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Code · Michigan · Chapter 462 — Railroads

462.221 Stock as personal estate; transfer.

95 words·~1 min read·/mi/chapter-462/462-221

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462.221 Stock as personal estate; transfer.
Sec. 221.
The stock of a railroad company is considered personal estate and is transferable in the manner and under such restrictions and conditions as may be provided for in the by-laws, but any certificate of stock issued before payment in full, shall show on its face, or by indorsement, the amount paid thereon. A share of stock shall not be transferred on the books of the company until paid in full, without the consent of the board of directors.
History: 1993, Act 354, Imd. Eff. Jan. 14, 1994
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