Michigan Laws 125.1606 – Organization of corporation at municipal and county levels; limitation
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 125.1606
- 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.
- Corporation: means a corporation organized pursuant to this act. See Michigan Laws 125.1603
- Governing body: means the body in which the legislative powers of a municipality are vested. See Michigan Laws 125.1603
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Municipality: means a county, city, village, or township. See Michigan Laws 125.1603
- Project: means land or an interest in land, existing or planned improvements, machinery, furnishings, or equipment suitable for use by any of the following:
(i) An industrial or commercial enterprise, including agricultural and forestry enterprises and enterprises designed to produce energy from renewable resources. See Michigan Laws 125.1603Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
Not more than 1 corporation shall be organized under this act for a municipality, except for subsidiaries established pursuant to section 6a. If a corporation is organized at the county level, thereafter, a corporation may be organized for a municipality within that county, the effect of which shall be to exclude that municipality from subsequent project jurisdiction of the county corporation, except on specific subsequent consent by the governing body of the municipality. The organization of a corporation at less than the county level does not preclude the organization of a corporation at the county level for the remainder of the county. More than 1 corporation may join or cooperate in a project or act together in coordinating more than 1 project.