Sec. 24.
It shall be lawful for the stockholders of any such corporation, either at the time the articles shall be executed, or at any subsequent period, by a vote of 2/3 of the capital stock, to provide the terms upon which persons may become associate members of the organization, with or without being stockholders therein, and also to provide for the limitation upon sale or other disposition of such stock and for the custody of the certificates thereof.
History: Add. 1903, Act 127, Imd. Eff. May 20, 1903 ;-- CL 1915, 10056 ;-- CL 1929, 10326 ;-- CL 1948, 455.24
Structure Michigan Compiled Laws
Chapter 455 - Summer Resort and Park Associations
Act 230 of 1897 - Summer Resort and Park Associations (455.1 - 455.24)
Section 455.1 - Summer Resort and Park Associations; Incorporation, Purpose.
Section 455.2 - Articles of Association; Signing, Acknowledgment, Contents.
Section 455.4 - Evidence of Incorporation.
Section 455.5 - Certificates of Stock; Signing, Sealing, Right to Vote.
Section 455.6 - Annual Meeting; Notice, Failure to Hold.
Section 455.7 - Annual Report; Stockholders, Contents; Perjury.
Section 455.8 - First Meeting; Notice.
Section 455.10 - Board of Directors; Powers.
Section 455.10.amended - Board of Directors; Powers.
Section 455.11 - Board of Directors; Officers and Employees, Selection, Removal, Terms.
Section 455.12 - By-Laws and Rules; Amendment.
Section 455.13 - Books; Inspection; Stock, Transfer.
Section 455.16 - Annual Dues; Levy, Use, Payment.
Section 455.17 - Stockholders' Liability; Subrogation; Contribution.
Section 455.18 - Annual Report.
Section 455.20 - Stockholders; Map or Plat of Land; Record; Use as Evidence; Street, Public Places.
Section 455.22 - Repeal; Saving Clause; Provisions Governing Act.
Section 455.23 - Special Dues; Purpose, Time, Enforcement.
Section 455.23.amended - Special Dues; Purpose, Time, Enforcement.
Section 455.24 - Associate Members; Terms; Stock, Disposition.