Michigan Laws 486.501 – Corporations to supply water to townships; incorporators
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Terms Used In Michigan Laws 486.501
- 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.
- state: 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
Whenever the township board of a township or the township boards of 2 or more townships shall, by resolution, declare that it is expedient to have constructed a works, plant or system for the supplying of water to such township or townships or the inhabitants thereof, but that it is inexpedient for such township or townships to build such works, plant and system, or either of the same, or some part or parts thereof, it shall be lawful for one or more persons to form a corporation to construct such waterworks, plant and system or some part or parts thereof under the provisions of this act, and any corporation so formed may incorporate under the provisions of, be subject to all of the provisions of, and carry on its business pursuant to the provisions of, the general corporation laws of this state pertaining to corporations for pecuniary profit.