***** 455.3 THIS SECTION IS AMENDED EFFECTIVE 91 DAYS AFTER ADJOURNMENT OF THE 2022 REGULAR SESSION SINE DIE: See 455.3.amended *****
Sec. 3.
The articles of association shall be filed in the corporation and securities bureau of the department of commerce, and thereupon all persons who shall have subscribed the same, and all persons who shall from time to time become stockholders in such corporation, shall be a body politic and corporate, by the name specified in such articles, and by such name they and their successors shall have succession and in their corporate name be capable in law of owning, holding, or purchasing and disposing of, in such manner as a majority of the stockholders may direct, any real or personal property or estate whatever, not exceeding 700 acres of land and personal property not exceeding in value the sum of $200,000.00 and in connection therewith may own, maintain, control, and operate, a hotel, clubhouse or other buildings for the entertainment, comfort, or convenience of the stockholders of said corporation, and they shall be capable of suing and being sued in all courts of law or equity in this state, and may have a common seal, and may alter and change the same at pleasure. Such corporation may alter or amend its articles of association at any regular meeting of the stockholders, or at any special meeting called for that purpose, by a vote of not less than 2/3 of all the shares of the capital stock of said corporation. Such corporation shall cause any such amendment or amendments to be certified by its president and secretary, and filed and recorded in the same manner as in the case of the original articles of association, and when so filed and recorded such amendments shall become a part of the articles of association.
History: 1897, Act 230, Imd. Eff. June 4, 1897 ;-- CL 1897, 7620 ;-- Am. 1903, Act 77, Eff. Sept. 17, 1903 ;-- CL 1915, 10036 ;-- CL 1929, 10306 ;-- CL 1948, 455.3 ;-- Am. 1982, Act 117, Imd. Eff. Apr. 19, 1982
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.