Michigan Laws 125.4509 – Street railway; organization; articles of incorporation; filing; applicability of the nonprofit corporation act
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Terms Used In Michigan Laws 125.4509
- 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.
- Department: means the state transportation department. See Michigan Laws 125.4507
- Nonprofit corporation: means that term as defined under section 108 of the nonprofit corporation act, 1982 PA 162, MCL 450. See Michigan Laws 125.4507
- Street railway: means a nonprofit corporation organized under this part for the purpose of operating a street railway system other than a railroad train for transporting individuals or property. See Michigan Laws 125.4507
- Street railway system: means the facilities, equipment, and personnel required to provide and maintain a public transportation system operated on rails at grade or above or below ground within a city, village, or township utilizing streetcars, trolleys, light rail vehicles, or trams for the transportation of individuals or property. See Michigan Laws 125.4507
(1) After January 12, 2009, 1 or more persons may organize a street railway under this part for the purpose of acquiring, owning, constructing, furnishing, equipping, completing, operating, improving, and maintaining a street railway system by signing in ink and filing articles of incorporation for the street railway. The articles shall include all of the following:
(a) The name of the street railway, which shall include the words “rail”, “railway”, “street railway”, “light rail”, or “metro rail”.
(b) The purpose for which the corporation is organized, which shall be limited to acquiring, owning, constructing, furnishing, equipping, completing, operating, improving, and maintaining a street railway system.
(c) The city, village, or township in which the street railway system will principally operate.
(2) Articles of incorporation shall be filed with the bureau of commercial services of the department of talent and economic development as provided under the nonprofit corporation act, 1982 PA 162, MCL 450.2101 to 450.3192.
(3) The nonprofit corporation act, 1982 PA 162, MCL 450.2101 to 450.3192, shall apply to a street railway organized under this section unless otherwise provided in or inconsistent with this part.