Sec. 21.
Any county through which any such improved river or stream shall pass, or in which the greater part of any such improvements have been constructed, or which any canal shall have been constructed, within the provisions of this act, shall have the right to purchase any such canal or improvement by paying to any such company the amount of their capital stock and the amount of all subsequent expenditure in repairing, altering or enlarging any such canal or improvements, and interest, at the rate of 10 per cent per annum, on said amounts, deducting from the amount of interest the net proceeds of any such company; and the board of supervisors of any such county to take the management of any such canal or improvement so purchased; to receive and collect tolls the same as provided for in this act; to appoint proper officers for the management of the same, with proper salaries for their services, and shall be entitled to the privileges and remedies provided in this act. Any corporation organized under this act may convey its property and franchises to the United States, and such conveyance shall extinguish the power of the county to purchase the same.
History: 1875, Act 233, Imd. Eff. May 4, 1875 ;-- Am. 1879, Act 216, Eff. Aug. 30, 1879 ;-- How. 3840 ;-- CL 1897, 6716 ;-- CL 1915, 8817 ;-- CL 1929, 11752 ;-- CL 1948, 485.21
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.