Michigan Laws 457.364 – Powers of corporation; property, holding, disposition
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Terms Used In Michigan Laws 457.364
- 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.
- Personal property: All property that is not real property.
Every corporation organized under the provisions of this act may take, receive, purchase and hold in its corporate capacity and for its corporate purposes, real and personal property, and the same or any part thereof demise, sell, convey, lease, use and dispose of at pleasure; and may erect and own, enlarge, alter and repair suitable building or buildings and may purchase, lease, own and maintain furnishings and fixtures therein to be used in whole or in part for meetings of Pythian bodies and may lease said building or buildings for business purposes in whole or in part and may borrow money therefor and for that purpose may issue its bonds and mortgage its property to secure the payment of such bonds.