Mich. Comp. Laws § 486.201
That any number of persons may form themselves into a corporation for the purpose of damming any stream or streams, and of excavating and constructing, maintaining, repairing and improving any stream or canal already existing, or which they may wish to excavate and construct, with water power appurtenant thereto, and may own, lease, use and control the same for the purpose of accumulating, storing, manufacturing, conducting, using or selling, furnishing and supplying water and water power, electricity and electric power, and all and every kind of power for any and all purposes, and may acquire, hold, lease and convey lands or water power as may be necessary or convenient for the purposes above specified in the upper peninsula of Michigan, by complying with the following requirements.
MCL 486.201