Proposal No. 2

Article XII

Sec. 5: No corporation shall hold any real estate for a longer period than ten 10 years, except such real estate as shall be actually occupied by such corporation in the exercise of its franchises: Provided, That in cities or villages with populations in excess of 5,000 as determined by the last federal decennial census or any federal decennial census thereafter taken, and including an area not exceeding 2 miles distant from the boundary limits of such cities or villages, a corporation may hold any such real estate as shall not be actually occupied in the exercise of its franchises for a period of not to exceed 30 years.

Sources

• Joint Resolution No. 2 of 1947 (PDF)
• Michigan Official Directory and Legislative Manual, 1947-1948, p. 635 (HathiTrust)
• Public and Local Acts of the Legislature of the State of Michigan Passed at the Regular Session of 1947, pp. 730–731 (HathiTrust)