Sec. 24.
On or before the first Monday in January in each year it shall be the duty of the directors of every company formed under this act, to report to the secretary of state, under the oath of the secretary and 1 or more of the directors, the length of the stream or waters so improved; the cost of such improvements; the amount of money expended; the amount of their capital; how much of the same is paid in and how much is expended; the whole amount of tolls or earnings expended on such improvement; the amount received during the previous years for tolls and from all other sources, stating each separately; the amount set apart for repairs; the amount of dividends made and the amount of indebtedness of such company, specifying the object for which such indebtedness accrued.
History: 1869, Act 149, Imd. Eff. Apr. 5, 1869 ;-- CL 1871, 2739 ;-- Am. 1883, Act 3, Eff. Sept. 8, 1883 ;-- How. 3868 ;-- CL 1897, 6744 ;-- CL 1915, 8845 ;-- CL 1929, 11780 ;-- CL 1948, 485.124
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.