Mich. Comp. Laws § 457.26: Erection of buildings; capital stock, creation, shares.

Sec. 6.

Any corporation formed in pursuance of this act may erect and own such suitable edifices, buildings, or halls as such corporation shall deem necessary, with convenient rooms for the meetings of said society, and for that purpose may create a capital stock of not more than 60,000 dollars to be divided into shares of not more than 25 dollars each.