Michigan Laws 457.543 – Property; holding, disposition
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Terms Used In Michigan Laws 457.543
- annual meeting: when applied to townships, mean the annual meeting required by law to be held on the Saturday immediately preceding the first Monday in April. See Michigan Laws 8.3d
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Every corporation formed pursuant to the provisions of this act, may take and hold personal and real property, so far as may be necessary for the proper purposes of the organization, not exceeding 50,000 dollars in amount, and convey, dispose of and deal with the same as it may from time to time determine by a 2/3 vote of members present at any regular meeting and voting thereon at any annual meeting or at any special meeting called especially for that purpose.