Sec. 14.
Each and every company formed under this act shall have authority to purchase and hold land adjacent to or within convenient distance of any canal constructed under the provisions of this act, for the purpose of platting and selling to manufacturers, their operatives or to other persons, and shall have authority to lease, mortgage or otherwise dispose of real or personal property: Provided, That no land shall be held by said company for the purposes stated in this section for a longer period than 10 years from the time when the same shall have been acquired, nor exceeding in amount 2,000 acres.
History: 1887, Act 202, Imd. Eff. June 18, 1887 ;-- How. 3895z-5 ;-- CL 1897, 6819 ;-- CL 1915, 8917 ;-- CL 1929, 11852 ;-- CL 1948, 486.114
Structure Michigan Compiled Laws
Chapter 486 - Water and Power Companies
Act 202 of 1887 - Water Power Companies (486.101 - 486.116)
Section 486.101 - Water Power and Supply Corporations; Incorporators; Powers.
Section 486.102 - Certificate; Contents; Recording and Filing.
Section 486.103 - Body Corporate; Governing Laws.
Section 486.104 - Board of Directors; Members, Election, Qualification.
Section 486.105 - Board of Directors; Election, Notice.
Section 486.106 - Board of Directors; Majority Control.
Section 486.107 - Capital Stock; Subscriptions; Increase; Procedure.
Section 486.109 - Corporate Powers, Liabilities and Restrictions.
Section 486.110 - Power to Construct Railroads, Telegraph and Telephone Lines; Holding of Realty.
Section 486.111 - Furnishing and Use of Water; Rent, Collection.
Section 486.112 - Injury to Stream or Property; Misdemeanor, Penalty.
Section 486.113 - Board of Directors; Annual Report, Contents.
Section 486.114 - Realty; Purchase, Holding, Disposal; Limitations.
Section 486.115 - Stockholder's Liability; Recovery Prerequisites.
Section 486.116 - Shares Deemed Personal Property; Transfer.