WATER POWER COMPANIES

MCL ch. 486, subtit. Act 39 of 1883

in effect

MCL 486.51 Water power and supply corporations; incorporators; powers.

486.51. Water power and supply corporations; incorporators; powers. Sec. 1. That any number of persons not less than 5, may form themselves into a corporation for the purpose of excavating and constructing, maintaining, repairing and improving any canal already existing, or which they may wish to excavate and construct, with water power appurtenant thereto, and may own, use and control the same for the purpose of accumulating, storing, conducting, selling, furnishing and supplying, upon an agreed rental, water and water-power for mining, manufacturing, domestic, municipal and agricultural purposes, and may acquire, take, hold, lease and convey lands or water power, as may be necessary or convenient, for the purposes above specified, by complying with the following requirements: 1883, Act 39, Imd. Eff. Apr. 21, 1883; How. 3895a; CL 1897, 6789; CL 1915, 8889; CL 1929, 11824; CL 1948, 486.51 [PopularName] Water Company Act

MCL 486.52 Certificate; contents; recording and filing.

486.52. Certificate; contents; recording and filing. Sec. 2. Such persons under their hands and seals shall make a certificate which shall specify: First, The name of the corporation; Second, A statement of the amount of capital stock of such company, and the number of shares into which the capital stock shall be divided; Third, The county and townships within this state in which such canal is to be excavated and constructed, and the operations of said company carried on; Fourth, The business and object of said company in general terms; Fifth, The names and places of residences of the stockholders, and the number of shares held by each of them respectively; Sixth, The names of the first directors, being not more than 7, and not less than 5; Seventh, The place in this state where their office for the transaction of business is located; Eighth, The term of existence of such corporation, which certificate shall be acknowledged as deeds are required to be acknowledged and recorded, in the office of the clerk of the county in which the office of said company for the transaction of business is located, and a copy thereof filed in the office of the secretary of state. 1883, Act 39, Imd. Eff. Apr. 21, 1883; How. 3895b; CL 1897, 6790; CL 1915, 8890; CL 1929, 11825; CL 1948, 486.52 [PopularName] Water Company Act

MCL 486.53 Body corporate; governing laws.

486.53. Body corporate; governing laws. Sec. 3. Upon complying with the provisions of the last preceding section such company shall be a body corporate by the name designated in said certificate, and shall be subject to and governed by all the general provisions relating to corporations embraced in chapter 130 of the Compiled Laws of the state of Michigan, now in force, so far as the same shall be applicable thereto. 1883, Act 39, Imd. Eff. Apr. 21, 1883; How. 3895c; CL 1897, 6791; CL 1915, 8891; CL 1929, 11826; CL 1948, 486.53 [Compiler] For provisions of chapter 130, referred to in this section, see MCL 450.504 et seq. [PopularName] Water Company Act

MCL 486.54 Board of directors; members, election, qualification.

486.54. Board of directors; members, election, qualification. Sec. 4. The business and property of such company shall be managed and directed by a board of not less than 5 nor more than 7 directors, who shall be elected annually and at such time and place as said by-laws may direct. No person shall be a director unless he is a stockholder in the corporation. 1883, Act 39, Imd. Eff. Apr. 21, 1883; How. 3895d; CL 1897, 6792; CL 1915, 8892; CL 1929, 11827; CL 1948, 486.54 [PopularName] Water Company Act

MCL 486.55 Board of directors; election, notice.

486.55. Board of directors; election, notice. Sec. 5. In case it shall happen that an election for directors shall not be held as provided, the said corporation shall not be for that reason dissolved, but such election shall be held on some future day to be fixed by the directors holding over, upon giving the notice therefor as in this act provided. 1883, Act 39, Imd. Eff. Apr. 21, 1883; How. 3895e; CL 1897, 6793; CL 1915, 8893; CL 1929, 11828; CL 1948, 486.55 [PopularName] Water Company Act

MCL 486.56 Board of directors; majority control.

486.56. Board of directors; majority control. Sec. 6. A majority of the directors shall be a board for the transaction of business, and the acts of a majority of the board shall bind the corporation. 1883, Act 39, Imd. Eff. Apr. 21, 1883; How. 3895f; CL 1897, 6794; CL 1915, 8894; CL 1929, 11829; CL 1948, 486.56 [PopularName] Water Company Act

MCL 486.57 Capital stock; subscriptions; increase, procedure.

486.57. Capital stock; subscriptions; increase, procedure. Sec. 7. The directors of any such company may at any time receive subscriptions to stock in said company until the whole amount mentioned in their articles of association shall be subscribed, and whenever, in the judgment of the directors, it shall be necessary to increase the capital stock of any such company for the extension or more perfect completion of such proposed work, or to provide lands and buildings needful for its use, it shall be competent for such directors, with the approval or ratification of the holders of a majority of the capital stock, at any lawful meeting of the stockholders, to provide for such increase, and in all cases where such capital stock is increased, a certificate thereof shall be signed, certified and filed as hereinbefore required in the case of original articles of association. 1883, Act 39, Imd. Eff. Apr. 21, 1883; How. 3895g; CL 1897, 6795; CL 1915, 8895; CL 1929, 11830; CL 1948, 486.57 [PopularName] Water Company Act

MCL 486.58 Capital stock; subscriptions, calling in; sale, procedure, proceeds; purchaser's rights.

486.58. Capital stock; subscriptions, calling in; sale, procedure, proceeds; purchaser's rights. Sec. 8. The directors may call in subscriptions to the capital stock of such corporation by installments, in such portions, and at such times and places as they shall think proper, by giving notice thereof as the by-laws shall prescribe; and in case any stockholder shall neglect or refuse payment of any such installment for the space of 60 days after the same shall become due and payable, and after he shall have been notified thereof, the stock of such delinquent stockholder may be sold by the directors, at public auction, at the office of the secretary of the corporation, giving at least 30 days' notice in some newspaper published in the county: Provided, That if said stockholder shall reside in this state the stock shall be sold at the business office of said corporation, in the county in which they are doing business, giving at least 30 days' notice thereof in some newspaper published in the county. If no newspaper be published in the county in which such corporation transacts their business, then it shall be published in the newspaper in the city of Detroit, which shall have at the time the largest circulation; and the proceeds of such sale shall be at first applied in payment of the installment called for, and the expenses on the same, and the residue shall be refunded to the owner thereof; and such sale shall entitle the purchaser to all the rights of a stockholder, to the extent of the shares so bought. 1883, Act 39, Imd. Eff. Apr. 21, 1883; How. 3895h; CL 1897, 6796; CL 1915, 8896; CL 1929, 11831; CL 1948, 486.58 [PopularName] Water Company Act

MCL 486.59 Corporate powers; liabilities and restrictions.

486.59. Corporate powers; liabilities and restrictions. Sec. 9. Every such corporation organized as hereinbefore prescribed, shall have the following powers and be subject to the liabilities and restrictions following, that is to say: First, To cause such examination and surveys for the proposed improvements whether of dams, canals or digging or deepening of channels to be made, as may be necessary to prepare for the work to be done; Second, To purchase and by voluntary grants and donations to receive, enter upon, take, hold and use, all such lands and real estate and other property as may be necessary for the construction, maintenance and operation of dry docks, canals and all other works proposed in the approved plans of such company, and to lease, mortgage or otherwise dispose of real or personal property; Third, To divert into any canal excavated or constructed under the provisions of this act, water from Lake Superior or St. Mary's river to flood lands belonging to said company, subject to the consent of the board of supervisors of the proper county in which waters so diverted are situated, and to erect such docks in Lake Superior or St. Mary's river as may be necessary or convenient for the purpose of such company. 1883, Act 39, Imd. Eff. Apr. 21, 1883; How. 3895i; CL 1897, 6797; Am. 1899, Act 231, Eff. Sept. 23, 1899; CL 1915, 8897; CL 1929, 11832; CL 1948, 486.59 [PopularName] Water Company Act

MCL 486.60 Power to construct railroads, telegraph and telephone lines; holding of realty.

486.60. Power to construct railroads, telegraph and telephone lines; holding of realty. Sec. 10. Said corporation may, in the exercise of its discretion erect along the line of its canal, or over different portions of its property, such railroads as may be necessary for connecting manufacturing establishments situated upon or connected with their premises or enjoying water privileges from them with any line of railroad or any harbor near them, and such telegraph lines or telephonic lines as may be reasonably necessary or convenient in connection therewith. Said corporation may purchase and hold such tracts of land along the line of its canal and water courses, as may reasonably be necessary or convenient for the conveying of water, storing it, and dispensing and dividing it among those who wish to purchase or lease it for any of the purposes mentioned in this act, or for the purpose of erecting manufactories or mills upon. 1883, Act 39, Imd. Eff. Apr. 21, 1883; How. 3895j; CL 1897, 6798; CL 1915, 8898; CL 1929, 11833; CL 1948, 486.60 [PopularName] Water Company Act

MCL 486.61 Furnishing and use of water; rent, collection.

486.61. Furnishing and use of water; rent, collection. Sec. 11. Such company may furnish water to other persons or companies for mining, manufacturing, milling, domestic, municipal, or agricultural purposes, on such rent as shall be agreed upon by and between it and those desiring to obtain it, or it may use the same for such purposes itself in any class of manufacturing purposes. It is authorized to bring suit to enforce the payment of such rent in any proper court of the county where its principal office is located. 1883, Act 39, Imd. Eff. Apr. 21, 1883; How. 3895k; CL 1897, 6799; CL 1915, 8899; CL 1929, 11834; CL 1948, 486.61 [PopularName] Water Company Act

MCL 486.62 Injury to stream or property; misdemeanor, penalty.

486.62. Injury to stream or property; misdemeanor, penalty. Sec. 12. If any person shall willfully obstruct any stream or waters improved under the provisions of this act or any part thereof, or shall willfully destroy or injure any buildings, piers, dams, fixtures, banks, or other constructions in use upon the same, belonging to said company, such person or persons so offending, shall for every offense, be deemed guilty of a misdemeanor, and shall be punished by a fine not exceeding 500 dollars, or by imprisonment in the county jail not more than 1 year, in the discretion of the court. 1883, Act 39, Imd. Eff. Apr. 21, 1883; How. 3895-l; CL 1897, 6800; CL 1915, 8900; CL 1929, 11835; CL 1948, 486.62 [PopularName] Water Company Act

MCL 486.63 Board of directors; annual report, contents.

486.63. Board of directors; annual report, contents. Sec. 13. On or before the first Monday in July in each year it shall be the duty of the directors of every company formed under this act to report to the secretary of state, under the oath of the secretary and at least 2 of the directors, the length of the stream or waters so constructed or improved, the cost of such improvements, the amount of money expended, the amount of their capital, how much of the same is paid in, and how much is expended, the whole amount of tolls or earnings expended on such improvements, the amount of money received during the previous year for tolls, and from all other sources, stating each separately, the amount set apart for repairs, the amount of dividends made, and the amount of indebtedness of such company, specifying the object for which such indebtedness accrued. 1883, Act 39, Imd. Eff. Apr. 21, 1883; How. 3895m; CL 1897, 6801; CL 1915, 8901; CL 1929, 11836; CL 1948, 486.63 [PopularName] Water Company Act

MCL 486.65 Stockholder's liability; recovery prerequisites.

486.65. Stockholder's liability; recovery prerequisites. Sec. 15. The stockholders of every company organized in pursuance of this act shall be jointly and severally personally liable for the payment of all debts and demands against such association, which shall be contracted or which shall be or shall become due during the time of their holding such stocks for any labor or services done or performed for such company, but no stockholder shall be proceeded against for the collection of any debt or demand against such company until execution on judgment for such labor and services shall have been returned unsatisfied, or unless such association shall be dissolved. 1883, Act 39, Imd. Eff. Apr. 21, 1883; How. 3895o; CL 1897, 6803; CL 1915, 8902; CL 1929, 11837; CL 1948, 486.65 [PopularName] Water Company Act

MCL 486.66 Shares deemed personal property; transfer.

486.66. Shares deemed personal property; transfer. Sec. 16. The shares of any company formed under this act shall be deemed personal property and may be transferred as shall be prescribed by the by-laws of such company. 1883, Act 39, Imd. Eff. Apr. 21, 1883; How. 3895p; CL 1897, 6804; CL 1915, 8903; CL 1929, 11838; CL 1948, 486.66 [PopularName] Water Company Act

Source: Michigan Legislature (legislature.mi.gov)URL: https://legislature.mi.gov/documents/mcl/Chapter%20486.xmlFetched: 10/20/2026