453.293 Local agricultural societies; renewed corporate existence; rights, duties.

180 words·~1 min read·/mi/chapter-453/453-293

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Sec. 3.

The agricultural corporation, association or society, so reorganized shall have a renewed corporate existence, from the time of the adoption of such resolution as provided in section 1 of this act, for the term specified in such resolution, not exceeding 30 years, and shall hold and own all the property, rights, interest and franchises of such corporation, association or society so renewed, and shall be liable to all its liabilities and obligations as fully as if the former term had not, or did not, expire until the expiration of the term provided in such reorganization.

And, such corporation, association or society shall have all the rights and privileges of a new corporation for the period of its renewed term as expressed in such renewed charter or articles of association, and as provided by the laws of this state applicable to this class of corporations.

History: 1893, Act 106, Imd. Eff. May 24, 1893 ;-- CL 1897, 5969 ;-- CL 1915, 7847 ;-- CL 1929, 10234 ;-- CL 1948, 453.293