Michigan Compiled Laws Act 230 Of 1897 Summer Resort And Park Associations (455.1 - 455.24)

• Section 455.1 Summer Resort And Park Associations; Incorporation, Purpose.
  That any number of persons, not less than 5, desiring to form a corporation for the purpose of owning, maintaining and improving lands and...
• Section 455.2 Articles Of Association; Signing, Acknowledgment, Contents.
  Such articles of association shall be signed by the persons associating in the first instance, and be duly acknowledged before some officer of this...
• Section 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.
  The articles of association shall be filed in the corporation and securities bureau of the department of commerce, and thereupon all persons who shall...
• Section 455.4 Evidence Of Incorporation.
  A copy of any articles of association filed in the corporation and securities bureau of the department of commerce in pursuance of this act...
• Section 455.5 Certificates Of Stock; Signing, Sealing, Right To Vote.
  All certificates for capital stock shall be signed by the president and secretary of the company, and sealed with the corporate seal. Each stockholder...
• Section 455.6 Annual Meeting; Notice, Failure To Hold.
  Every such corporation shall hold its annual meeting of stockholders between the first Monday of February and the last day of August of each...
• Section 455.7 Annual Report; Stockholders, Contents; Perjury.
  At each annual meeting such corporation shall make a report to the stockholders, signed by a majority of the board of directors, verified by...
• Section 455.8 First Meeting; Notice.
  When any corporation shall be formed under the provisions of this act, any 2 of those associated may call the first meeting of such...
• Section 455.9 Board Of Directors; Qualifications, Election, Terms, Vacancy; Stock, Ceasing Ownership; Quorum.
  The board of directors shall consist of not less than 3 nor more than 9 members as the articles of association shall determine, who...
• Section 455.10 Board Of Directors; Powers.
  The board of directors shall have the management and control of the stock, business, finances, rights and interests, buildings and all property, real and...
• Section 455.11 Board Of Directors; Officers And Employees, Selection, Removal, Terms.
  The directors shall choose from their number, by ballot or otherwise, a president, secretary, and treasurer, and the latter 2 offices may be held...
• Section 455.12 By-laws And Rules; Amendment.
  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,...
• Section 455.13 Books; Inspection; Stock, Transfer.
  It shall be the duty of the directors of any such corporation to cause proper books to be kept by the secretary and treasurer,...
• Section 455.14 Capital Stock; Deemed Personal Property, Transfer; Lien On Stock, Enforcement; Subscriptions; Shares, Issuance.
  The stock of every such corporation shall be deemed personal property, and may be transferred as shall be prescribed by this act and by...
• Section 455.15 Capital Stock; Subscriptions, Payment; Suit; Sale, Procedure; Disposition Of Proceeds; Purchaser, Rights.
  The directors may require the subscribers to the capital stock of the corporation to pay the amount by them respectively subscribed, in such manner...
• Section 455.16 Annual Dues; Levy, Use, Payment.
  It shall be lawful for the board of directors to provide for annual dues to be levied upon each share of stock which shall...
• Section 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.
  (1) Beginning January 1, 2012, if a corporation subject to this act has real property that has been platted under section 20 and lots...
• Section 455.17 Stockholders' Liability; Subrogation; Contribution.
  The stockholders of all corporations formed under this act shall be jointly, severally and individually liable for all labor and services performed for such...
• Section 455.18 Annual Report.
  All corporations formed under the provisions of this act shall annually, between the months of March and the end of the succeeding August, make...
• Section 455.20 Stockholders; Map Or Plat Of Land; Record; Use As Evidence; Street, Public Places.
  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...
• Section 455.21 Stockholders; Map Or Plat Of Land; Ownership, Sale; Dissolution, Disposition Of Lots; Parks And Walks Dedicated To Public Use.
  Whenever any such corporation shall cause to be platted any part or portion of its lands in the manner prescribed in the foregoing section...
• Section 455.22 Repeal; Saving Clause; Provisions Governing Act.
  Act No. 151 of the session laws of 1869, entitled “An act to provide for the formation of joint stock companies for the purpose...
• Section 455.23 Special Dues; Purpose, Time, Enforcement.
  It shall be lawful for the stockholders at a special meeting called for that purpose by a vote of a majority of all the...
• Section 455.24 Associate Members; Terms; Stock, Disposition.
  It shall be lawful for the stockholders of any such corporation, either at the time the articles shall be executed, or at any subsequent...

Last modified: October 10, 2016