Michigan Laws 455.54 – Powers, privileges, and liabilities of incorporated association; limitation on land holdings; voting
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Terms Used In Michigan Laws 455.54
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nstate: 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
(1) An association incorporated under this act has all the general powers and privileges and is subject to all the liabilities of a corporation. The association may have a common seal; may sue and be sued in all the courts of this state; and, subject to subsection (2), may acquire, hold, and possess within any 1 county any real and personal property for the purposes described in its articles of association.
(2) An association incorporated under this act shall not at any time own or hold more than 1,000 acres of land.
(3) If authorized by a majority vote of the members of an association incorporated under this act voting at any annual meeting or any special meeting called expressly for that purpose or pursuant to a general bylaw adopted and recorded, the trustees of the association may sell, give, grant, and convey or lease all or part of the association’s real property to any party and on the terms and subject to the provisions, reservations, and restrictions that the trustees deem advisable.