Sec. 14.
Each and every corporation formed under this act shall have authority to purchase and hold land in amount not to exceed 3,000 acres adjacent to or within convenient distance of any canal, stream or dam, constructed under the provisions of this act, for the purpose of platting and selling the same to manufacturers, their operatives or to other persons, and shall have the authority to lease, mortgage, sell, or otherwise dispose of real or personal property.
History: 1905, Act 283, Eff. Sept. 16, 1905 ;-- CL 1915, 8933 ;-- CL 1929, 11868 ;-- CL 1948, 486.214
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.