Sec. 17.
All corporations formed or existing under this act shall be liable to be assessed for all real and personal estate held by them in this state, as provided by law for the assessment of other real and personal estate, and shall pay thereon a tax for township, village, city, county, state and other purposes, the same as other real and personal estate; and such tax shall be assessed, collected and paid in the same manner as other taxes on real and personal estate are required to be assessed, collected, and paid: Provided, That the capital stock of such corporations shall not be taxed as capital stock: And provided further, That if any of the property of any such corporation is now exempt from taxation, nothing herein contained shall impair or effect [affect] such exemption during the continuance thereof.
History: 1875, Act 233, Imd. Eff. May 4, 1875 ;-- Am. 1879, Act 66, Imd. Eff. May 7, 1879 ;-- How. 3836 ;-- CL 1897, 6712 ;-- CL 1915, 8813 ;-- CL 1929, 11748 ;-- CL 1948, 485.17
Structure Michigan Compiled Laws
Chapter 485 - Canal, Harbor, and River Improvement Companies
Act 233 of 1875 - Canal or Harbor Companies (485.1 - 485.25)
Section 485.1 - Canal or Harbor Company; Incorporators, Procedure; Articles, Contents.
Section 485.2 - Articles; Signing, Filing; Powers of Company.
Section 485.3 - Articles; Filing, Prerequisites; Vote of Stockholder.
Section 485.4 - Articles; Certified Copy as Evidence.
Section 485.5 - Directors; Number, Election, Term, Vacancy.
Section 485.6 - Directors; Quorum; Selection of Officers.
Section 485.7 - President and Directors; Powers; Annual Report, Contents.
Section 485.8 - Construction of Route; Restrictions.
Section 485.9 - Real Estate; Power to Hold.
Section 485.10 - Condemnation; Procedure; Use of Property.
Section 485.11 - Tolls and Charges; Establishment, Lien, Evidence.
Section 485.12 - Injury to Property; Violation of Regulation; Liability for Damages, Lien.
Section 485.13 - Repair of Bridges.
Section 485.14 - Stockholder's Liability; Recovery Prerequisites; Subrogation; Contribution.
Section 485.15 - Avoidance of Payment of Toll; Penalty.
Section 485.16 - Amendment or Repeal.
Section 485.18 - Existing Corporation; Organization Under Act, Preference in Subscription.
Section 485.19 - Failure to Furnish Cargo Statement; Penalty.
Section 485.20 - Bonds; Issuance, Restrictions.
Section 485.23 - Re-Instated Corporations.
Section 485.24 - Re-Instated Corporations; Formation of Companies to Purchase and Operate.
Section 485.25 - Purchasing Corporation; Powers and Duties; Log Interest; Public Rights.