ferred over

of the said bank, when the bills or notes thus countersigned and registered, are delivered to said bank, shall be destroyed in the presence of the state treasurer, or before some person appointed by him for that purpose. And all bills or notes not so countersigned and registered, which shall come into the possession of said bank thereafter, shall be destroyed in like manner. And all bills or notes now or hereafter issued by the said bank, shall have preference Notes preover all debts whatsoever, upon all the assets and property of the other debts, and liability said Farmers' and Mechanics' bank; and for any deficiency in the of stockholassets and property of the said bank, to pay the bill-holders, the demption directors and present stockholders shall be individually liable, and shall continue thus liable until all bills or notes of said bank, not countersigned, shall be fully redeemed. The said bank shall not at any time within one year after the expiration of its present charter, issue bills exceeding in amount the capital stock thereof actually paid in.

ders for re

tion thereof.

redeem, bill

make affida

state treasurer-duties

surer there

upon.

Sec. 3. If the said bank shall at any time, or under any pretence, On failure to refuse, on demand at its office, where the notes are payable, during holder to the usual and regular banking hours, to pay any of its notes in the vit & file the lawful currency of the United States of America, the holder of sue with said notes may make and file his affidavit of that fact with the state of state treatreasurer, who shall forthwith give notice that the notes of said bank will be redeemed at the office of the said treasurer; and he is authorized and required to sell, at public or private sale, within twenty days, so much of any stocks deposited with him, as shall be necessary to redeem any notes of said bank, and apply the proceeds of said stocks in the redemption of such notes; no stock shall be sold at private sale for less than the par value thereof, nor for less than their market value in New York, if such market value is above par; nor shall stock be sold on credit; and for any deficiency in the sale of said stocks to pay the holders of its notes, the directors and stockholders shall be individually liable. The treasurer shall pay the full amount of notes or bills, out of any money he may receive, whether from sale of stocks, or from the receiver or reccivers; and for any deficiency to redeem such notes or bills from the sale of said stocks, the receiver or receivers shall prosecute and collect the same of the stockholders upon their individual liability.

Sec. 4. The stocks deposited with the state treasurer, for the se

Stocks de

security of

bill, to be held for that

clusively.

curity of the circulating notes by him countersigned and delivered posited for to said bank, shall be held by him exclusively for that purpose, until such notes are redeemed, except as herein otherwise provided. purpose ex- The bills or notes so countersigned, shall have stamped or printed on them the words, "secured by the pledge of stocks,” and shall be thus countersigned and delivered to the amount to which said bank has entitled itself, on the written order of the president or cashier. The bank shall be entitled to receive the interest, or diridend, on all stocks deposited, under the second section of this act, unless they fail to redeem their circulating notes: Provided however, That whenever the price of any of the stocks pledged for the security or redemption of the circulating notes of said bank, shall be at the stock exchange, in the city of New York, for four consecutive dend on su'h weeks, at a price or rate less than the value at which such stock cept in cer- shall have been estimated, when deposited, the treasurer shall receive and retain the interest or dividend on the stock pledged, until the interest so received, when added to the market value of the stocks so deposited, to be ascertained as in this section before provided, will be qual in amount for which such stocks were deposited. or immediately give notice thereof to the president or cashier of said bank, who shall forthwith return to said treasurer an amount of circulating notes, so countersigned, equal to the depreciation of said stocks.

Bank entitled to divi

stock, ex

tain specidied cases.

Annual ex

of bank by

ger.

Sec. 5. It shall be the duty of said treasurer to examine into the amination affairs and condition of said bank. at least once in each year, and state treasu- oftener if he should see fit; and for that purpose he shall have pow er to administer all necessary oaths to the directors, officers, agents, and clerks of said bank, and to examine them under oath in relation to the affairs and condition thereof; if the treasurer, auditor general, and secretary of state, or a majority of them, should decide at any time that said bauk was insolvent, either upon the In case of examination of the treasurer, or upon satisfactory evidence to receiver to them, that said bank has refused to pay any of its cireulating notes, when lawfully demanded, in gold or silver coin, they shall aud. general forthwith appoint a receiver or receivers, and require of him or them such bond and securities as they shall deem proper; who

insolvency

be appoint'd

by state
<reasurer,

& secretary of state.

shall proceed to take possession of the books, records, and assets of every description of said bank, collect all debts, dues, and other claims belonging to said bank; settle and compound for all bad and doubtful debts, sell all the real and personal property of said bank,

ceiver.

rer in re

notes.

prosecute the stockholders of said bank in all cases where they are personally liable, and to pay over all moneys so inade to the state treasurer. Said receiver or receivers shall receive such compensa- Duties of retion as the state treasurer, auditor general, and secretary of state or a majority of them, shall determine; which the state treasurer shall pay out of any money paid into his office by said receiver or receivvers, and all other expenses shall be determined and paid in the same manner. The state treasurer shall cause notice to be given by advertisement, in one daily paper published in the city of Detroit, and also in the state paper, for six consecutive months, calling on all persons who have claims against said baak, to make legal proof, and after the end of one year after the first publication of such notice, the treasurer, after full provisions shali have been made for redeeming Duties of the circulating notes of said bank. shall make a rateable dividend state treasudemption of of the moneys so paid over to him by such receiver or receivers, on all such claims as may have been proved; and from time to to time, as the proceeds of the assets of said bank shall be paid over to him, the said treasurer shall make further dividends as aforesaid on all claims proved; and the remainder, if anything, shall be paid over to the stockholders of said bank, or their legal representatives, in proportion to the stock by them severally held. The auditor general, secretary of state, and state treasurer, or a majority of them may, at any time, upon evidence satisfactory to them, vacate the appointment of any receiver or receivers, and appoint others, or they may re-instate said bank in the possession of appointm'at any and all assets, that may have been in possession or charge of &c. said receiver or receivers; and any of the justices of the supreme court are hereby authorized summarily to make an order, or issue any process, which a court of chancery might make or issue, to enable the said officers to carry out the provisions of this act.

Vacation of

of receiver,

Sec. 6. The said bank shall pay the state treasurer on or before state tax. the second Monday in each year thereafter during its corporate existence, one per cent. on its capital stock, which shall be in lieu of all other taxes, provided that the value of real estate, as assessed by the proper town officers or estimated by the state treasurer which may be owned in fee by said bank, shall be deducted from said capital stock, for the purpose of taxation, and all real estate owned by said bank, shall be taxed as other property in the several townships cities and villages, where the same may be situated.

Sec. 7. No more that seven per cent. per annum, shall be taken Rate of dis

bills of other

lated.

for any loan or discount under any pretence whatever by said bank, nor shall said bank at any time pay out any bills or promissory, notes of other banks which are not at par value in the city of Detroit at the time of such paying out, and shall not at any time after one year from the expiration of the present charter, issue or put in circulation any note, draft, bill of exchange, acceptance, certificates Emission of of deposits or other evidence of debt of its own emission, which banks regu- from its character or appearance, shall be calculated or intended to circulate as money, other than such notes or bills of circulation as are countersigned, as by this act provided, and which said bank are expressly authorized to issue, for the purpose of being circulated as money. All transfers of the notes, bonds, bills of exchange, and other evidences of debt, owing to said bank, or of deposits to its credit, all deeds of conveyance, of real estate, all assignments of &c. in view mortgages or other securities on real estate, or of judgments or decrees in its favor; all sales, assignments or other disposition of any personal property or of any chose in action be'onging to said bank, all deposites of money, bullion or other valuable thing. for its use or for the use of any of its stockholders or creditors; all payments of money made after the commission of an act of insolvency, or in contemplation thereof, with a view to prevent the application of its assets in the manner prescribed by this act, or with a view to the preference of one creditor to another, shall be held utterly null and void.

Assignm'ts,

of insolven

cy, void.

State treasurer to pub

Sec. 8. It shall be the duty of the state treasurer to cause to be ish annual- published a statement of the affairs and condition of said bank, at nent of con- least once in each year, as ascertained, when he may visit and ex

ly a state

dition of

bank.

Assent of

to this net

be filed in

amine the same, and the expenses of such visitation, publication, selling of stocks and redeeming of the bills as provided in this act. and of the registering and countersigning of the bills as hereinbe fore provided, shall be determined by the state treasurer and paid by said bank.

Sec. 9. The charter of said corporation shall not be extended by stockhold's virtue of this act unless the present stockholders or their represenrequired to tatives shall, on or before the fifth day of November, A. D. eighteen Becretary of hundred and forty-nine, cause to be filed with the auditor general of this state, a certificate under the corporate seal of said bank, and signed by its president and cashier, setting forth that said corporation assents to become subject to all the provisions of this act.

state's office

Sec. 10. The legislature may at any time, alter, amend or repeal

this act.

Approved March 24, 1849.

[No. 125. ]

AN ACT to incorporate the Ray and Almont Plank Road Com.

pany.

tion.

Section 1. Be it enacted by the Senate and House of Represen- Incorposstatives of the State of Michigan, That David Ingalls, Daniel Black, Neil Gray, jr., Norman Perry, and Porter Kibbee, be and they are hereby appointed commissioners, under the direction of a majority of whom subscriptions may be received to the capital stock of the Ray and Almont plank road company, and the subscribers thereto, with such other persons as shall associate with them for that purpose, their successors and assigns, shall be and they are hereby created a body corporate and politic by the name and style of the Ray and Almont plank road company, with corporate succos

sion.

road.

Sec. 2. Said company hereby created shall have power to lay Route of out, establish and construct a plank road, and all necessary buildings, from Grey's mill (so called) in the township of Ray, in the county of Macomb, on the most eligible route to the village of Almont, in the county of Lapeer.

shares

Sec. 3. The capital stock of said company shall be fifteen thou- Capital and sand dollars, in seven hundred and fifty shares of twenty dollars thereof. each, with power to increase said capital stock to twenty thousand dollars, with a corresponding increase of the number of shares.

charter-its

Sec. 4. This act shall be, and remain in force for the term of Duration of sixty years from and after its passage, but the legislature may at amendment, any time, alter, amend or repeal this act, by a vote of two-thirds of repeal, &c. each branch thereof; but such alteration, amendment or repeal shall not be made 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 company of some of the provisions of this act: Provided That after the said thirty years, no alteration or reduction of tolls of said company shall be made during its existence, unless the yearly net profit of said company over and above all expenses, shall