No. 121.

AN ACT to incorporate the Howell Academy.

Howell aca».

porated.

Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That Josiah Turner, F. C. Whipple, demy incorElijah F. Burt, Alvan Isbell, Gardner Wheeler, Geo. W. Lee, John Kenyon, Jr., Almon Whipple and Edward E. Gregory, together with such other persons as may be associated with them and may become stockholders of the incorporation hereby created, shall be and they are hereby constituted and declared a body corporate and politic, by the name and style of "Howell Academy," and in their corporate name may sue and be sued, defend and be defended, in all courts of this state; may have a common seal, which they may renew or change at pleasure; and shall have, enjoy and exercise all the powers, rights and privileges which appertain to corporate bodies for the purposes éxpressed in this act.

Sec. 2. The capital stock of said corporation shall not exceed ten Capital. thousand dollars, and shall be divided into shares of five dollars each.

purpose of

Sec. 3. The said corporation hereby created shall be capable in law Powers and of acquiring and holding, by purchase, gift, grant, bequest or other- incorporati'n wise, and of selling and conveying or leasing any estate, real, personal or mixed, for the purposes mentioned in this act and none others; and the trustees thereof and their successors in office shall have full power to make and enter into contracts, to establish rules and by-laws as they may deem necessary for the good government of the said acad emy, and for the holding and disposing of its property and effects for the purposes mentioned in this act, not inconsistent with the constitution and laws of this state.

Trustees,

duties; their classification

&c.

Sec. 4. There shall be nine trustees of the said corporation, who shall be stockholders thereof, and who shall manage and control all the powers and affairs of the same, maintaining perpetual succession; three of whom shall be elected at the annual meeting in each year, to fill the vacancy of a like number whose term of office shall expire upon the election of their successors; and the persons named in the first section of this act shall be the first trustees; and the said nine trustees shall, at their first meeting, proceed to cast lots for the terms of one, two and three years, by drawing numbers; and the three persons who shall draw the

Meetings of stockholders

Officers.

three highest numbers shall hold their office for the term of three years from and after the first day of January, one thousand eight hundred and forty-eight; and the three persons who shall draw the next three highest numbers shall hold their office for the term of two years from and after the first day of January, one thousand eight hundred and forty-eight; and the remaining three persons shall hold their office for the term of one year from and after the first day of January, one thousand eight hundred and forty-eight.

Sec. 5. There shall be a meeting of the stockholders of said corporation on the first Monday of January, one thousand eight hundred and forty-nine, and on the first Monday in January in each succeeding year, at some convenient place in the village of Howell, to be designated by the by-laws of said corporation; and a majority of the stockholders who shall meet in person or by proxy shall elect three of the stockholders to be trustees in the place of those whose term may expire, each person being entitled to one vote for each share he may hold in his own right or by proxy.

Sec. 6. The said trustees shall have power to choose from their own number a president, treasurer and secretary, who shall hold their offices during the pleasure of the said trustees; and in case any of the trustees shall die, resign, refuse or neglect to act, the remaining trustees may, within thirty days after any such vacancy shall occur, elect by ballot other trustees of stockholders of said corporation to fill such

vacancy.

Subscripti'ns Sec. 7. The said trustees are authorized to receive subscriptions for to capital stuck. shares to the capital stock of said corporation, and such shares shall be assignable and transferable agreeably to such by-laws as the said trustees shall from time to time establish, and shall in law be considered personal property.

Trustees to establish a

Howell.

Sec. 8. The said trustees are hereby empowered and authorized to cademy at establish in the township of Howell in the county of Livingston, an institution for the instruction of young persons in the various branches of literature, science and the arts, and shall faithfully apply the funds by them from time to time received under the provisions of this act, in providing suitable buildings, employing professors and teachers, procuring books, maps, philosophical and other apparatus necessary to insure a successful prosecution of study in said institution.

tees and stockholders

of to be pub

lished anng

Sec. 9. The said trustees shall, at least ten days previous to each List of trus annual election of trustees as aforesaid, cause a list of the names all the trustees and stockholders of said corporation, together with a ally. statement of the amount of stock owned by each, duly authenticated by affidavit, to be filed in the office of the county clerk of the county of Livingston, and the said list and statement shall be prima facia evidence that the individuals therein named are the trustees and stockholders of said corporation, and that the statement of the stock is the amount owned by each individual respectively.

tation of aca

Sec. 10. That said academy shall be subject to the annual visitation Annual vieiof the superintendent of public instruction, and the trustees of said demy. academy shall annually, on or before the twelfth day of October in each year, make to said superintendent a full report of the literary and pecuniary condition of said academy,

trustees in

Sec. 11. In case it shall at any time happen that an election of trus- Election of tees shall not be made on any day, when pursuant to this act it ought to certain cases have been made, the said corporation shall not for that cause be dissolved, but it shall and may be lawful to assemble on any other day to hold an election for trustees, in such manner as shall be provided by the by-laws and ordinances of said corporation.

gen'l provis

Sec. 12. Said company shall be subject to the provisions of chapter subject to fifty-five of the revised statutes of eighteen hundred and forty-six so ions relative far as the same inay be applicable.

Approved March 27, 1849.

to corpora tions.

No. 122.

AN ACT to amend section five of chapter twenty of the revised statutes of eighteen hundred and forty-six, in relation to the assessment of taxes.

utes amend

Section 1. Be it cnacted by the Senate and House of Representa- Revised stattives of the State of Michigan, That section five of chapter twenty ed. of the revised statutes of eighteen hundred and forty-six be and the same is hereby amended by striking out the first subdivision of said section.

Sec. 2. This act shall take effect and be in force from and after its passage.

Approved March 27, 1848.

Incorporat'n

real estate.

No. 123.

AN ACT to incorporate the Douglas Houghton Mining Company Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That Elon Farnsworth, Henry Ledyard, C. C. Douglas, John R. Grout, and others who shall become associated with them, are hereby constituted a body corporate by the name of the Douglas Houghton Mining Company, for the purpose of mining, smelting and manufacturing ores, minerals and metals in the upper peninsula of the state of Michigan.

Sec. 2. The said company shall have corporate succession; its capCapital and ital stock shall be three hundred thousand dollars, divided into shares of one hundred dollars each, and said company may acquire and hold such real and personal estate in the upper peninsula of Michigan, as the business of the company may require, to an amount not exceeing the capital stock of said company.

Officers.

Annual tax.

port.

Sec. 3. The officers of said company shall consist of a president, a board of five directors, of whom the president shall be one, a secretary and treasurer, who may at the pleasure of the company be one and the same person; and the said company may levy assessments on the shares of its stock, and forfeit and sell the same for non-payment of any such assessment, in such manner as said company may by its bylaws prescribe: Provided, That one of the directors of said company shall at all times be a citizen and resident of the state of Michigan, upon whom service of all process against said company may be made, and the same shall be deemed a valid service thereof upon said Douglas Houghton Mining Company.

Sec. 4. The said company shall pay to the treasurer of the state an annual tax of one per cent. on the whole amount of capital actually paid in upon the capital stock of said company, and also upon all sums of money borrowed by said company, which tax shall be paid on the first Monday of July in each year, and shall be assessed upon the last preceding report of said company, and for that purpose, the president and secretary thereof, shall, on the first day of January in each year, or within fifteen days previous thereto, make under their hands a return to the State Treasurer, verified by their several oaths, stating the amount which has been actually paid in on the capital stock of said company, and also the whole amount of money which at any

time has been borrowed by said company, and said tax shall be in lieu of all other taxes on the personal property of said company, and in lieu of all other state taxes upon the real estate of said company; and any investment of any portion of the nett profits of said company in the business of said company, shall be considered as so much capital paid in, and shall be included in the returns to the State Treasurer herein before required.

Sec. 5. The first meeting of said company shall be held at such 1st meeting time and place as the persons named in the first section or any two of of company them shall appoint, by a notice to be published in one or more newspapers in the city of Detroit, at least thirty days before the time of such meeting.

Lien of inha

state.

Sec. 6. Any inhabitant of this state shall have a lien upon the stock, appurtenances and entire property of said company, for all bitants of this claims and demands against said company to the amount of one hundred dollars or under, originally contracted within this state, which shall take precedence of all other claims or demands, judgments or decrees, liens or mortgages against said company.

General pro

Sec. 7. Said company shall be subject to the provisions of chapter fifty-five of the revised statutes of eighteen hundred and forty-six, so visions. far as the same shall be applicable.

fice.

Sec. 8. The said company shall, within six months after the first election of the officers thereof, by a vote of the board of directors, lo- Tusiness ofcate a business office of said company within the territorial limits of the state of Michigan, and file in the office of the Secretary of State a certificate specifying the place of such location, and all annual and other meetings of said company shall be held at such place as the bylaws of the company may designate and direct.

Duration of

peal of same,

Sec. 9. This act shall take effect and be in force for thirty years from and after its passage: Provided, That the provisions of this act charter, reshall not be construed so as to extend to or bestow upon the said com- &c. pany any banking powers or banking privileges: and it shall not be lawful for said company to use their funds or any part thereof in any banking transaction, in brokerage or exchange, in dealing in money or bank notes, or in the purchase of any stock of any bank, or in the purchase of any public stock whatever, or for any other purposes than those particularly specified in this act.

Approved March 27, 1848.