Michigan Compiled Laws Act 149 Of 1869 River Improvement Companies (485.101 - 485.129)

• Section 485.101 Corporations To Improve On Rivers; Formation; Tolls.
  That any number of persons may associate for the purpose of improving the navigation of any river in this state, by deepening the channel...
• Section 485.102 Corporations To Improve On Rivers; Certificate, Contents, Acknowledgment, Recording, Filing.
  Such persons, under their hands and seals, shall make a certificate which shall specify: 1. The name of the corporation; 2. The stream and...
• Section 485.103 Body Corporate; Powers; Governing Law.
  Upon complying with the provisions of the last preceding section, such company shall be a body corporate, by the name designated in said certificate,...
• Section 485.104 Improvement Of Streams; Consent Of Governor And Attorney General.
  No company formed or created under this act shall be authorized to improve the navigation of any stream under the provisions of this act,...
• Section 485.105 Map Or Plan; Application For Approval; Hearing, Procedure, Approval; Alteration Of Plan.
  After the organization of any such company as aforesaid, they may prepare a map or plan of the section or sections of the stream...
• Section 485.106 Directors; Powers, Election, Term, Vacancy, Qualification.
  The business and property of such company shall be managed and directed by a board of not less than 3 nor more than 7...
• Section 485.107 Directors; Calling Of Election.
  In case it shall happen that an election for directors shall not be held as provided, the said corporation shall not be for that...
• Section 485.108 Directors; Majority Control.
  A majority of the directors shall be a board for the transaction of business, and the acts of a majority of the board shall...
• Section 485.109 Directors; President; Treasurer; Selection, Vacancy.
  The directors at their first meeting after their election, shall choose, by ballot, 1 of their number as president, and 1 as treasurer, and...
• Section 485.110 President And Directors; Powers.
  The president and directors shall have power to make and prescribe such by-laws, rules and regulations respecting the transfer of stocks, and the management...
• Section 485.111 Subscriptions; Increase In Capital Stock, Certificate, Filing.
  The directors of any such company may at any time receive subscriptions to stock in said company until the whole amount of the stock...
• Section 485.112 Subscriptions; Calling In; Sale, Procedure, Purchaser's Rights.
  The directors may call in subscriptions to the capital stock of such corporation by installments, in such portions, and at such times and places...
• Section 485.113 Corporate Powers.
  Every such corporation organized, as hereinbefore prescribed, may make the improvements thus set forth in said plans after the same shall have been approved...
• Section 485.114 Tolls; Forfeiture Of Right To Collect.
  It shall be the duty of such company to complete the improvements contemplated by the plans approved as aforesaid within the time which shall...
• Section 485.115 Tolls; Power Of Board To Fix; Jurisdiction Of Corporation; Annual Statement, Contents.
  Whenever any portion of said work shall be completed to the satisfaction of said board of control, and it is so far useful that...
• Section 485.116 Tolls; Improved Streams Open To All.
  Any stream improved under this act shall be open to all persons for use, upon the payment of tolls, prescribed as aforesaid for the...
• Section 485.117 Tolls; Collection.
  Whenever said tolls are prescribed as aforesaid, the directors of the corporation may collect the same by action of assumpsit from persons using such...
• Section 485.118 Lien On Floatables; Sale, Procedure.
  Such company shall have a lien upon all logs, rafts, timber or lumber or other floatables driven, rafted or run through such stream or...
• Section 485.119 Stream To Be Kept In Repair; Forfeiture.
  The board of directors of any such company shall, at all times after commencing the collection of any tolls from persons using said improved...
• Section 485.120 Injury To Stream Or Property; Penalty.
  If any person shall wilfully obstruct any stream or waters improved under the provisions of this act, or any part thereof, or shall wilfully...
• Section 485.121 Log Jam; Power To Break, Lien For Cost.
  If any person or persons shall put, or cause to be put, into said stream or waters, any logs, timber, or lumber, and shall...
• Section 485.122 Lien; Enforcement.
  Any such corporation claiming any lien may bring an action of assumpsit against the owner of such property to determine and satisfy the amount...
• Section 485.123 Lien On Floatables; Owner Unknown Or Without Jurisdiction Of Court.
  If the owner of such logs, timber or other floatables, cannot be ascertained, or is without the jurisdiction of the court, the proceeding to...
• Section 485.124 Annual Report; Contents.
  On or before the first Monday in January in each year it shall be the duty of the directors of every company formed under...
• Section 485.125 Taxation.
  Each and every company formed under this act, shall pay to the treasurer of the state of Michigan an annual tax at the rate...
• Section 485.126 Stockholder's Liability; Recovery Prerequisites.
  The stockholders of every company organized in pursuance of this act, shall be jointly and severally personally liable for the payment of all debts...
• Section 485.127 Shares Deemed Personalty; Transfer.
  The shares of any company formed under this act shall be deemed personal property, and may be transferred as shall be prescribed by the...
• Section 485.129 Governing Laws.
  All companies formed under this act shall at all times be subject to all general laws in force relative to corporations. History: 1869, Act...

Last modified: October 10, 2016