457.294 Building; capital stock; property, holding and disposition; taxation; cemetery.
203 words·~1 min read·
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457.294 Building; capital stock; property, holding and disposition; taxation; cemetery.
Sec. 4.
Every corporation formed in pursuance of this act may erect and own or lease such suitable edifice, building or hall as to such corporation shall seem proper, with convenient rooms for the meetings of said fraternity and for that may create a capital stock of not more than 50,000 dollars, to be divided into shares of not more than 50 dollars each, and may take, receive, purchase and hold in its corporate capacity real and personal estate, and the same or any part thereof demise, convey, mortgage, use and dispose of at pleasure:
Provided, however, That all such property both real and personal shall be subject to taxation the same as other property; and such corporation may take, purchase, hold and own such suitable lots or parcels of ground as may be convenient for the purpose of a cemetery, and may make all lawful rules and regulations for the disposition of lots and the burial of the dead therein, as to such corporation may seem proper.
History: 1897, Act 256, Imd. Eff. June 2, 1897 ;-- CL 1897, 7986 ;-- CL 1915, 10430 ;-- CL 1929, 10645 ;-- CL 1948, 457.294