Michigan Laws 125.4511 – Nonprofit corporation as street railway; amendment of articles of incorporation required; provisions; adoption; filing; applicability of the nonprofit corporation act
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Terms Used In Michigan Laws 125.4511
- 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) A nonprofit corporation may become a street railway under this part and acquire, own, construct, furnish, equip, complete, operate, improve, and maintain a street railway system in a city if on and after January 12, 2009 the articles of incorporation for the nonprofit corporation are amended to include all of the following provisions:
(a) A provision authorizing the name of the corporation, to include the words “rail”, “railway”, “street railway”, “light rail”, or “metro rail”.
(b) A provision detailing the purposes for which the corporation is organized, which shall be limited to purposes related to acquiring, owning, constructing, furnishing, equipping, completing, operating, improving, and maintaining a street railway system.
(c) A provision indicating the city in which the street railway system will principally operate.
(2) Amendments to the articles of incorporation of a nonprofit corporation under this section shall be adopted and 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.