Sec. 19.
At the annual meeting of the members of said association, held for the election of officers, pursuant to the by-laws thereof, the members representing the majority of interest in such water-power may by vote make disposition of all the funds shown by the report of the treasurer of the board of directors, to be made to said meeting, to be in his hands, and such funds shall be paid out as so voted by said treasurer upon the certificate of the president of said board.
History: 1863, Act 232, Eff. June 22, 1863 ;-- Am. 1871, Act 90, Imd. Eff. Apr. 12, 1871 ;-- CL 1871, 2763 ;-- How. 3892 ;-- CL 1897, 6785 ;-- CL 1915, 8885 ;-- CL 1929, 11820 ;-- CL 1948, 486.19
Structure Michigan Compiled Laws
Chapter 486 - Water and Power Companies
Act 232 of 1863 - Water Power Companies (486.1 - 486.22)
Section 486.2 - Articles of Association; Signing, Filing, Evidence; Body Corporate, Powers.
Section 486.3 - Board of Directors; Annual Election, Notice; Officers, Treasurer's Bond; Vacancy.
Section 486.4 - Membership in Association; Procedure, Rights.
Section 486.5 - Repairs; Permanent Improvements, Approval of Members; Expense.
Section 486.6 - Repairs; Statement, Filing, Contents.
Section 486.7 - Assessment for Repairs or Improvements.
Section 486.8 - Assessment; Collection; Non-Payment, Use of Water Prohibited.
Section 486.9 - Assessment; Notice to Non-Resident.
Section 486.10 - Assessment; Mortgage Lien; Preference.
Section 486.11 - Mortgage Lien; Certificate, Contents, Recording.
Section 486.12 - Mortgage Lien; Foreclosure.
Section 486.13 - Mortgage Lien; Commencement of Suit After 60 Days.
Section 486.14 - Meetings of Members of Associations; Notice, Proof of Service, Filing.
Section 486.15 - Watchman; Appointment, Duties, Compensation.
Section 486.16 - Contracts Made by Board of Directors.
Section 486.17 - Treasurer; Duties.
Section 486.18 - Assessment; Recovery, Interest.
Section 486.19 - Disposition of Funds at Annual Meeting.
Section 486.21 - Stockholder's Liability.
Section 486.22 - Tenants in Common; Consent for Improvements and Repairs, Liability.