Sec. 5.
The amount of the capital stock of every such corporation shall be fixed and limited by the stockholders in their articles of association, and shall be divided into shares of 100 dollars each, 10 per cent of which shall be paid in. The capital stock and the number of shares may be increased at any meeting of the stockholders called for that purpose.
History: 1887, Act 91, Imd. Eff. Apr. 26, 1887 ;-- How. 3873e ;-- CL 1897, 6754 ;-- CL 1915, 8854 ;-- CL 1929, 11789 ;-- CL 1948, 485.205
Structure Michigan Compiled Laws
Chapter 485 - Canal, Harbor, and River Improvement Companies
Act 91 of 1887 - Improvement of State Boundary Rivers (485.201 - 485.214)
Section 485.201 - Corporations to Improve State Boundary Rivers; Incorporators.
Section 485.203 - Corporations to Improve State Boundary Rivers; Body Corporate, Powers.
Section 485.204 - Annual Report; Contents, Filing, Inspection by Stockholders.
Section 485.205 - Stock Divided Into Shares; Increase.
Section 485.206 - First Meeting; Calling.
Section 485.207 - Directors; Powers, Election, Term, Officers, Selection, Term.
Section 485.208 - Directors; Stockholders; Quorum; Voting.
Section 485.209 - Property; Holding.
Section 485.210 - Condemnation.
Section 485.211 - Improvement Powers; Repair Duty; Driving of Logs; Tolls and Expenses, Lien.