Sec. 7.
The directors of any such company may at any time receive subscriptions to stock in said company until the whole amount mentioned in their articles of association shall be subscribed, and whenever, in the judgment of the directors, it shall be necessary to increase the capital stock of any such company for the extension or more perfect completion of such proposed work, or to provide lands and buildings needful for its use, it shall be competent for such directors, with the approval or ratification of the holders of a majority of the capital stock, at any lawful meeting of the stockholders, to provide for such increase, and in all cases where such capital stock is increased, a certificate thereof shall be signed, certified and filed as hereinbefore required in the case of original articles of association.
History: 1883, Act 39, Imd. Eff. Apr. 21, 1883 ;-- How. 3895g ;-- CL 1897, 6795 ;-- CL 1915, 8895 ;-- CL 1929, 11830 ;-- CL 1948, 486.57 Popular Name: Water Company Act
Structure Michigan Compiled Laws
Chapter 486 - Water and Power Companies
Act 39 of 1883 - Water Power Companies (486.51 - 486.66)
Section 486.51 - Water Power and Supply Corporations; Incorporators; Powers.
Section 486.52 - Certificate; Contents; Recording and Filing.
Section 486.53 - Body Corporate; Governing Laws.
Section 486.54 - Board of Directors; Members, Election, Qualification.
Section 486.55 - Board of Directors; Election, Notice.
Section 486.56 - Board of Directors; Majority Control.
Section 486.57 - Capital Stock; Subscriptions; Increase, Procedure.
Section 486.59 - Corporate Powers; Liabilities and Restrictions.
Section 486.60 - Power to Construct Railroads, Telegraph and Telephone Lines; Holding of Realty.
Section 486.61 - Furnishing and Use of Water; Rent, Collection.
Section 486.62 - Injury to Stream or Property; Misdemeanor, Penalty.
Section 486.63 - Board of Directors; Annual Report, Contents.
Section 486.65 - Stockholder's Liability; Recovery Prerequisites.