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Terms Used In Michigan Laws 458.457

  • 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.
  • 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.
   Said church when so organized shall have all the rights, privileges and immunities appertaining to such religious corporations. It may sue and be sued; it may take and hold property both real and personal as may be necessary for the proper execution of the purpose for which it was incorporated; it may hold so much land as may be necessary for the proper purposes of said church and parsonage; it may sell, mortgage or lease real estate, when so directed by a majority of the members thereof in regular meeting. Said corporation shall at all times permit such ministers belonging to the Evangelical association as shall from time to time be duly authorized by the general conference or the annual conference within whose bounds such corporation is situated, to preach and expound God’s word; and shall permit duly appointed pastors, presiding elders and bishops to perform the functions incident to their offices in accordance with the discipline and usages of the Evangelical association.