Sec. 2.
Such persons, under their hands and seals, shall make a certificate which shall specify:
1. The name of the corporation;
2. The stream and section of the stream the navigation of which it is proposed to improve;
3. A statement of the amount of capital stock of such company, and the number of shares into which the capital stock shall be divided;
4. The names and places of residence of the stockholders, and the number of shares held by each of them respectively;
5. The names of the first directors, being not less than 3 or more than 7;
6. The place in this state where their office for the transaction of business is located;
7. The term of existence of such corporation, which shall not exceed 30 years; which certificate shall be acknowledged as deeds are required to be acknowledged, and recorded in the office of the clerk of the county in which the office of said company for the transaction of business is located, and a copy thereof filed in the office of the secretary of state.
History: 1869, Act 149, Imd. Eff. Apr. 5, 1869 ;-- CL 1871, 2717 ;-- How. 3846 ;-- CL 1897, 6722 ;-- CL 1915, 8823 ;-- CL 1929, 11758 ;-- CL 1948, 485.102
Structure Michigan Compiled Laws
Chapter 485 - Canal, Harbor, and River Improvement Companies
Act 149 of 1869 - River Improvement Companies (485.101 - 485.129)
Section 485.101 - Corporations to Improve on Rivers; Formation; Tolls.
Section 485.103 - Body Corporate; Powers; Governing Law.
Section 485.104 - Improvement of Streams; Consent of Governor and Attorney General.
Section 485.106 - Directors; Powers, Election, Term, Vacancy, Qualification.
Section 485.107 - Directors; Calling of Election.
Section 485.108 - Directors; Majority Control.
Section 485.109 - Directors; President; Treasurer; Selection, Vacancy.
Section 485.110 - President and Directors; Powers.
Section 485.111 - Subscriptions; Increase in Capital Stock, Certificate, Filing.
Section 485.112 - Subscriptions; Calling In; Sale, Procedure, Purchaser's Rights.
Section 485.113 - Corporate Powers.
Section 485.114 - Tolls; Forfeiture of Right to Collect.
Section 485.116 - Tolls; Improved Streams Open to All.
Section 485.117 - Tolls; Collection.
Section 485.118 - Lien on Floatables; Sale, Procedure.
Section 485.119 - Stream to Be Kept in Repair; Forfeiture.
Section 485.120 - Injury to Stream or Property; Penalty.
Section 485.121 - Log Jam; Power to Break, Lien for Cost.
Section 485.122 - Lien; Enforcement.
Section 485.123 - Lien on Floatables; Owner Unknown or Without Jurisdiction of Court.
Section 485.124 - Annual Report; Contents.
Section 485.126 - Stockholder's Liability; Recovery Prerequisites.