Terms Used In Michigan Laws 486.51

  • 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
   That any number of persons not less than 5, may form themselves into a corporation for the purpose of excavating and constructing, maintaining, repairing and improving any canal already existing, or which they may wish to excavate and construct, with water power appurtenant thereto, and may own, use and control the same for the purpose of accumulating, storing, conducting, selling, furnishing and supplying, upon an agreed rental, water and water-power for mining, manufacturing, domestic, municipal and agricultural purposes, and may acquire, take, hold, lease and convey lands or water power, as may be necessary or convenient, for the purposes above specified, by complying with the following requirements:
  Previous section
Next section  
 Act 39 of 1883 Contents