Mich. Comp. Laws § 462.225

Sec. 225. A railroad company in this state having either or both of its terminals at the shore of 1 of the navigable lakes or streams through which the boundary line between this state and other states or the Dominion of Canada passes, where physical connection between its road and other railroads without the state is impracticable by reason of that intervening navigable body of water, may own and operate on that body of water steamboats, barges, or vessels as the traffic of passengers and freight between it and other railroads shall be necessary. A railroad company may loan money to any person or corporation in aid of the construction of steamboats, barges, or other vessels.