Sec. 15.
Every corporation organized under the provisions of this act may, at any time within 2 years next preceding the time fixed for the termination of its existence, make such disposition of its property, real and personal, as a 2/3 majority of the members present and voting at an annual meeting may, by vote, direct: And provided, That at the time of organization or whenever during the existence of any such corporation the lands of such association shall be embraced within the corporate limits of any city or village, that then the powers and obligations herein conferred upon such association and its officers partaking of a public or municipal nature, so far as the same shall conflict or interfere with the powers and duties of such city or village, those of said association shall to that extent be suspended and the provisions of this act are and shall be limited in their operation in that regard.
History: 1889, Act 39, Imd. Eff. Mar. 29, 1889 ;-- How. 3983f ;-- CL 1897, 7653 ;-- CL 1915, 10076 ;-- CL 1929, 10341 ;-- CL 1948, 455.65
Last modified: October 10, 2016