Sec. 10.
The directors may call in subscriptions to the capital stock of such corporation, by installment, in such portions as they deem best, by giving notice thereof as provided by the by-laws; and in case any stockholder refuses or neglects to pay any such installment for the space of 60 days after the same shall have become due and payable, and after he shall have been notified thereof, the stock of any such delinquent stockholder may be sold, by order of the directors, at public auction at the office of said company, after 30 days' notice, published in some newspaper in the county where the corporation is located; and the proceeds of said sale shall be first applied in the payment of the installment called for, and the expense on the same, and the residue shall be refunded to the former owner thereof, and such sale shall entitle the purchaser to all the privileges of a stockholder to the extent of the share so bought.
History: 1869, Act 113, Imd. Eff. Apr. 3, 1869 ;-- CL 1871, 3364 ;-- How. 3119 ;-- CL 1897, 8509 ;-- CL 1915, 11291 ;-- CL 1929, 11884 ;-- CL 1948, 486.310
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 486.310 - Capital Stock; Subscriptions, Calling In; Sale, Procedure, Proceeds; Rights of Purchaser.
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.