SB-0658, As Passed Senate, September 8, 2005
(As amended, September 8, 2005)
June 29, 2005, Introduced by Senator ALLEN and referred to the Committee on Economic Development, Small Business and Regulatory Reform.
A bill to amend 1889 PA 39, entitled
"An act to authorize the formation of corporations for the purchase
and improvement of grounds to be occupied for summer homes, for
camp-meetings, for meetings of assemblies or associations and
societies organized for intellectual and scientific culture and for
the promotion of the cause of religion and morality, or for any or
all of such purposes; and to impose certain duties on the
department of commerce,"
by amending section 4 (MCL 455.54), as amended by 1982 PA 85.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
4. (1) Upon compliance with the foregoing provisions of
this
act, the persons so associating, their successors and assigns,
shall
become and be a body politic and corporate by <<
the name
assumed in their articles of association>>. ,
and
shall have and possess An
association incorporated under this
act
has all the general powers and
privileges and be is
subject
to
all the liabilities of a corporation.
Such corporation The
association may have a common seal; may sue and be sued in all the
courts
of this state; and, subject to
subsection (2), may take
and
acquire, by
purchase, devise, or gift, hold, and possess within
any
1 county such any
real and personal property as
it may
desire
for the purposes mentioned described in its articles of
association. However,
it
(2) An association incorporated under this act shall not at
any
time own or hold more than 350 1,000
acres of land. The
trustees
of such association, when thereunto
(3)
If authorized by a majority vote of the
members of such
an
association incorporated under this act voting
thereon at
any
annual
meeting , or any special meeting called expressly for that
purpose ,
or by pursuant
to a general bylaw adopted and
recorded, the trustees of the association may sell, give, grant,
and
convey or lease said lands or any part or portion thereof to
such
parties and upon such all or
part of the association's real
property
to any party and on the terms and
subject to such the
provisions,
reservations, and restrictions as they may that the
trustees deem advisable.