reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 113 of 1869 - Waterworks (486.301 - 486.318) › Section 486.307 - Acquisition and Use of Lands for Purposes of Act; Survey and Map, Signing, Filing; Right of Entry.

486.307 Acquisition and use of lands for purposes of act; survey and map, signing, filing; right of entry.
Sec. 7.
Before entering, taking or using any lands for the purposes of this act, the directors of the company shall cause a survey and map to be made of the lands intended to be taken, or entered upon for any of said purposes, and by which the lands of said owners or occupants intended to be taken or used shall be designated, and which map shall be signed, by the surveyor or engineer making the same, and by the president of said company, and be filed in the office of the clerk of the county. The company, by any 2 of its officers, agents or servants, may enter upon any lands for the purpose of making any examination and for the purpose of making said survey and map.
History:
1869, Act 113, Imd. Eff. Apr. 3, 1869 ;-- CL 1871, 3361 ;-- How. 3116 ;-- CL 1897, 8506 ;-- CL 1915, 11288 ;-- CL 1929, 11881 ;-- CL 1948, 486.307
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 113 of 1869 - Waterworks (486.301 - 486.318) › Section 486.308 - Condemnation Proceedings.

486.308 Condemnation proceedings.
Sec. 8.
In case said company cannot agree with the owners or occupants of any lands or water, intended to be taken or used as aforesaid, for the purchase thereof, said company may, for the purpose of acquiring the necessary title and right to said lands or water, present a petition to the circuit court of the county where the company is located, at any term thereof, or during the vacation of the term, to any judge of a court or record, praying for the appointment of 3 commissioners; and such proceedings shall be had upon said petition as are prescribed in the act to provide for the incorporation of railroad companies, being chapter 67 of the Compiled Laws, for the purpose of acquiring such title or right, except that the said circuit court or judge shall appoint disinterested and competent freeholders residing in the township or municipality where the said premises are situated.
History:
1869, Act 113, Imd. Eff. Apr. 3, 1869 ;-- CL 1871, 3362 ;-- How. 3117 ;-- CL 1897, 8507 ;-- CL 1915, 11289 ;-- CL 1929, 11882 ;-- CL 1948, 486.308
Compiler's Notes:
Chapter 67, referred to in this section, was repealed by Act 198 of 1873. See now MCL 463.1 et seq.
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 113 of 1869 - Waterworks (486.301 - 486.318) › Section 486.309 - Stock Deemed Personal Property; Certificates of Stock, Transfer; Report to Assessing Officer.

486.309 Stock deemed personal property; certificates of stock, transfer; report to assessing officer.
Sec. 9.
The stock of every such corporation shall be deemed personal property, and certificates of stock shall be issued to each stockholder on the full amount of his subscription being paid in; the said certificates of stock may be transferable, but the transfer shall not be valid unless a record shall be made of the same in the books of the company, in such form as the directors shall prescribe; and it shall be the duty of the directors to make out a written statement of all the stockholders, and the amount of stock held by each, when legally called upon by the proper assessing officer.
History:
1869, Act 113, Imd. Eff. Apr. 3, 1869 ;-- CL 1871, 3363 ;-- How. 3118 ;-- CL 1897, 8508 ;-- CL 1915, 11290 ;-- CL 1929, 11883 ;-- CL 1948, 486.309
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 113 of 1869 - Waterworks (486.301 - 486.318) › Section 486.310 - Capital Stock; Subscriptions, Calling In; Sale, Procedure, Proceeds; Rights of Purchaser.

486.310 Capital stock; subscriptions, calling in; sale, procedure, proceeds; rights of purchaser.
Sec. 10.
The directors may call in subscriptions to the capital stock of such corporation, by installment, in such portions as they deem best, by giving notice thereof as provided by the by-laws; and in case any stockholder refuses or neglects to pay any such installment for the space of 60 days after the same shall have become due and payable, and after he shall have been notified thereof, the stock of any such delinquent stockholder may be sold, by order of the directors, at public auction at the office of said company, after 30 days' notice, published in some newspaper in the county where the corporation is located; and the proceeds of said sale shall be first applied in the payment of the installment called for, and the expense on the same, and the residue shall be refunded to the former owner thereof, and such sale shall entitle the purchaser to all the privileges of a stockholder to the extent of the share so bought.
History:
1869, Act 113, Imd. Eff. Apr. 3, 1869 ;-- CL 1871, 3364 ;-- How. 3119 ;-- CL 1897, 8509 ;-- CL 1915, 11291 ;-- CL 1929, 11884 ;-- CL 1948, 486.310
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 113 of 1869 - Waterworks (486.301 - 486.318) › Section 486.311 - Stockholder's Liability; Recovery Prerequisites; Contribution to Creditor.

486.311 Stockholder's liability; recovery prerequisites; contribution to creditor.
Sec. 11.
The stockholders of all corporations organized under this act shall be individually liable for any labor or services done or performed for said company, and they shall also be liable, as aforesaid, for the payment of all other debts or obligations contracted or incurred by said corporation during the time that they were stockholders, to the amount of all unpaid installments of stock held by them respectively, which liability may be enforced against any stockholder founded on this statute at any time after an execution shall be returned not satisfied against said company: Provided, always, That if any stockholder shall be compelled by any such action to pay the debts of any creditor or any part thereof, he shall have the right to call upon all the stockholders to contribute their part of the sum so paid by him as aforesaid, and may sue them jointly or severally, or any number of them, and recover in such action the ratable amount due from the person or persons so sued.
History:
1869, Act 113, Imd. Eff. Apr. 3, 1869 ;-- CL 1871, 3365 ;-- How. 3120 ;-- Am. 1883, Act 8, Eff. Mar. 13, 1883 ;-- Am. 1887, Act 54, Eff. Sept. 28, 1887 ;-- CL 1897, 8510 ;-- CL 1915, 11292 ;-- CL 1929, 11885 ;-- CL 1948, 486.311
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 113 of 1869 - Waterworks (486.301 - 486.318) › Section 486.312 - Contract Between Municipality and Company; Obligations.

486.312 Contract between municipality and company; obligations.
Sec. 12.
It shall and may be lawful for the municipal authorities of any city, village or town in which any company is or shall be formed for the purpose of supplying such city, village or town and the inhabitants thereof with water, to contract and agree with such company for the supply of water for public, municipal or other purposes, and for the time and mode of payment, and may issue their obligations therefor.
History:
1869, Act 113, Imd. Eff. Apr. 3, 1869 ;-- CL 1871, 3366 ;-- Am. 1873, Act 2, Imd. Eff. Jan. 22, 1873 ;-- How. 3121 ;-- CL 1897, 8511 ;-- CL 1915, 11293 ;-- CL 1929, 11886 ;-- CL 1948, 486.312
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 113 of 1869 - Waterworks (486.301 - 486.318) › Section 486.313 - Stockholders; Annual and Special Meetings.

486.313 Stockholders; annual and special meetings.
Sec. 13.
There shall be an annual meeting of the stockholders at such time and place as the by-laws of the corporation shall designate, for the election of directors and the transaction of business of the corporation; special meetings of the stockholders may be called by the directors.
History:
1869, Act 113, Imd. Eff. Apr. 3, 1869 ;-- CL 1871, 3367 ;-- How. 3122 ;-- CL 1897, 8512 ;-- CL 1915, 11294 ;-- CL 1929, 11887 ;-- CL 1948, 486.313
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 113 of 1869 - Waterworks (486.301 - 486.318) › Section 486.314 - Officers of Company; Designation, Election, Bonding.

486.314 Officers of company; designation, election, bonding.
Sec. 14.
The officers of such company shall be a president, who also shall be a director, a secretary, a treasurer, and such other officers, agents and servants, as the board of directors shall deem necessary for the transaction of the business of the company; such officers shall be elected annually, by the directors, and may be required to give bonds, with penalty and sureties, to the approval of the board of directors.
History:
1869, Act 113, Imd. Eff. Apr. 3, 1869 ;-- CL 1871, 3368 ;-- How. 3123 ;-- CL 1897, 8513 ;-- CL 1915, 11295 ;-- CL 1929, 11888 ;-- CL 1948, 486.314
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 113 of 1869 - Waterworks (486.301 - 486.318) › Section 486.315 - Ordinances of Common Council; Granting Use of Public Property; Rates of Compensation.

486.315 Ordinances of common council; granting use of public property; rates of compensation.
Sec. 15.
Whenever any such company shall have been duly organized, it shall be the duty of the common council of any such city or village or the proper authorities of any such town, by ordinance, to grant to such company such right to the use of the streets, alleys, wharves (if any) and public grounds of said city, village or town as shall be necessary to enable such company to construct the proper works for the supply of water for the use of such city, village or town and its inhabitants; and the said common council may, in such ordinance, prescribe such just and reasonable terms, restrictions and limitations upon such company, in reference to the manner of using streets, alleys, wharves and public grounds; to the charging and collecting of tolls, water rents or other compensation for the supply of water, to be furnished by such company, to such city, town or village and its inhabitants, as it may deem proper; to guard against the improper use of such streets, alleys, wharves and public grounds, and to protect said city, town or village, and its inhabitants from the imposition of undue or excessive rates or charges for the supply of water; but no such restriction shall be imposed which will prevent such company realizing upon its capital stock and annual income or dividend of 10 per cent, after paying the cost of all necessary repairs and expenses, interest on all moneys borrowed and 5 per cent. per annum into sinking funds, for the extinguishment of funded debts.
History:
1869, Act 113, Imd. Eff. Apr. 3, 1869 ;-- CL 1871, 3369 ;-- How. 3124 ;-- CL 1897, 8514 ;-- CL 1915, 11296 ;-- CL 1929, 11889 ;-- CL 1948, 486.315
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 113 of 1869 - Waterworks (486.301 - 486.318) › Section 486.316 - Purchase of Corporate Rights and Property by Municipality; Arbitration.

486.316 Purchase of corporate rights and property by municipality; arbitration.
Sec. 16.
From and after the expiration of 25 years from the time of the organization of such company, the common council of the city, town or village, for which the said company may have erected its works, shall have the right and privilege of purchasing, from such company, all its buildings, reservoirs, fixtures, apparatus and property of such company, with all its corporate rights and privileges, at such price as may be agreed upon; and in case of disagreement between the parties, the price to be ascertained and determined by 5 disinterested persons, not residents of said city or village, 2 of whom shall be chosen by said common council, 2 by the board of directors of such company, and the fifth by the 4 so chosen, who, when thus chosen and assembled, shall have power to determine, finally and conclusively, the amount which such town, city or village shall pay for the rights, property and franchises of such company, as aforesaid.
History:
1869, Act 113, Imd. Eff. Apr. 3, 1869 ;-- CL 1871, 3370 ;-- How. 3125 ;-- CL 1897, 8515 ;-- CL 1915, 11297 ;-- CL 1929, 11890 ;-- CL 1948, 486.316
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 113 of 1869 - Waterworks (486.301 - 486.318) › Section 486.317 - Municipality as Stockholder; Issuance of Bonds, Interest Rate Limit, Tax Levy; Certain Corporations as Stockholders.

486.317 Municipality as stockholder; issuance of bonds, interest rate limit, tax levy; certain corporations as stockholders.
Sec. 17.
Any such city, town or village may become a stockholder in any such company whenever the common council shall so direct, by resolution duly entered upon its minutes, after the question of so doing shall have been first submitted to the electors of said city, town or village, in such manner as the common council may have prescribed, and the said electors shall have voted in favor thereof. Such resolution shall specify the number of shares to be taken, and shall require the mayor, president or other municipal officer to carry out the directions by subscribing for the number of shares indicated upon the books of the company. Any railroad, gas, manufacturing or other corporation organized under any law of this state, and any insurance company organized under the laws of any state or country doing business in this state, may subscribe for and own stock in such company, and be entitled to all the rights and privileges, and shall be subject to all the liabilities of stockholders. It shall be lawful for any such city, town or village to issue bonds, payable at such time as the common council shall direct, and bearing interest at a rate not exceeding 8 per cent. per annum, and to negotiate the same upon the best terms they can obtain. Such cities, towns and villages shall have power in addition to that given by their charters, to levy taxes not exceeding 2 per cent. on the assessed valuation per annum, sufficient to meet the principal and interest falling due on such bonds.
History:
1869, Act 113, Imd. Eff. Apr. 3, 1869 ;-- CL 1871, 3371 ;-- How. 3126 ;-- CL 1897, 8516 ;-- CL 1915, 11298 ;-- CL 1929, 11891 ;-- CL 1948, 486.317
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 113 of 1869 - Waterworks (486.301 - 486.318) › Section 486.318 - Company Fully Organized; Qualification, Powers, Financial Arrangements.

486.318 Company fully organized; qualification, powers, financial arrangements.
Sec. 18.
Any such company shall be deemed to be fully organized whenever half the capital stock named in its articles of association shall have been in good faith subscribed and 10 per cent. thereof paid in and may thereupon enter on the work of construction; and in order to raise moneys for that purpose, it shall have power to borrow money, to issue bonds or other evidences of indebtedness, to execute mortgages or trust deeds, as may be deemed necessary for that purpose, and it may also issue a preferred stock, if a majority of the stockholders of the company shall vote that it is advisable so to do; but in the case that such city, town or village is a stockholder, no such mortgage, trust deed, or issue of preferred stock shall be valid without the assent thereto of the common council of said city or village or the municipal authorities of such town and in such case it shall be deemed a misdemeanor for the directors of said company to contract debts to any amount in excess of the means provided for, by subscriptions to stock, and the estimated net receipts of the company from its rates for 1 year, in advance, except they shall have first obtained the assent thereto of the said common council.
History:
1869, Act 113, Imd. Eff. Apr. 3, 1869 ;-- CL 1871, 3372 ;-- How. 3127 ;-- CL 1897, 8517 ;-- CL 1915, 11299 ;-- CL 1929, 11892 ;-- CL 1948, 486.318
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 86 of 1893 - Operation of Electrical Plants by Water Supply Companies (486.351 - 486.353) › Section 486.351 - Water Supply Companies; Right to Purchase and Operate Electrical Plants.

486.351 Water supply companies; right to purchase and operate electrical plants.
Sec. 1.
That any company or corporation hereafter organized for the purpose of supplying water to any city, town or village in this state, the population whereof does not exceed 25,000 inhabitants according to the last official census thereof preceding the organization of such company or corporation, shall, by specifying the same in its articles of association, have the right to also produce and supply any such city, town or village, and the inhabitants thereof, with electricity for lighting, heating and motive purposes and any other purpose for which the same is, or may become, of practical use. And to that end shall also have the right to purchase from any individual, copartnership or corporation owning or operating any electricity producing plant, its said plant, together with any or all of the property franchises and rights connected therewith, to be operated in the city, town or village in which such company is to be located and operating.
History:
1893, Act 86, Eff. Aug. 28, 1893 ;-- CL 1897, 8518 ;-- CL 1915, 11302 ;-- CL 1929, 11893 ;-- CL 1948, 486.351
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 86 of 1893 - Operation of Electrical Plants by Water Supply Companies (486.351 - 486.353) › Section 486.352 - Water Supply Companies; Amendment of Articles to Show Right to Purchase and Operate Electrical Plants.

486.352 Water supply companies; amendment of articles to show right to purchase and operate electrical plants.
Sec. 2.
Any company or corporation heretofore organized and doing business under and by virtue of the general laws of this state, and operating a waterworks system in any city, town or village in this state, the population whereof shall not exceed 25,000 inhabitants, according to the last official census preceding the filing of its amended articles of association so as to show the added purpose, have the right to erect, purchase, own and operate a plant or plants, in addition to its waterworks system and plant, to produce and supply electricity as mentioned in section 1 hereof.
History:
1893, Act 86, Eff. Aug. 28, 1893 ;-- CL 1897, 8519 ;-- CL 1915, 11303 ;-- CL 1929, 11894 ;-- CL 1948, 486.352
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 86 of 1893 - Operation of Electrical Plants by Water Supply Companies (486.351 - 486.353) › Section 486.353 - Company or Corporate Powers.

486.353 Company or corporate powers.
Sec. 3.
Every such company or corporation shall have the right to acquire and hold all such real and personal property as shall be necessary, in addition to that provided for by the general laws of this state under which it is organized, for the carrying on of the business so added by virtue of the provisions of this act, and shall have full power to produce, generate, furnish and sell electricity for lighting, heating, motive and such other purposes, as the same may be desired by any city, town or village within which such company carries on its business, or by the inhabitants thereof. And such company or corporation shall have the power to lay, construct and maintain conductors and poles, and stretch wires for the conducting of electricity through the streets, alleys, lands and squares of any such city, town or village, with the consent of the municipal authorities thereof, under such reasonable regulations as they may prescribe; and such company or corporation may make and enforce all such contracts, by-laws and rules as may be deemed necessary and proper to carry into effect the foregoing powers.
History:
1893, Act 86, Eff. Aug. 28, 1893 ;-- CL 1897, 8520 ;-- CL 1915, 11304 ;-- CL 1929, 11895 ;-- CL 1948, 486.353
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 82 of 1901 - Water Supply Companies; Continuance of Corporate Life (486.401 - 486.402) › Section 486.401 - Municipal Water Supply Companies; Continuance of Corporate Life, Procedure; Prima Facie Evidence.

486.401 Municipal water supply companies; continuance of corporate life, procedure; prima facie evidence.
Sec. 1.
It shall be lawful for any corporation heretofore or hereafter organized under the laws of this state for the purpose of the introduction of water into towns, cities and villages, whose corporate existence is about to terminate by limitation of law, at its annual meeting next preceding, or at a special meeting called for that purpose, to be held within 1 year immediately preceding the date of such termination, by a vote of 2/3 of its capital stock, to direct the continuance of its corporate existence for such further term, not exceeding 30 years, as may be expressed in a resolution passed for that purpose. Upon the adoption of such resolution by the stockholders, at such meeting, it shall be the duty of the president and secretary of the corporation to make, sign and acknowledge duplicate articles of association, as in case of a new corporation, to which shall be appended a copy of the proceedings of such stockholders' meeting, certified by the secretary and verified by his oath, which articles of association shall be filed with the secretary of state and with the county clerk of the county where the corporation carries on its business, and be by them recorded in their respective offices at the expense of said corporation, and the copies so filed, the record thereof, or a certified copy of either of such records, shall be prima facie evidence of the facts therein recited.
History:
1901, Act 82, Imd. Eff. Apr. 23, 1901 ;-- CL 1915, 11300 ;-- CL 1929, 11896 ;-- CL 1948, 486.401
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 82 of 1901 - Water Supply Companies; Continuance of Corporate Life (486.401 - 486.402) › Section 486.402 - Renewed Corporation; Rights and Duties.

486.402 Renewed corporation; rights and duties.
Sec. 2.
The renewed term of such corporation shall begin from the expiration of the former term thereof, and the corporation thus renewed shall hold and own all the property held and owned by the corporation before renewal, and shall be liable to all its debts, liabilities and obligations, and entitled to all its rights, privileges and franchises, as fully as if the former corporate term had not expired; and the directors and officers, who were such in fact at the time of the meeting, shall hold and continue in their offices until their successors shall be elected and shall qualify: Provided, nevertheless, That if the call for the meeting to extend the corporate term shall embrace a notice that a number of the directors will be elected at such meeting, such election may be then held accordingly, and the directors then elected shall, when they shall qualify, become and be the directors of such renewed corporation: Provided further, That nothing herein contained shall be construed as extending any franchise granted by any municipality for a period of years longer than the original grant.
History:
1901, Act 82, Imd. Eff. Apr. 23, 1901 ;-- CL 1915, 11301 ;-- CL 1929, 11897 ;-- CL 1948, 486.402
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 6 of 1956 (Ex. Sess.) - Township Water System Act of 1956 (486.501 - 486.508) › Section 486.501 - Corporations to Supply Water to Townships; Incorporators.

486.501 Corporations to supply water to townships; incorporators.
Sec. 1.
Whenever the township board of a township or the township boards of 2 or more townships shall, by resolution, declare that it is expedient to have constructed a works, plant or system for the supplying of water to such township or townships or the inhabitants thereof, but that it is inexpedient for such township or townships to build such works, plant and system, or either of the same, or some part or parts thereof, it shall be lawful for one or more persons to form a corporation to construct such waterworks, plant and system or some part or parts thereof under the provisions of this act, and any corporation so formed may incorporate under the provisions of, be subject to all of the provisions of, and carry on its business pursuant to the provisions of, the general corporation laws of this state pertaining to corporations for pecuniary profit.
History:
1956, Ex. Sess., Act 6, Imd. Eff. July 31, 1956
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 6 of 1956 (Ex. Sess.) - Township Water System Act of 1956 (486.501 - 486.508) › Section 486.502 - Contracts; Corporate Powers; Written Consent for Use of Street, Highway or Alley to Lay Pipe or Main.

486.502 Contracts; corporate powers; written consent for use of street, highway or alley to lay pipe or main.
Sec. 2.
Any corporation so formed under this act shall have the power to contract with any township or townships for the sale of water to said township or townships; and for that purpose it is authorized and empowered to buy, hold and sell real and personal property and to erect and maintain all necessary and convenient buildings, fixtures, machinery and other appurtenances, and, subject to the provisions of this act, to lay water pipes or mains in, across and through the public streets, highways or alleys in said township or townships: Provided, however, That before laying any pipe or main in, across or through any public street, highway or alley such corporation shall first procure the written consent of the state highway commissioner if such street, highway or alley be under his control and jurisdiction, or of the board of county road commissioners if such street, alley or highway be under the control and jurisdiction of such board, or of the township board of the township if the street, highway or alley be under the control and jurisdiction of such township board.
History:
1956, Ex. Sess., Act 6, Imd. Eff. July 31, 1956
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 6 of 1956 (Ex. Sess.) - Township Water System Act of 1956 (486.501 - 486.508) › Section 486.503 - Great Lakes Waters; Construction of Works.

486.503 Great Lakes waters; construction of works.
Sec. 3.
Such corporation may take water from any of the Great Lakes and from Lake St. Clair, or any of the bays thereof and divert and conduct such water to any such township or townships. Such corporation shall have the right to construct and maintain such intakes, cribs and other machinery, and works on or in said waters as may be necessary to divert said water, and may lay and construct any pipes, conduits, aqueducts, wells or reservoirs or other works and machinery necessary for or incident to said purposes.
History:
1956, Ex. Sess., Act 6, Imd. Eff. July 31, 1956
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 6 of 1956 (Ex. Sess.) - Township Water System Act of 1956 (486.501 - 486.508) › Section 486.504a - Violation of MCL 168.1 to 168.992 Applicable to Petitions; Penalties.

486.504a Violation of MCL 168.1 to 168.992 applicable to petitions; penalties.
Sec. 4a.
A petition under section 4, including the circulation and signing of the petition, is subject to section 488 of the Michigan election law, 1954 PA 116, MCL 168.488. A person who violates a provision of the Michigan election law, 1954 PA 116, MCL 168.1 to 168.992, applicable to a petition described in this section is subject to the penalties prescribed for that violation in the Michigan election law, 1954 PA 116, MCL 168.1 to 168.992.
History:
Add. 1998, Act 185, Eff. Mar. 23, 1999
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 6 of 1956 (Ex. Sess.) - Township Water System Act of 1956 (486.501 - 486.508) › Section 486.505 - Townships Contracting for Purchase of Water; Ordinance Effective; Contract Execution.

486.505 Townships contracting for purchase of water; ordinance effective; contract execution.
Sec. 5.
As soon as any such ordinance becomes effective the township board may authorize the execution of any such contract as is herein contemplated on behalf of the township by any 2 or more of its officers, and when such contract has been properly executed by such corporation the same shall constitute a binding agreement and obligation on the part of the township and upon the part of the said corporation.
History:
1956, Ex. Sess., Act 6, Imd. Eff. July 31, 1956
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 6 of 1956 (Ex. Sess.) - Township Water System Act of 1956 (486.501 - 486.508) › Section 486.506 - Townships Contracting for Purchase of Water; Renewal, Extension or Amendment of Contract.

486.506 Townships contracting for purchase of water; renewal, extension or amendment of contract.
Sec. 6.
After any such contract has once been entered into, the same may be renewed, extended or amended, but any renewal, extension or amendment must be done and made in full compliance with all of the provisions of this act the same as though a new contract was being entered into in the beginning.
History:
1956, Ex. Sess., Act 6, Imd. Eff. July 31, 1956
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 6 of 1956 (Ex. Sess.) - Township Water System Act of 1956 (486.501 - 486.508) › Section 486.507 - Purchase of Waterworks; Procedure.

486.507 Purchase of waterworks; procedure.
Sec. 7.
At any time after the construction of a waterworks by a corporation in furtherance of its contract between the corporation and a township for the sale of water by the corporation to the township, any township so contracting with the corporation may, upon an affirmative vote of a majority of the electors of such township qualified to vote and voting thereon, at a general or special election, enter into a contract with the corporation for the purchase of all the waterworks, real and personal property and machinery of the corporation at such price and upon such terms as may be agreed upon. The purchase of the waterworks, goods and chattels and real and personal property of the corporation by any township shall be in accordance with the provisions of Act No. 116 of the Public Acts of 1923, as amended, being sections 41.411 to 41.414, inclusive, of the Compiled Laws of 1948, or any other act or acts which may be applicable and appropriate thereto.
History:
1956, Ex. Sess., Act 6, Imd. Eff. July 31, 1956
2023 Michigan Compiled Laws › Chapter 486 - Water and Power Companies › Act 6 of 1956 (Ex. Sess.) - Township Water System Act of 1956 (486.501 - 486.508) › Section 486.508 - Township Water System Act of 1956; Short Title.

486.508 Township water system act of 1956; short title.
Sec. 8.
This act shall be known and may be cited as the “township water system act of 1956”.
History:
1956, Ex. Sess., Act 6, Imd. Eff. July 31, 1956
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Repealed - Act 341 of 1937 - The Michigan Financial Institutions Act (487.1 - 487.292)

THE MICHIGAN FINANCIAL INSTITUTIONS ACT
Act 341 of 1937
487.1-487.292 Repealed. 1962, Act 174, Eff. Jan. 1, 1964;—1969, Act 319, Imd. Eff. Aug. 20, 1969.
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Repealed - Act 319 of 1969 - Banking Code of 1969 (487.301 - 487.598)

BANKING CODE OF 1969
Act 319 of 1969
487.301-487.598 Repealed. 1995, Act 202, Imd. Eff. Nov. 29, 1995;—1988, Act 200, Eff. Aug. 1, 1988 ;—1996, Act 405, Imd. Eff. Oct. 21, 1996;—1999, Act 276, Eff. Mar. 1, 2000.
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Repealed - Act 165 of 1865 - Marking Counterfeit, Altered, or Worthless Bills (487.651 - 487.652)

MARKING COUNTERFEIT, ALTERED, OR WORTHLESS BILLS
Act 165 of 1865
487.651,487.652 Repealed. 2002, Act 323, Imd. Eff. May 23, 2002.
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Repealed - Act 348 of 1925 - Revocation, Countermand, or Stop-Payment Order (487.681 - 487.682)

REVOCATION, COUNTERMAND, OR STOP-PAYMENT ORDER
Act 348 of 1925
487.681,487.682 Repealed. 1962, Act 174, Eff. Jan. 1, 1964.
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 349 of 1925 - Adverse Claim to Bank Deposit (487.691 - 487.691) › Section 487.691 - Adverse Claim to Bank Deposit; Notice; Restraining Order; Exception.

487.691 Adverse claim to bank deposit; notice; restraining order; exception.
Sec. 1.
Notice to any bank or trust company doing business in this state of an adverse claim to a deposit standing on its books to the credit of any person shall not be effectual to cause said bank to recognize said adverse claimant unless said adverse claimant shall also either procure a restraining order, injunction or other appropriate process against said bank from a court of competent jurisdiction in a cause therein instituted by him wherein the person to whose credit the deposit stands is made a party and served with summons, or shall execute to said bank, in form and with sureties acceptable to it a bond, indemnifying said bank from any and all liability, loss, damage, costs and expenses for and on account of the payment of such adverse claim or the dishonor of the check or other order of the person to whose credit the deposit stands on the books of said bank: Provided, That this law shall not apply in any instance where the person to whose credit the deposit stands is a fiduciary for such adverse claimant, and the facts constituting such relationship, as also the facts showing reasonable cause of belief on the part of the said claimant that the said fiduciary is about to misappropriate said deposit, are made to appear by the affidavit of such claimant.
History:
1925, Act 349, Eff. Aug. 27, 1925 ;-- CL 1929, 12068 ;-- CL 1948, 487.691
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 248 of 1909 - Payment of Deposits (487.701 - 487.703) › Section 487.701 - Minor's Deposit; Payment; Receipt or Acquittance Sufficient.

487.701 Minor's deposit; payment; receipt or acquittance sufficient.
Sec. 1.
When any deposit of money shall be made in any bank or trust company by or in the name of any minor, the same shall be held for the exclusive right and benefit of such minor, and shall be paid, together with the dividends and interest thereon to the person in whose name the deposit shall have been made, and the receipt or acquittance of such minor shall be a valid and sufficient release and discharge for such deposit, or any part thereof to the corporation.
History:
1909, Act 248, Eff. Sept. 1, 1909 ;-- CL 1915, 8038 ;-- CL 1929, 12061 ;-- CL 1948, 487.701
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 248 of 1909 - Payment of Deposits (487.701 - 487.703) › Section 487.702 - Trust Deposit; Death of Trustees; Payment of Deposit; Receipt or Acquittance as Release and Discharge.

487.702 Trust deposit; death of trustees; payment of deposit; receipt or acquittance as release and discharge.
Sec. 2.
(1) If a deposit of money shall be made in a bank or trust company by a person in trust for another, and no other or further notice of the existence and terms of a legal and valid trust shall have been given in writing to the bank, if the trustee dies, or if there is more than 1 trustee, all of the trustees have died, the deposited money, together with the dividends or interest on the money, shall be paid to the person for whom the deposit was made.
(2) If the balance of the deposit exceeds $5,000.00 and the person to whom the payment is to be made is under the age of 18 years, the deposit shall be paid only to his or her legally appointed guardian.
(3) If the balance of the deposit is less than $5,000.00 and the person to whom the payment is to be made is under the age of 18 years, the deposit shall be paid to the minor if the minor is married, a parent, or a person having the care and custody of a minor child under a court order and with whom the child resides. If the minor does not meet the requirements of this subsection, then the deposit shall be paid only to his or her legally appointed guardian.
(4) The receipt or acquittance by the beneficiary or guardian to whom the payment is made shall be a valid and sufficient release and discharge to the depository for all payments made.
History:
1909, Act 248, Eff. Sept. 1, 1909 ;-- CL 1915, 8039 ;-- Am. 1929, Act 145, Eff. Aug. 28, 1929 ;-- CL 1929, 12062 ;-- CL 1948, 487.702 ;-- Am. 1991, Act 41, Imd. Eff. June 14, 1991
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 248 of 1909 - Payment of Deposits (487.701 - 487.703) › Section 487.703 - Deposit in Name of Joint Beneficiaries; Payment; Receipt Sufficient; Deposits Made Payable to Survivor; Prima Facie Evidence.

487.703 Deposit in name of joint beneficiaries; payment; receipt sufficient; deposits made payable to survivor; prima facie evidence.
Sec. 3.
When a deposit shall be made, in any bank by any person in the name of such depositor or any other person, and in form to be paid to either or the survivor of them, such deposits thereupon and any additions thereto, made by either of such persons, upon the making thereof, shall become the property of such persons as joint tenants, and the same together with all interest thereon, shall be held for the exclusive use of the persons so named and may be paid to either during the lifetime of both, or to the survivor after the death of 1 of them, and such payment and the receipt or acquittance of the same to whom such payment is made shall be a valid and sufficient release and discharge to said banking institution for all payments made on account of such deposits prior to the receipt by said bank of notice in writing not to pay such deposit in accordance with the terms thereof.
When a deposit has been made, or shall hereafter be made, in any banking institution transacting business in this state, in the names of 2 or more persons, payable to either or the survivor or survivors, such deposit or any part thereof or any interest or dividend thereon and any additions thereto, made by any 1 of the said persons, shall become the property of such persons as joint tenants, and the same shall be held for the exclusive use of the persons so named and may be paid to any 1 of said persons during the lifetime of said persons or to the survivor or survivors after the death of 1 of them, and such payment and the receipt or acquittance of the same to whom such payment is made shall be a valid and sufficient release and discharge to said banking institution for all payments made on account of such deposits prior to the receipt by said bank of notice in writing not to pay such deposit in accordance with the terms thereof.
The making of the deposit in such form shall, in the absence of fraud or undue influence, be prima facie evidence, in any action or proceeding, to which either such banking institution or surviving depositor or depositors is a party, of the intention of such depositors to vest title to such deposit and the additions thereto in such survivor or survivors.
History:
1909, Act 248, Eff. Sept. 1, 1909 ;-- CL 1915, 8040 ;-- CL 1929, 12063 ;-- Am. 1937, Act 286, Imd. Eff. July 23, 1937 ;-- CL 1948, 487.703
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 53 of 1978 - Statutory Joint Account Act (487.711 - 487.719) › Section 487.711 - Short Title.

487.711 Short title.
Sec. 1.
This act shall be known and may be cited as the "statutory joint account act".
History:
1978, Act 53, Imd. Eff. Mar. 9, 1978
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 53 of 1978 - Statutory Joint Account Act (487.711 - 487.719) › Section 487.712 - Meanings of Words and Phrases.

487.712 Meanings of words and phrases.
Sec. 2.
For the purposes of this act, the words and phrases defined in sections 3 and 4 have the meaning ascribed to them in those sections.
History:
1978, Act 53, Imd. Eff. Mar. 9, 1978
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 53 of 1978 - Statutory Joint Account Act (487.711 - 487.719) › Section 487.713 - Definitions.

487.713 Definitions.
Sec. 3.
(a) "Deposits" means funds on deposit in a financial institution, including interest.
(b) "Joint account" means a deposit in a financial institution in which 2 or more persons have an interest, either by way of ownership or right of withdrawal.
(c) "Statutory joint account" means a joint account as to which a statutory joint account contract, as provided in this act, has been signed by a person having a right of withdrawal on the account.
History:
1978, Act 53, Imd. Eff. Mar. 9, 1978
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 53 of 1978 - Statutory Joint Account Act (487.711 - 487.719) › Section 487.714 - Additional Definitions.

487.714 Additional definitions.
Sec. 4.
(a) "Financial institution" means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government and which maintains a principal office or branch office located in this state under the laws of this state or the United States.
(b) "Person" means an individual, corporation, partnership, association, governmental entity, or any other legal entity.
History:
1978, Act 53, Imd. Eff. Mar. 9, 1978 ;-- Am. 1997, Act 35, Imd. Eff. June 30, 1997
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 53 of 1978 - Statutory Joint Account Act (487.711 - 487.719) › Section 487.715 - Statutory Joint Account; Creation; Signing Contract; Form of Contract; Acknowledging Receipt of Contract; Adding Additional Parties; Modifying Form of Contract.

487.715 Statutory joint account; creation; signing contract; form of contract; acknowledging receipt of contract; adding additional parties; modifying form of contract.
Sec. 5.
One or more persons may create a statutory joint account by signing a statutory joint account contract with a financial institution that is agreeable to the contract with indicated insertions in form substantially as follows:
FORM OF STATUTORY JOINT ACCOUNT CONTRACT
1.
Name of financial institution:
2.
Nature of Account:
Check______Savings Account;
______Commercial Account;
______Certificate of Deposit;
______Other Credits (describe):
3.
Name and address of person designated as A:
4.
Name and address of person designated as B:
5.
Who may withdraw funds during lifetime of A and B:
Check______A;______B;______Either A or B;
______Signatures of both A and B.
6.
Who may revoke this contract by written notice to the financial institution:
Check______A;______B;______Either A or B;
______Signatures of both A and B. In the event of
revocation, the right to withdraw funds shall be determined by designation of ownership in item 7.
7.
Who owns the funds during the lifetime of A and B:
Check______A;______B;______Equally by A and B;
Other proportions (describe):______
8.
Who owns the funds and has the right to withdraw if A dies first:
Check______B;______A's estate;______Equally by B and A's estate;
Other proportions (describe):______.
9.
Who owns the funds and has the right to withdraw if B dies first:
Check______A;______B's estate;______Equally by A and B's estate;
Other proportions (describe):______.
10.
If A and B should die simultaneously without proof of who survives, which provision shall control:
Check______Item 8 above;______Item 9 above.
11.
Signature of persons having right of withdrawal:______.
12.
Date of signature:______.
Note: (1) Each person who signs this contract shall receive a copy of this contract and their signature shall constitute acknowledgement of receipt.
(2) When more than 2 persons are involved, additional parties may be added by designation of "C", etc. and the form of this contract shall be modified to conform therewith.
History:
1978, Act 53, Imd. Eff. Mar. 9, 1978
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 53 of 1978 - Statutory Joint Account Act (487.711 - 487.719) › Section 487.716 - Nature and Effect of Statutory Joint Accounts; Failure to Answer Question in Contract.

487.716 Nature and effect of statutory joint accounts; failure to answer question in contract.
Sec. 6.
The creation of a statutory joint account is a contract as to ownership of the deposits and is effective pursuant to its terms without regard to requirements of testamentary dispositions. The rights of persons in joint accounts which are not statutory joint accounts are not affected by this act. The failure to answer a question in a statutory joint account contract shall not invalidate the contract, but it shall be enforceable pursuant to its terms as to the questions answered and pursuant to the common law as to any unanswered question or ambiguities, with the purpose of effectuating the intent of the parties.
History:
1978, Act 53, Imd. Eff. Mar. 9, 1978
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 53 of 1978 - Statutory Joint Account Act (487.711 - 487.719) › Section 487.717 - Withdrawals of Funds; Liability of Financial Institution; Deposits Subject to Setoff.

487.717 Withdrawals of funds; liability of financial institution; deposits subject to setoff.
Sec. 7.
(1) Financial institutions shall honor withdrawals of funds pursuant to the withdrawal provisions of the statutory joint account contract. In so doing, they shall be relieved of liability to persons having a claim to ownership of the funds. A financial institution shall not be chargeable with changes in rights of withdrawal due to death or incompetency in absence of actual knowledge thereof.
(2) Deposits in statutory joint accounts shall be subject to setoff for obligations to the financial institution by persons designated in the statutory joint account contract as owners of the funds to the extent of the ownership at the date of setoff.
History:
1978, Act 53, Imd. Eff. Mar. 9, 1978
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 53 of 1978 - Statutory Joint Account Act (487.711 - 487.719) › Section 487.718 - Deposits Subject to Rights of Creditors; Laws Applicable to Transfers in Fraud of Creditors; Claims Against Insolvent Estate of Deceased Owner of Statutory Joint Account.

487.718 Deposits subject to rights of creditors; laws applicable to transfers in fraud of creditors; claims against insolvent estate of deceased owner of statutory joint account.
Sec. 8.
Deposits in a statutory joint account shall be subject to the rights of creditors of the persons designated in the statutory joint account contract as owners of the funds to the extent of the ownership, except that the funds shall remain subject to laws applicable to transfers in fraud of creditors. If in his or her lifetime, a deceased person was an owner of a statutory joint account, the estate, in event of its insolvency, may recover from the surviving owner so much of the deposits as were owned by the deceased person immediately before the deceased person's death to the extent required to satisfy claims against the estate.
History:
1978, Act 53, Imd. Eff. Mar. 9, 1978
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 53 of 1978 - Statutory Joint Account Act (487.711 - 487.719) › Section 487.719 - Payment of Widow's Allowance or Allowance for Dependent Children Upon Death of Person Owning Deposits in Statutory Joint Account.

487.719 Payment of widow's allowance or allowance for dependent children upon death of person owning deposits in statutory joint account.
Sec. 9.
Upon the death of a person who in his or her lifetime owned the deposits in a statutory joint account, to the extent of the decedent's ownership immediately before his or her death, the rights of the owners of the deposits after the death shall be subject to the right of recovery by the estate of the deceased person to the extent that the assets of the estate are insufficient for the payment of the widow's allowance or allowance for dependent children ordered by a court of competent jurisdiction; or in an intestate estate or where the widow exercised her right to take against the will, the assets of the estate are insufficient for the payment of the widow's share of the estate if the deposits were included as part of the estate.
History:
1978, Act 53, Imd. Eff. Mar. 9, 1978