Sec. 15.
The stockholders of every company organized in pursuance of this act shall be jointly and severally personally liable for the payment of all debts and demands against such association, which shall be contracted or which shall be or shall become due during the time of their holding such stocks for any labor or services done or performed for such company, but no stockholder shall be proceeded against for the collection of any debt or demand against such company until execution on judgment for such labor and services shall have been returned unsatisfied, or unless such association shall be dissolved.
History: 1883, Act 39, Imd. Eff. Apr. 21, 1883 ;-- How. 3895o ;-- CL 1897, 6803 ;-- CL 1915, 8902 ;-- CL 1929, 11837 ;-- CL 1948, 486.65 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.