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Rights and liabilities.

Power to borrow money.

Issue bonds.

Hold estate.

Proviso.

erals, and for other manufacturing purposes," approved February fifth, in the year of our Lord eighteen hundred and fifty-three, and the acts amendatory thereof, and shall have and possess all the rights, and be subject to all the liabilities provided in said act and the acts amendatory thereof, so far as the same are applicable to corporations formed under and by authority of this act.1

(2821.) SEC. 2. Every corporation organized pursuant to the provisions and by authority of this act, shall by its corporate name have power to borrow money and issue its bonds therefor and for any debts of the corporation, and to acquire, own, and hold all such real and personal estate as may be necessary for the purpose of carrying on the business of such corporation, and the same, or any part thereof, convey, lease, or demise, mortgage, use, and dispose of, at pleasure: Provided, That the lands which any such corporation may hold at any one time shall not exceed five hundred acres.

CHAPTER XCIII.

BUILDING AND SAVINGS ASSOCIATIONS.

Formation of corporations.

An Act to authorize the incorporation of building and savings associations, under the provisions of chapter fifty-six of the Compiled Laws and the acts amendatory thereof.

[Approved April 5, 1869. Laws of 1869, p. 305.]

(2822.) SECTION 1. The People of the State of Michigan enact, That corporations for building and savings associations may be formed and incorporated under the provisions of chapter fifty-six of the Compiled Laws, being "An act to authorize the formation of corporations for building and leasing houses and other tenements," approved February twelfth, eighteen hundred and fifty-five, and

As amended by Act 45 of the Laws of 1867, p. 65, approved and took effect March 18, 1867. 2 This section added by same act referred to in preceding note.

the acts amendatory thereof, and shall be constituted upon the principal of mutual benefits between the stockholders thereof, for the purpose of securing homes to the stockholders; and the articles of association required by section three of chapter sixty-three of the Compiled Laws need not state the amount of capital stock actually paid in.

(2823.) SEC. 2. The capital stock of such corporation shall be Capital stock. contributed by the stockholders, in initiation fees, and in weekly or monthly sums of money, as shall be provided by the by-laws of said corporations.

(2824.) SEC. 3. The capital stock of said corporations shall not Limit to. exceed the amount of three hundred thousand dollars.

tents of.

(2825.) SEC. 4. The articles of association shall state, in addition Articles; conto the requirements of section four of said chapter sixty-threeFirst. The maximum amount of initiation fees, and of weekly or monthly sums of money, which each stockholder may be required to pay, and the time of payment thereof;

Second. The amount of stock which each stockholder shall be entitled to for the money he pays;

Third. In what manner the capital of the corporation shall be used;

Fourth. The exact benefits to which each stockholder shall be entitled.

of money, etc.

(2826.) SEC. 5. In addition to the facts required to be reported Report on uses by section five of said chapter sixty-three, the said corporation shall report the uses of all moneys they may have received and expended during the year.

not to be used.

guardians may

(2827.) SEC. 6. No moneys belonging to the corporations shall be How moneys used for the benefit of any person who is not a stockholder therein. (2828.) SEC. 7. Parents or guardians may take and hold shares Parents and in such association, in behalf of their minor children or wards, take, etc. and may act in such associations in behalf of those they represent, and no premium given for priority of loan, or acquisition of a building, or discount given on the redemption of shares, shall be deemed usurious.

CHAPTER XCIV.

CO-OPERATIVE AND MUTUAL BENEFIT ASSOCIATIONS.

Number of corporators required.

Purposes of corporation.

An Act to provide for the incorporation of co-operative and mutual benefit associations.

[Approved April 3, 1869. Laws of 1869, p. 172.]

(2829.) SECTION 1. The People of the State of Michigan enact, That any number of persons, not less than five, may become a body corporate and politic, for the purpose of securing to the families or heirs of any member, upon his death, a certain sum of money, to be paid by such corporation, either out of its fund, or by an assessment made upon the members of such corporation, or upon the members of the class in such corporation to which such deceased member belonged, or for the purpose of securing, in the same manner, a certain sum of money, weekly or monthly, to any member disabled from attending to his ordinary duties by sickness or other disability, by executing under their hands, and acknowledging before some person within this State authorized to take the acknowledgment of deeds, one or more duplicate articles of agreement, as hereinafter specified, one copy whereof shall be filed and recorded in the office of the Secretary of State; and a record shall Articles; where be made of such articles, or of a certified copy thereof, in the clerk's office of the county in this State in which the principal office of such association may be located.

filed, etc.

Powers of corporation.

(2830.) SEC. 2. That upon the execution and filing of such articles, the signers thereof, and those who may thereafter become associated with them, shall become a body politic and corporate, for the purpose herein before set forth.

(2831.) SEC. 3. The articles of association shall containFirst. The names of the persons associating in the first instance, and their places of residence;

Second. The name of such corporation, and the place where its principal office for the transaction of business is located, and the period for which it is incorporated, not exceeding thirty years;

Third. The objects of the corporation, the number of classes in such corporation, and the object of the division of such corporation into classes, all of which shall be definitely stated;

Fourth. The number of its trustees and regular officers, and the time and place of holding its annual meeting;

Fifth. The terms and conditions of membership therein.

Contents of articles.

managed by

trustees.

of trustees rela

(2832.) SEC. 4. The affairs of such corporation shall be managed Affairs to be by not less than five nor more than twenty trustees, to be chosen trustees. by the members thereof, and to hold office for one year and until Term of office. their successors be chosen; and the regular officers thereof, except Officers shall be the secretary and treasurer, shall form a part of such trustees, and the secretary and treasurer shall be chosen from such trustees. The officers may be chosen by the trustees, or by the members of How chosen. such corporation, as the articles may prescribe. The by-laws of By-laws; power such corporation shall be adopted by the trustees, who may change tive to. them at their pleasure, except so far as they relate to the rights of the corporation to assess their members, or the members of a particular class of such corporation, and except, also, so far as said by-laws affect the rights and benefits belonging to or to be derived by the members of such corporation. A majority of the trustees Quorum. shall be a quorum to transact business. All of such trustees shall Residence. be citizens of the United States and residents of the State of Michigan.

estate.

(2833.) SEc. 5. No such corporation shall have power to take or May hold real hold any real estate, except such as may be necessary for the transaction of its business.

sition of.

(2834.) SEC. 6. All the funds received by any such corporation Funds, disposhall be used in the first instance, or shall be invested and the increase thereof used (after paying necessary expenses) for the exclusive purpose set forth in the articles of association: Provided, Proviso. That any such corporation may, in its articles of agreement, specify the kinds of securities in which its funds shall be invested. (2835.) SEC. 7. Any corporation formed under this act shall, whenever required by the Attorney General or by the Legislature, report a full statement of all its affairs, under the oath of at least two of its trustees; and for any neglect to furnish any such report

Attorney

General or Leg

islature may re

quire report.

lect.

Penalty for neg- When required, all of the trustees so neglecting shall be liable to a penalty of fifty dollars each, to be recovered in an action of debt, in the name of the people of the State of Michigan. SEC. 8. This act shall take immediate effect.

CHAPTER XCV.

MINING AND MANUFACTURING COMPANIES.

Powers of corporations.

How corpora

tions formed.

An Act to authorize the formation of corporations for mining, smelting, or manufacturing iron, copper, mineral coal, silver, or other ores or minerals, and for other manufac turing purposes. 1

[Approved February 5, 1853. Laws of 1853, p. 53.]

(2836.) SECTION 1. The People of the State of Michigan enact, All corporations organized and established under the provisions of this act shall be capable of suing and being sued, in any court in this State, and may have a common seal, and alter and amend the same at pleasure; may elect in such a manner as they shall determine, all necessary officers; may fix their compensation and determine their duties, and make, from time to time, such by-laws, not inconsistent with the Constitution and laws of this State, as a majority of the stockholders shall direct.

(2837.) SEC. 2. Any number of persons, not less than three, who shall, by articles of agreement in writing, associate according to the provisions of this act, under any name assumed by them, for the purpose of engaging in, and carrying on any kind of mining or manufacturing business, and who shall comply with the provisions of this act, shall, with their successors and assigns, constitute a body politic or corporate, in fact and name, under any name assumed by

A less comprehensive act, "To authorize the formation of corporations for mining, smelting, or manufacturing iron, copper, or silver orcs," will be found in the Laws of 1851, p. 179; amended the same year, p. 827.

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