Michigan Laws 457.34 – Property; holding, disposition
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Terms Used In Michigan Laws 457.34
- 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.
- Devise: To gift property by will.
- 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 shall be capable in its corporate name of purchasing, taking, receiving, holding to itself and enjoying estates both real and personal: Provided, That the value of such real and personal estate shall not exceed the sum of 100,000 dollars, and that they and their successors shall have full authority and power to give, grant, sell, mortgage, lease, devise, and dispose of said real and personal estate, or part thereof, and other estate, real and personal, may acquire instead thereof, at their will and pleasure; and the proceeds shall be devoted exclusively to the charitable and benevolent purposes set forth in section 2.