Michigan Laws 457.294 – Building; capital stock; property, holding and disposition; taxation; cemetery
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Terms Used In Michigan Laws 457.294
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Every corporation formed in pursuance of this act may erect and own or lease such suitable edifice, building or hall as to such corporation shall seem proper, with convenient rooms for the meetings of said fraternity and for that may create a capital stock of not more than 50,000 dollars, to be divided into shares of not more than 50 dollars each, and may take, receive, purchase and hold in its corporate capacity real and personal estate, and the same or any part thereof demise, convey, mortgage, use and dispose of at pleasure: Provided, however, That all such property both real and personal shall be subject to taxation the same as other property; and such corporation may take, purchase, hold and own such suitable lots or parcels of ground as may be convenient for the purpose of a cemetery, and may make all lawful rules and regulations for the disposition of lots and the burial of the dead therein, as to such corporation may seem proper.