Sec. 5.
Every such corporation shall have full power and authority to provide by its by-laws for the issuing of certificates or shares of stock and for the manner in which the same shall be held and represented. All stockholders of every corporation formed under this act, shall be limited in their liability to creditors of any such corporation, to an amount equal to the amount unpaid on their said stock.
History: 1897, Act 13, Imd. Eff. Feb. 18, 1897 ;-- CL 1897, 7438 ;-- CL 1915, 9810 ;-- CL 1929, 10281 ;-- CL 1948, 454.75
Structure Michigan Compiled Laws
Chapter 454 - Trade and Labor Associations
Act 13 of 1897 - Labor Associations (454.71 - 454.77)
Section 454.71 - Labor Associations; Incorporation.
Section 454.72 - Labor Associations; Incorporators; Articles of Association, Execution, Contents.
Section 454.74 - Labor Associations; Powers.
Section 454.75 - Labor Associations; Stock, Liability of Stockholders.
Section 454.76 - Labor Associations; New Membership; Stock; Board of Trustees, Election.
Section 454.77 - Labor Associations; Board of Trustees, Powers; Officers, Appointment.