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streams.

Dividends,

all practicable dispatch, under a penalty for each violation of this pro. vision, of one hundred dollars, to be recovered by the party aggrieved, in an action of debt against said company.

But soldiers, sailors and marines, and officers of the army and navy of this State, or in the service of the United States, and arms, ordnance, military stores and munitions of war, shall take precedence of other persons or property, first in favor of this State, second of the United States.

Sec. 21, Whenever it shall be necessary for the construction of May crose their rail road, to intersect or cross any stream of water or water course or road or highway, lying on the route of said rail road, it shall and may be lawful for the company to construct their rail road across or upon the same : Provided, That the company shall restore the stream or water course, road or highway thus intersected or crossed, to its former state, or in a suslicient manner not unnecessarily to impair its usefulness.

Sec. 22. The said company inay annually or semi-annually, make such dividend as they may deem proper, of the nett proiiis, receipts or income of the said company, de lucting the necessary expenses, and they shall make a dividend among the stockhokers of the said company in proper proportions to their respective shares.

Sec. 23. It shall be lawful for the directors to reqnire payinent of the sums subscribed to the capital stock of said company at such times on shares of and in such proportions, and on such conditions as they shall deem proper and necessary in the execution and progress of the work, and direct the same to be paid to the treasurer of the corporation. And the treasurer shall give notice of all such assessments; and in case any subscriber r stockholder shall neglect to pay an assessment on his share or shares for thirty days after the time in such notice specified for the payment thereof, as shall be prescribed by the by-laws of said corporation, the directors may order the treisurer to sell such share or shares at public auction, after giving such notice as may be prescribed as aforesaid, to the highest bidder, and the same shall be transferred to the purchaser on the books of the company, by the president thereof : and such delinquent subscriber or stockholder shall be held accountable to the company for the residue of the assessments, not satisfied by the proceeds of such sale of his share or shares, if sold for less than the assessments due thereon, with the interests and costs of

Assessment

stock.

General powers of directors.

Annual re

po t.

sale, and such costs and interests to be first paid from the proceeds of such sale, and shall be entitled to the surplus if his share or shares shall sell for more than the assessments due, with interest and cost of sale : Provided, howerct, That no assessment shall be laid upon any shares in said corporation for a greater amount in the whole than one hundred dollars upon each share.

Sec. 24. The directors shall have full power to conduct the affairs of said company, and to exercise any powers which said company might exercise, except where provision is made by this act for the exercise of such powers by the stockholders at their annual or special meetings, or where the powers of the directors may be restrained by the by-laws of said company.

Sec. 25. The directors of said company shall annually, on or before the twenty-fifth day of January, make a report to the Secretary of State, which shall embrace the business of the preceding year, to the first day of January, stating the length of their road in operation, cost of construction, and the indebtedness of the company for materials or work in progress of delivery or execution, on account of construction, as near as can be conveniently ascertained, and all other indebtedness, if any there be ; the amount of capital stock subscribed and the amount actually paid in, and the amount of all loans made by said company for the purpose of constructing said road; the amount of dividends, the names of the stockholders, with the amount of stock owned by each, respectively; reccipts from freight, from passengers, and from all other sources on account of operating the road; the number of through and way passengers, respectively; the expenditures for the repairs of the road, for the repairs of engines and cars, and other expenditures, which three items shall include all the expenditures for operating the road, and the expenditure made for construction during the year; the number of engines, of passenger, freight and other cars; the average number of men in employment of the company; the number of miles run by passenger, by freight and other trains, which report shall be verified by the affidavit of at least two of the directors, and filed in the office of the Secretory of State.

Sec, 26. The said company shall pay to the state an annual tax of Annual tax. half of one per cent upon its capital stock paid in, including all loans

made by said company, for the purpose of constructing said rail road,

State lien.

until the first day of February, A. D. one thousand eight hundred and sixty, and thereafter an amount of one per cent on the capital stock paid in, including all loans made to such company, which tax shall be paid in the last week in January in each year to the State Treasurer, and the property and effects of said company, whether real, personal or mixed, shall, in consideration thereof, be exempt from all and every tax, charge and exaction by virtue of any laws of this state now or hereafter to be in force, except penalties by this act imposed.

Sec. 27. The state shall have a lien upon the rail road of said company, its appurtenances and stock thereon, for all penalties, taxes and dues which may accrue to the state from said company, which shall take precedence of all other debts and demands, judgments or decrees against said company; and every inhabitant in this state shall have a lien upon said rail road, stock and appurtenances, and upon the property of said company, for all penalties, dues or demands against said company to the amount of one hundred dollars, originally contracted within this state, which, after said state lien, shall take precedence of all other debts or demands, judgments or decrees, liens or morigages against said road or company, Sec. 28. If any person shall wilfully or maliciously do, or cause to

Trespasses, be done, or aid in doing or causing to be done, any act or acts what- &c. ever, whereby any building, construction or work of said company, or any engine, machine or structure, or any matter or thing appertaining to the same, shall be stopped, obstructed, impaired, weakened, injured or destroyed, the person or persons so offending, shall be guilty of a inisdemeanor, and may be punished, upon conviction, by fine or by imprisonment not exceeding five years, or both, at the discretion of the court; and shall forfeit and pay to said corporation treble the amount of damages sustained by means of such offence or injury, to be recovered in the name of the said company, with costs of suit, by action of trespass or tresspass on the case. Sec. 29. Said company shall at all times, if required by the post

Transporta office department, transport the United States mail upon said road, as tion of U. S. often as their cars shall pass thereon, not exceeding twice in each day, for such compensation as shall be agreed upon by said company and the said department; and in case no such agreement can be made, it shall be lawful for the Governor of this State to appoint one commis

mail.

State right

sioner, and the said company one, who, in case they cannot agree, shall appoint a third commissioner; which said commtssioners, or a majority of them, shall agree upon and fix the price, terins and conditions of transporting such mail, after fifteen days' notice to said company: Provided, That nothing herein contained shall be construed to require any of the vehicles of said company to wait at any office for the change of mail.

Sec. 30. The state may at any time after twenty years from the to purchase approval of this act, purchase and take from said company said rail

road, and all the effects, assets and property of said company, and said rail road, property and appurtenances (subject to all existing mortgages or other liens thereon, on account of loans, the proceeds of which shall have been invested in the said road and other works of said company) shall fully and forever vest in and become the estate, property and effects of the state, to all intents and purposes, so soon and whenever, after the day aforesaid, the state shall pay or cause to be paid to said company, the value of the entire stock of said shares in said company, at the market value of such stock or shares, and ten per cent in addition to the market value of such stock or shares. The market value of said stock or shares to be ascertained by the supreme court of this state, in case the said company and the state cannot agree upon said value.

Sec. 31. This act shall be and remain in force for the term of sixty years from and after its passage ; but the legislature may at any time

alter, amend or repeal this act by a vote of two-thirds of each branch Repeal, &c.

thereof, but such alteration, amendment or repeal shall not be made within thirty years of the passage of this act, unless it shall be made to appear to the legislature that there has been a violation by the com

pany of some of the provisions of this act. Lien of inha. Sec. 32. Any inhabitant of this state shall have a lien upon the bitan ts.

stock, appurtenances and entire property of said company, for all claims and demands not exceeding one hundred dollars each, against said company, originally contracted or incurred within this state, which shall take precedence of all other claims or demands, judgments or decrees, liens or mortgages against such company.

Sec. 33. This act shall take effect and be in force from and after its passage.

Approved April 3, 1848.

Duration of charter.

stituted.

When sur

the same in

&c.

Board ehall

No. 200.
AN ACT to create a board of fund commissioners, and to define their

powers and duties. Section 1. Be it enacted by the Senate and House of Representa- Board contives of the State of Michigan, That the State Treasurer, Auditor General and Secretary of State, be and are hereby constituted a board of fund commissioners.

Sec. 2. Whenever, after paying or reserving a sum sufficient to meet all liabilities payable from the general fund, for the current ex

plus in treapenses of the state government, and for the payment of interest on the invest state indebtedness provided for by law, there shall be in the state trea- state stocks, sury a surplus over and above such liabilities, the board aforesaid shall have power and it shall be their duty to invest the same as they may find for the best interest of the state, in the purchase of stock, bonds and other liabilities of this state.

Sec. 3. Said board before purchasing any such stocks or other evidences of debt, shall cause a notice to be published by three insertions advertise bein one or more daily papers of the largest cireulation in each of the sing, and cities of Detroit and New York, that proposals for the sale of stock or

purchase at other evidence of debt of this state, not then past due, will be received Par value. by the fund commissioners at the seat of government, at any time prior to a day specified in said notice, and which shall be at least two weeks subsequent to the first publication of said notice in either of the cities aforesaid. No such stocks or evidences of state indebtedness shall be purchased at more than par value, and the commissioners shall in all cases accept of the lowest bids ; but preference shall be given at the same prices for the state indebtedness first to become due.

Sec. 4. The State Treasurer shall be charged on the books of the Auditor General with the amount of discount allowed on the purchase of the stocks, bonds or other liabilities above mentioned; and upon cancelıent of the same shall be credited with the payment thereof at their par

value. Sec. 5. The said board siiall keep a record of all their proceedings, and submit a report thereof to the legislature each year at the com- board and

Repert of mencement of their annual session.

pruceedings. App roved April 3, 1848.

shall not

nore than

Accounts of treasurer.

Record of

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