Michigan Laws 457.155 – Property; holding, disposition
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Terms Used In Michigan Laws 457.155
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
Every corporation formed pursuant to the provisions of this act may take and hold personal and real property so far as the same may be necessary or convenient for the purposes of the organization, not exceeding 50,000 dollars in amount and may convey, incumber, and deal with the same as it may from time to time determine by a majority vote of all members in good standing: Provided, That no property held and owned by such corporation shall be sold or incumbered except at a regular or special meeting of the assembly, 5 days’ written notice of which shall have been given to every member in good standing and at the time being within the jurisdiction, which notice shall briefly state the disposition intended to be made of such property, describing it, and shall be signed by the district recording secretary or recording secretary, as the case may be, and with the seal of the assembly attached.