Michigan Compiled Laws Act 202 Of 1887 Water Power Companies (486.101 - 486.116)

AN ACT to authorize the formation of corporations for the purpose of damming, excavating, constructing and maintaining water courses with water power appurtenant thereto, for accumulating, storing, conducting, selling, furnishing and supplying upon an agreed rental, water and water power for mining, milling, manufacturing, domestic, municipal and agricultural purposes and for purposes of navigation.

History: 1887, Act 202, Imd. Eff. June 18, 1887

Section 486.101 Water Power And Supply Corporations; Incorporators; Powers.
That any number of persons not less than 5 may form themselves into a corporation for the purpose of damming any stream and of...
Section 486.102 Certificate; Contents; Recording And Filing.
Such persons under their hands and seals, shall make a certificate which shall specify: First, The name of the corporation; Second, A statement of...
Section 486.103 Body Corporate; Governing Laws.
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 486.104 Board Of Directors; Members, Election, Qualification.
The business and property of such company shall be managed and directed by a board of not less than 5 nor more than 7...
Section 486.105 Board Of Directors; Election, Notice.
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 486.106 Board Of 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 486.107 Capital Stock; Subscriptions; Increase; Procedure.
The directors of any such company may at any time receive subscriptions to stock in said company until the whole amount mentioned in their...
Section 486.108 Capital Stock; Subscriptions, Calling In; Sale, Procedure, Proceeds; 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 486.109 Corporate Powers, Liabilities And Restrictions.
Every such corporation, organized as hereinbefore prescribed, shall have the following powers and be subject to the liabilities and restrictions following, that is to...
Section 486.110 Power To Construct Railroads, Telegraph And Telephone Lines; Holding Of Realty.
Said corporation may, in the exercise of its discretion, erect along the line of its canal or over different portions of its property, such...
Section 486.111 Furnishing And Use Of Water; Rent, Collection.
Such company may furnish water to other persons or companies for mining, manufacturing, milling, domestic, municipal or agricultural purposes, on such rent as shall...
Section 486.112 Injury To Stream Or Property; Misdemeanor, Penalty.
If any person shall willfully obstruct any stream or waters improved under the provisions of this act or any part thereof, or shall willfully...
Section 486.113 Board Of Directors; Annual Report, Contents.
On or before the first Monday in July in each year it shall be the duty of the directors of every company formed under...
Section 486.114 Realty; Purchase, Holding, Disposal; Limitations.
Each and every company formed under this act shall have authority to purchase and hold land adjacent to or within convenient distance of any...
Section 486.115 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 486.116 Shares Deemed Personal Property; 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...

Last modified: October 10, 2016