Sec. 3.
Every corporation formed pursuant to the provisions of this act, may take and hold personal and real property, so far as may be necessary for the proper purposes of the organization, not exceeding 50,000 dollars in amount, and convey, dispose of and deal with the same as it may from time to time determine by a 2/3 vote of members present at any regular meeting and voting thereon at any annual meeting or at any special meeting called especially for that purpose.
History: 1889, Act 116, Eff. Oct. 2, 1889 ;-- How. 4577c ;-- CL 1897, 8068 ;-- CL 1915, 10542 ;-- CL 1929, 10747 ;-- CL 1948, 457.543
Last modified: October 10, 2016