Sec. 9.
Every such corporation, organized as hereinbefore prescribed, shall have the following powers and be subject to the liabilities and restrictions following, that is to say:
First, To cause such examinations and surveys for all proposed improvements, to be made as may be necessary to prepare for the work to be done;
Second, To acquire and by grants and donations to receive, enter upon, take, hold and use all such lands and real estate and other property as may be necessary in the business of such company;
Third, To flood lands belonging to said company by constructing the necessary dams in any canal, or in creeks, streams or other water courses;
Fourth, To issue its construction bonds to an amount not exceeding 50 per cent of its capital stock, bearing a rate of interest not above 6 per cent, and payable at any such time or times as the board of directors may determine on approval of a majority in interest of the stockholders voting at any regular or called meeting of their body.
History: 1905, Act 283, Eff. Sept. 16, 1905 ;-- CL 1915, 8928 ;-- CL 1929, 11863 ;-- CL 1948, 486.209
Structure Michigan Compiled Laws
Chapter 486 - Water and Power Companies
Act 283 of 1905 - Water Power Companies (486.201 - 486.216)
Section 486.201 - Water Power and Supply Corporations in Upper Peninsula; Incorporators; Powers.
Section 486.202 - Certificate; Contents; Recording and Filing.
Section 486.203 - Body Corporate; Governing Laws.
Section 486.204 - Board of Directors; Members, Election, Qualifications.
Section 486.205 - Board of Directors; Election, Notice.
Section 486.206 - Board of Directors; Majority Control.
Section 486.207 - Capital Stock; Subscriptions; Increase, Procedure.
Section 486.209 - Corporate Powers; Liabilities and Restrictions.
Section 486.210 - Power to Construct Railroad, Telegraph and Telephone Lines; Holding of Realty.
Section 486.211 - Furnishing and Use of Water or Power; Compensation; Right to Sue and Be Sued.
Section 486.212 - Injury to Stream or Property; Misdemeanor, Penalty.
Section 486.213 - Board of Directors; Annual Report, Contents.
Section 486.214 - Realty; Purchase, Holding, Disposal; Personal Property, Disposal.
Section 486.215 - Stockholder's Liability; Recovery Prerequisites.
Section 486.216 - Shares Deemed Personal Property; Transfer.