Michigan Compiled Laws Act 232 Of 1863 Water Power Companies (486.1 - 486.22)

• Section 486.1 Water Power Companies; Incorporators; Notice Of Formation; Articles Of Association, Contents.
  That any number of persons, not less than 5, may be formed into a corporation, for the purpose of maintaining, repairing and improving, any...
• Section 486.2 Articles Of Association; Signing, Filing, Evidence; Body Corporate, Powers.
  Each subscriber to such articles of association shall subscribe thereto his name and place of residence. The said articles of association shall be filed...
• Section 486.3 Board Of Directors; Annual Election, Notice; Officers, Treasurer's Bond; Vacancy.
  The business of said company shall be under the management and direction of a board of directors, composed of not less than 3 nor...
• Section 486.4 Membership In Association; Procedure, Rights.
  Any person owning any interest in the canal and water-power under the control of such association, may become a member thereof at any time...
• Section 486.5 Repairs; Permanent Improvements, Approval Of Members; Expense.
  When the canal or any of its appurtenances under the control of such association may need to be repaired or rebuilt, the directors of...
• Section 486.6 Repairs; Statement, Filing, Contents.
  Whenever the board of directors shall make any repairs not authorized at any meeting of said association, it shall be their duty to file...
• Section 486.7 Assessment For Repairs Or Improvements.
  For the purpose of defraying the expenses of such repairing, rebuilding or permanent improvement, and such contingent expenses as may be incurred in the...
• Section 486.8 Assessment; Collection; Non-payment, Use Of Water Prohibited.
  The said assessment shall then be delivered to the treasurer of the association for collection, who shall proceed forthwith and shall demand payment from...
• Section 486.9 Assessment; Notice To Non-resident.
  In case any person upon whom an assessment shall have been made, as is herein provided, shall be a non-resident of the county in...
• Section 486.10 Assessment; Mortgage Lien; Preference.
  All assessments made under the provisions of this act shall be and remain a mortgage-lien upon the interest so assessed, from and after the...
• Section 486.11 Mortgage Lien; Certificate, Contents, Recording.
  After such mortgage-lien shall have attached to such interest in such canal and water-power, the secretary of such association shall make a certificate in...
• Section 486.12 Mortgage Lien; Foreclosure.
  Such mortgage-lien created as aforesaid shall be in the nature of a mortgage on real estate, and may be foreclosed and collected the same...
• Section 486.13 Mortgage Lien; Commencement Of Suit After 60 Days.
  Suits may be commenced for the foreclosure of such mortgage-lien at the expiration of 60 days from the time the certificate shall be recorded...
• Section 486.14 Meetings Of Members Of Associations; Notice, Proof Of Service, Filing.
  Meetings of the members of the association may be called by any director, and it shall be the duty of any director to call...
• Section 486.15 Watchman; Appointment, Duties, Compensation.
  The board of directors are also authorized, in case they deem it expedient for the safety and well-being of the property under their control,...
• Section 486.16 Contracts Made By Board Of Directors.
  The said board of directors shall have power to make all necessary contracts in the name of the corporation to carry out the duties...
• Section 486.17 Treasurer; Duties.
  The treasurer of said board shall receive all moneys paid to him on assessment, and hold the same, to be paid out on the...
• Section 486.18 Assessment; Recovery, Interest.
  All sums due from any person upon any assessment authorized by this act may be recovered with interest in an action of assumpsit brought...
• Section 486.19 Disposition Of Funds At Annual Meeting.
  At the annual meeting of the members of said association, held for the election of officers, pursuant to the by-laws thereof, the members representing...
• Section 486.20 By-laws Of Association; Regulations, Promulgation, Publishing, Enforcement; Meetings.
  Said association shall have power by its by-laws to regulate the use of the water transmitted through the canal under its control by the...
• Section 486.21 Stockholder's Liability.
  The stockholders of all corporations or associations formed under the provisions of this act, shall be individually liable for all labor performed for such...
• Section 486.22 Tenants In Common; Consent For Improvements And Repairs, Liability.
  All owners of water-power afforded by any canal or its appurtenances which is under the control of any association formed under this act, who...

Last modified: October 10, 2016