Sec. 9.
The stock of every such corporation shall be deemed personal property, and certificates of stock shall be issued to each stockholder on the full amount of his subscription being paid in; the said certificates of stock may be transferable, but the transfer shall not be valid unless a record shall be made of the same in the books of the company, in such form as the directors shall prescribe; and it shall be the duty of the directors to make out a written statement of all the stockholders, and the amount of stock held by each, when legally called upon by the proper assessing officer.
History: 1869, Act 113, Imd. Eff. Apr. 3, 1869 ;-- CL 1871, 3363 ;-- How. 3118 ;-- CL 1897, 8508 ;-- CL 1915, 11290 ;-- CL 1929, 11883 ;-- CL 1948, 486.309
Structure Michigan Compiled Laws
Chapter 486 - Water and Power Companies
Act 113 of 1869 - Waterworks (486.301 - 486.318)
Section 486.301 - Waterworks in Municipalities; Incorporators; Powers.
Section 486.302 - Certificate; Contents, Filing and Recording; Body Corporate, Name.
Section 486.303 - Corporate Power to Hold Property.
Section 486.304 - Capital Stock; Fixed Amount, Increase.
Section 486.305 - Officers; Election, Term, Powers; Quorum of Stockholders; Right to Vote.
Section 486.306 - Corporate Powers.
Section 486.308 - Condemnation Proceedings.
Section 486.311 - Stockholder's Liability; Recovery Prerequisites; Contribution to Creditor.
Section 486.312 - Contract Between Municipality and Company; Obligations.
Section 486.313 - Stockholders; Annual and Special Meetings.
Section 486.314 - Officers of Company; Designation, Election, Bonding.
Section 486.316 - Purchase of Corporate Rights and Property by Municipality; Arbitration.
Section 486.318 - Company Fully Organized; Qualification, Powers, Financial Arrangements.