Michigan Laws 453.406 – Dairymen’s association; powers; funds, investment and use
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 453.406
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
Said corporation may sue or be sued, take by gift, purchase or devise, property, exclusive of that actually used and necessary for the transaction of its business, to an amount not to exceed 10,000 dollars, and it shall be lawful to invest the same upon mortgage, or in or by loan on bonds, of any city, county, state, or in government securities, or deposited at some bank, or with any broker in this state, upon such bank or broker giving sufficient security for the repayment thereof: Provided, That any such proposition may in its articles of agreement specify the kind of securities in which its funds shall be invested, and that no part of its funds shall be invested in any securities other than those named in its articles, or when the securities shall not be specified in the articles of agreement, then such funds shall only be invested in such securities as shall be specified in this act: And provided further, That said articles of association shall specify the use to which said moneys and income thereof shall be appropriated, and the same shall be applied exclusively to such purpose and to no other.