Law Governing Manufacturing and Mercantile Corporations and Corporations for Other Lawful Business, Under Act No. 232, P. A. of 1903: With Annotations |
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Common terms and phrases
act number action agent amended amount annual articles of association assets asso authorized capital stock Bank business in Michigan by-laws carry on business cents certificate of authority chapter one hundred charter common stock Compiled Laws complied contract corporate existence corporation organized county clerk court creditors dissolution dividend dollars Doug eighteen hundred ninety-seven elect equity estopped execution facie evidence foreign corporation forfeiture franchise fee hold holder incorporated indebted stockholder individually liable interstate commerce issue Knights of Pythias Laws of eighteen lien limitation mandamus ment Mizner mortgage neglect or refuse notice number of shares organized or existing paid partnership association payment poration powers preferred stock prescribe prima facie proceedings purchase purpose record repealed River Raisin Secretary sell service of process Stat statement statute subscribed subscription tangible property thereof Thunder Bay tion transaction transfer treasurer ultra vires valid vote
Popular passages
Page 35 - ... to be elected, or to cumulate said shares, and give one candidate as many votes as the number of directors, multiplied by the number of his shares of stock, shall equal, or to distribute them on the same principle among as many candidates as he shall think fit...
Page 40 - All specific State taxes, except those received from the mining companies of the Upper Peninsula, shall be applied in paying the interest upon the primary school, university, and other educational funds, and the interest and principal of the State debt, in the order herein recited, until the extinguishment of the State debt, other than the amounts due to educational funds, when such specific taxes shall be added to, and constitute a part of the primary school interest fund.
Page 17 - ... in the absence of actual fraud in the transaction, the judgment of the directors as to the value of the property purchased shall be conclusive...
Page 9 - Courts of equity will not interfere in the management of the directors unless it is clearly made to appear that they are guilty of fraud or misappropriation of the corporate funds, or refuse to declare a dividend when the corporation has a surplus of net profits which it can, without detriment to its business, divide among its stockholders, and when a refusal to do so would amount to such an abuse of discretion as would constitute a fraud, or breach of that good faith which they are bound to exercise...
Page 36 - ... for the purpose of prosecuting and defending suits by or against them, and of enabling them gradually to settle and close their concerns, to dispose of and convey their property, and to divide their capital stock, but not for the purpose of continuing the business, for which such corporations have been or may be established.
Page 9 - ... of such district, they shall give notice of such contemplation by publishing the same in some newspaper published in the county in which such irrigation district lies, at least three weeks prior to the making of any lease, and such lease shall be made to the highest bidder.
Page 30 - To procure such certificate, every foreign corporation shall' file and record in the office of the secretary of state a certified copy of its charter or articles of incorporation...
Page 21 - ... shall be jointly and severally liable in an action founded on this statute, for all debts due from such corporation at the time of paying or declaring such dividend.
Page 36 - All corporations, whether they expire by their own limitation, or are otherwise dissolved, shall nevertheless be continued for the term of three years from such expiration or dissolution bodies corporate for the purpose of prosecuting and defending suits by or against them, and of enabling them gradually to settle and close their...
Page 33 - Any person violating the provisions of this section shall be deemed guilty of a misdemeanor and upon conviction thereof, shall be punished by a fine of not less than fifty dollars nor more than five hundred dollars for each offense, and in default of payment of such fine, shall be imprisoned in the county jail for a period...