Michigan Laws 455.52 – Articles of association; capital stock; reorganization
Current as of: 2024 | Check for updates
|
Other versions
The persons so associating shall sign articles of association which shall state:
First, The corporate name of the association;
Terms Used In Michigan Laws 455.52
- annual meeting: when applied to townships, mean the annual meeting required by law to be held on the Saturday immediately preceding the first Monday in April. See Michigan Laws 8.3d
- 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.
- Personal property: All property that is not real property.
- 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
- Trustee: A person or institution holding and administering property in trust.
Second, The names and residences of the persons thus associating;
Third, The purpose or purposes of such association;
Fourth, The number of trustees to manage the business of the association and their terms of office, also the names of trustees for the first year or until the annual meeting of the association;
Fifth, The county in which its real estate shall be situate and its meetings held;
Sixth, The term of its existence, which shall not exceed 30 years;
Seventh, They may also state therein the qualifications of persons eligible to the office of trustee and the terms and conditions of membership, and such other provisions for the management of the business, and the disposition of the real and personal property of the association, as they may desire, not inconsistent with the provisions of this act and the laws of this state. The persons so associating may, by a majority vote, provide for capital stock, in which case the articles of association shall state the amount thereof, which shall not exceed 50,000 dollars, in shares of 25 dollars each. Any corporation or association heretofore organized under any other law of this state, for the purposes named in this act, may, by a majority vote of the stock represented at any annual meeting thereof, reorganize under the provisions of this act.