Mich. Comp. Laws § 462.221
Stock as personal estate; transfer.
Michigan · Michigan Compiled Laws — RAILROAD CODE OF 1993 (Act 354 of 1993) · Status: effective
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- Mich. Comp. Laws § 462.221, Stock as personal estate; transfer, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1365641
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Full text
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.