457.463 Articles and laws; filing; body corporate, powers.

230 words·~1 min read·/mi/chapter-457/457-463

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Sec. 3.

A copy of said articles of association together with a copy of the laws of said grand division, shall be filed with the secretary of the state, and thereupon the persons who shall have signed such articles of association, their associates and successors shall be a body politic and corporate by the name expressed in such articles of association, and by that name they and their successors shall have succession, and shall be persons in the law capable to purchase, take, receive, hold, and enjoy to them and their successors, estates real and personal, of suing and being sued, and to have a common seal, which may be altered or changed at their pleasure:

Provided, That the value of such real and personal estate shall not exceed the sum of 10,000 dollars, said corporation shall have full power to make and establish rules, regulations and laws for regulating and governing all the affairs and business of said corporation not repugnant to the constitution and laws of this state or the United States, and to designate, elect or appoint from its members such officers, under such name and style as shall be in accordance with its laws.

History: 1893, Act 163, Eff. Aug. 28, 1893 ;-- CL 1897, 8033 ;-- CL 1915, 10505 ;-- CL 1929, 10710 ;-- CL 1948, 457.463