Michigan Laws 457.475 – Property; holding and disposition; control of business
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Terms Used In Michigan Laws 457.475
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Every corporation formed pursuant to this act may take and hold personal and real property, so far as the same shall be necessary for the proper purposes of the organization, not exceeding 10,000 dollars, in value, and may convey, dispose of, mortgage, and deal with the same, as may be determined by the constitution, laws and by-laws of such great hive, or of such subordinate hive, as the case may be. The management, direction and control of the property and business of such corporations shall be vested in such officers as the constitution and laws of the great hive may direct.