Michigan Compiled Laws Act 283 Of 1905 Water Power Companies (486.201 - 486.216)

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, manufacturing, conducting, using, selling, furnishing and supplying water and water power, electricity and electric power, and all and every kind of power for mining, milling, manufacturing, domestic, municipal and agricultural purposes, and for the purpose of transportation and for all other purposes in the upper peninsula of Michigan.

History: 1905, Act 283, Eff. Sept. 16, 1905

Section 486.201 Water Power And Supply Corporations In Upper Peninsula; Incorporators; Powers.
That any number of persons may form themselves into a corporation for the purpose of damming any stream or streams, and of excavating and...
Section 486.202 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 486.203 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 486.204 Board Of Directors; Members, Election, Qualifications.
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 486.205 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 486.206 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 486.207 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 486.208 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 486.209 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 486.210 Power To Construct Railroad, Telegraph And Telephone Lines; Holding Of Realty.
Said corporation may, in the exercise of its discretion, erect, maintain and operate such railroads as may be necessary for connecting manufacturing establishments situated...
Section 486.211 Furnishing And Use Of Water Or Power; Compensation; Right To Sue And Be Sued.
Such company may furnish and sell water, water power, electricity or electric power, and any and all other forms of power to other persons...
Section 486.212 Injury To Stream Or Property; Misdemeanor, Penalty.
If any person shall wilfully obstruct any stream or waters improved, or in use under the provisions of this act, or any part thereof,...
Section 486.213 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 486.214 Realty; Purchase, Holding, Disposal; Personal Property, Disposal.
Each and every corporation formed under this act shall have authority to purchase and hold land in amount not to exceed 3,000 acres adjacent...
Section 486.215 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 486.216 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