terms of credit as he shall deem best for the interest of said church, and thereupon may execute to the purchaser or purchasers, good and valid deeds of conveyance of said lands in fee simple.

Rector shall

ceeds.

Sec. 3. The proceeds of any such sale shall be by the said Rector invested in such kind of stocks or securities as he may think proper, invest profor any term not exceeding four years at a time, at a rate of interest not less than six per cent., which shall constitute a fund for the use and benefit of said church of St. Anne: Provided nevertheless, That the proceeds of any of said lands may be applied in payment of any debts of said corporation.

Sec. 4. The trustees of said church may at any time call said Rector to an account for the proceeds of any such sales, and may require of him such security as they shall deem necessary for the faithful accounting for and application of any such monies. Approved March 13, 1848.

Shall acct&c

No. 62.

AN ACT relative to Plank Roads.

All plank

nies subject

Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That all corporations hereafter crea- road compated for the purpose of constructing plank roads, shall be subject to the to this act. provisions hereinafter contained.

ticulars.

Sec. 2. All acts incorporating companies for the purpose aforesaid, To specify shall contain the names of not less than three persons, as commission- certain parers, to receive subscriptions to the capital stock of said corporation, and shall specify the point or place from which, and to which said road is to be constructed, the capital stock of such company, and the num ber of shares into which the stock is to be divided, and the duration of such corporation.

plank road

Sec. 3. All such corporations shall be deemed persons in law, and as such capable of suing and being sued in all courts, and in all man- Powers of ner of actions, and may have a common seal, and be capable of pur- companies. chasing and acquiring from any person or persons, by gift, grant or otherwise, and holding any land, tenements and hereditaments necessary to be used in the construction, repair and preservation of any such road, and may establish by-laws and regulations necessary for the con

Duties of

pening bo'ks

struction, preservation and repair of any such roads, and the erection of toll gates and houses thereon; and may by such by-laws prescribe the manner of calling and conducting the meetings of the stockholders in any such road; the number of shares of stock that shall entitle a stockholder to one or more votes; the mode of voting by proxy ; the mode of selling shares of stock for the non-payment of assessments; the mode in which shares may become forfeited to such company; and may prescribe penalties for violations of such by-laws, which penalties shall not exceed twenty dollars for any offence.

Sec. 4. Within six months after the passage of an act incorporating com'rs in o any such company, the commissioners named therein shall proceed to estimate the length of the proposed road, and cause books to be opened for the subscription of stock in any such company, at such times and places as they may see fit, first giving at least thirty days notice thereof, which said notice shall be published in some public newspaper printed in some county in which or through which some part of the proposed road is to be constructed; and if there is no such paper, then such notice shall be published in some daily paper in the city of Detroit, and in such other papers as such commissioners may designate; and the said commissioners, or a majority of them, shall attend at such times and places for the purpose of receiving such subscriptions.

When com'r

meeting.

Sec. 5. Whenever according to the length of the road as estimated shall call first by the commissioners, three hundred dollars per mile of the capital stock of any such company shall have been subscribed, the commissioners shall proceed to call a meeting of the stockholders in any such company, by giving notice of such meeting by publishing such call in some newspaper published in one of the counties in or through which the proposed road is to be constructed; if there is no paper published in any such counties, said notice may be published in a daily paper in the city of Detroit, and in any other paper in the state that said commissioners may select; such notice shall be signed by such commissioners, or by a majority of them, and shall specify the time and place at which said meeting will be held, and shall be published at least two weeks consecutively, next preceding the day of such meeting.

What offic`rs

to be chosen.

Sec. 6. At the meeting so called, the stockholders present shall elect not less than three,nor more than five directors, each share of the capital stock being entitled to one vote, who shall hold their office for one year

from and after such election, and until their successors are elected; a majority of said directors shall constitute a quorum for the transaction of business, and shall proceed forthwith to elect from their own number, a president, treasurer and secretary, who shall respectively hold their offices for one year, and until their successors are elected.

Powers of

directors

thereafter.

Sec. 7. The business and property of such companies shall be managed and conducted by their respective boards of directors. The di. how chosen rectors of all such companies after the first year, shall be elected at such time and place, and upon such notice, and in such manner as shall be directed by the by-laws of any such company; and whenever a vacancy shall occur in any such board of directors, such vacancy shall be filled for the remainder of the year, by an election to be made by the remaining directors; no person shall be a director unless he is a stockholder in the company.

payment to

Sec. 8. The board of directors of any such company may require Notice of payment of the sums subscribed to the capital stock, at such time, and be given. in such manner and proportions, and on such conditions as they shall see fit, under a penalty of stock, and all payments made thereon, and they shall give notice of the payments thus required, and of the place and time, when and where the same are to be made, at least thirty days previous to the day on which such payments are required to be made, in one newspaper printed in each county in or through which their road is located, and by sending by mail such notice to each stockholder from whom a payment is required, directed to him at his usual place of abode.

make annual

Sec. 9. On or before the first Tuesday of January in each year, it Directors to shall be the duty of the board of directors of any such company to make report. a report to the Secretary of State, verified by the oath of any two of such directors, setting forth the cost of their road, the amount of money borrowed, the amount of all money expended, the amount of their capital stock, and how much paid in, and how much expended, the whole amount of toll or earnings expended on such road, the amount received during the year for tolls, and from all other sources, stating each separately, the amount of dividends made, and the amount set apart for a reparation fund, and the amount of indebtedness of said company, specifying the object for which the indebtedness accrued.

Sec. 10. Within thirty days after the election of the first board of

Office of co., directors of any such road, the said directors shall designate some place

how designa. ted.

Service of

writs, &e. on company.

Inhabitants

to have lien of $100.

within a county in which such road or some part thereof is to be constructed, as the office of such company, and shall give notice thereof, by publishing the same in a public newspaper published in such county, which publication shall be continued once in each week for three successive weeks, or said notice may be given by filing the same in the office of the county clerk of every county in which any part of such road is constructed, or is to be constructed, and if the place of such office shall be changed, like notice shall be published or filed before such change shall take place, in which notice the time of making the change shall be specified; and every notice, writ, summons, declaration or other process, required by law to be served on such company, may be served by leaving the same at such office with any officer of such company, at any time between nine o'clock, A. M. and noon, and between two and five o'clock in the afternoon, of any day except Sunday.

Sec. 11. Any inhabitant of this state shall have a lien upon the stock, of this state appurtenances and entire property of said plank road companies, for all claims and demands not exceeding one hundred dollars, against any of said companies, 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 companies.

Directors shall cause

to be recor

ded.

Sec. 12. The board of directors of such company, after the same survey, &c. shall become organized as required by the provisions of this act, shall proceed to cause an accurate survey and description to be made of the route of their road, and of the land necessary to be taken by said company for the construction of such road and the necessary buildings and gates; they shall subscribe such survey and acknowledge its execution, as the execution of deeds is required to be acknowledged, in order that they may be recorded, and they shall cause such survey to be recorded in the register's office of each county through which their road may pass.

Powers of directors in

of road.

Sec. 13. The route so laid out and surveyed by the said board of construction directors of such company, shall be the route of such road, and for the 'purpose of obtaining possession of such route, for the use of said company, the said board of directors shall be clothed with all the powers of commissioners of highways of townships are now required to do in lay

ing out public highways: Provided, that if no agreement for the purchase of the lands so taken, with the owner of the same, can he made by the said board of directors: And further provided, That if any lands included in the route of said road shall be owned by an infant, idiot or insane person, having no parent or guardian, or by a non-resident of the state, then and in such case, an application being made by the said board of directors to the judge of probate of the county in which said lands are situated, the said judge of probate shall appoint some competent and suitable person, having no interest adverse to such owner, to take care of the interest of such owner in respect to the proceedings, to lay out and take possession of such route, and the proceedings for settling damages for the land taken for the route of said road, in case no agreement is made therefor, shall be in conformity to the provisions applicable thereunto in chapter twenty-five of the revised statutes, and such company shall pay costs, when by the provisions of said chapter the township would be liable for the same.

how high

reserved.

Sec. 14. Whenever any plank road company may wish to use any When and part of a public highway or street, for the construction of their plank ways is to be road over the same, such company shall apply to the supervisor and commissioners of highways of the township, or common council of any incorporated city, or the president and trustees of any incorporated village, as the case may be, in which said highway or street is situated, for the purchase or release of the same, and it shall be the duty of such supervisor and commissioners or common council of any incorporated eity, or the president and trustees of any incorporated village, as the case may be, to examine at the expense of such company, so much of any such highway or street as may be wanted as aforesaid by such company, and if in the opinion of a majority of such supervisor and commissioners, or common council of any incorporated city, or the president and trustees of any incorporated village, as the case may be, the public interest would not be prejudiced by granting the application of such company, said supervisor and commissioners, or a majority of them, or common council of any incorporated city, or the president and trustees of any incorporated village, as the case may be, may in writing, signed by them, grant to such company a right to enter upon, take and use such highway or street for the purpose of the construction, maintenance and use of a plank road thereon, under the provi