chapter 130 of the Compiled Laws of […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
486.111 Furnishing and use of water; rent, collection. Sec. 11. Such company may furnish water to other persons or companies for mining, manufacturing, milling, domestic, municipal or agricultural purposes, on such rent as shall be agreed upon by and between it and those desiring to obtain it, or it may use the same for such […]
486.112 Injury to stream or property; misdemeanor, penalty. Sec. 12. If any person shall willfully obstruct any stream or waters improved under the provisions of this act or any part thereof, or shall willfully destroy or injure any buildings, piers, dams, fixtures, banks, or other constructions in use upon the same, belonging to said company, […]
486.113 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, […]
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, […]
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 […]
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, […]
