Michigan Laws 453.293 – Local agricultural societies; renewed corporate existence; rights, duties
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Terms Used In Michigan Laws 453.293
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
The agricultural corporation, association or society, so reorganized shall have a renewed corporate existence, from the time of the adoption of such resolution as provided in section 1 of this act, for the term specified in such resolution, not exceeding 30 years, and shall hold and own all the property, rights, interest and franchises of such corporation, association or society so renewed, and shall be liable to all its liabilities and obligations as fully as if the former term had not, or did not, expire until the expiration of the term provided in such reorganization. And, such corporation, association or society shall have all the rights and privileges of a new corporation for the period of its renewed term as expressed in such renewed charter or articles of association, and as provided by the laws of this state applicable to this class of corporations.