Sec. 5.
The said proprietors may raise such sums of money by assessment on the shares as they shall judge necessary for the purpose of preserving, enlarging and using the library; and the shares may be transferred according to such regulations as they may prescribe, and such corporation may hold (and may acquire by gift, grant, bequest or devise) real and personal estate to any amount not exceeding (25,000 dollars), in addition to the value of their books; (and may hold in trust property granted, bequeathed or devised as may be prescribed by the grantor or testator; and may be the beneficiaries of trusts created for their benefit.)
History: R.S. 1846, Ch. 53 ;-- CL 1857, 1786 ;-- CL 1871, 3150 ;-- How. 4411 ;-- CL 1897, 8168 ;-- Am. 1899, Act 10, Imd. Eff. Mar. 2, 1899 ;-- CL 1915, 10687 ;-- CL 1929, 10180 ;-- CL 1948, 450.695
Structure Michigan Compiled Laws
R.S. of 1846 - Revised Statutes of 1846 (450.691 - 450.696)
R-S-1846-450-691-53 - Chapter 53 Chapter 53. of Libraries and Lyceums. (450.691...450.696)
R-S-1846-450-691-53-LIBRARIES-AND-LYCEUMS. - Libraries and Lyceums. (450.691...450.696)
Section 450.691 - Incorporation of Library by Proprietors; Meeting; Notice.
Section 450.692 - Libraries; Proprietors; Powers; Proceedings, Certificate; Recording.
Section 450.693 - Libraries; Powers of Corporation; Governing Law.
Section 450.694 - Libraries; Collector and Treasurer, Bond.
Section 450.695 - Libraries; Shares, Assessment and Transfer; Holding of Property.
R-S-1846-450-691-53-LIBRARIES-AND-LYCEUMS-OF-LYCEUMS. - Of Lyceums. (450.696...450.696)