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of the said bank, when the bills or notes thus countersigned and registered, are delivered to said bank, shall be destroyed in the pres. ence 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 preserence Notes preover all deb's whatsoever, upon all the assets and property of the other debus, said Farmers' and Mechanics' bark; and for any deficiency in the of stockhoiassets and property of the said bank, to pay the bill-holders, the demption directors and present stock holders 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

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

redcem, bill the usual and regular banking hours, to pay any of its notes in the lawful currency of the United States of America, the holder of said notes may make and file bis affidavit of that fact with the state of state treatreasurer, who shall forth with give notice that the notrs of said bank will be redeemed alihe office of ihe said trensurer; and he is authorized and required to sell, at public or privaie 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 receivers; 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 stock holders upon their individual liability:

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

holder to make affida vit & file the sale with state trensurer-duties

surcr there upon.

held for that

Bank enti

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curity of the circulating notes by him countersigned and delivered Stocks deposited for to said bank, shall be held by him exclusively for that purpose, unsecurity of

til such notes are redeemed, except as herein otherwise provided. purpose ex. The bills or notes so countersigned, shall have stamped or printed clusively.

on them the words, "secured by the pledge of sticks," and shall
be ihus coun'ersigned and delivered to ihe amount to which said
bank has entitled itself, on the written order of the president or
cashier. The bank shall be entit'ed to receive the interest, or dir-
idend, on all stocks deposited, under the second section of this aci,
unless they fail to redeem their circulating note:: Proruded howerer,
That whenver the price of any of the stocks pledged for the se.
curity cr 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 sul weeks, at a price or rate less than the value at which such stock
stock, er
cept in cer.

shall have been estimated, when depositel, the treasurer shall re-
tain speci.
Ged cases." ceive and retain the interest or dividend on the stock pledged, until

the interest so received, when added 10 the market value of the
stocks eo deposited, to be ascertained as in this section before pro-
vided, will be rqual in amount for which such stocks were deposited,
or immediaiely give notice thereof to the president or cashier of
said bank, who shall forth with return to said treasurer an amount
of circulating notes, so countersigued, equal to the depreciation of
said stocks.

Sec. 5. It shall be the duty of said treasurer to examine into the
Annual ex-
amis.ation affairs and condition of said bank. üt least once in each year, and
slate treasu- oftener if he should see fit; and for that purpose he shall have pow.

er to administer all necessary oathis to the directors, officers, agenis,
and clerks of srid bank, and to examine them under oaih in rela.
tion to the affairs and condirion thereof; is the treasurer, auditor
general, and secretary of state, or a majority of them, should

decide at any time thai said bauk was insolv:ni, either upon the In case of examination of the treasurer, or upon satisfactory evidence to receiver 19, them, that said bank has resused 10 pay any of its circulating by stale

notes, when lawsully demanded, in gold or silver coin, they shall huise general forth with appoint a receiver or receivers, and require of him or

them such bond and securities as they shall deem proper; who
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 snid bank; settle and compound for all bad and
doubtsul debts, sell all the real and personal property of said bank,


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prosecute the stockholders of said bank in all cases where they are personally liable, and 10 pay over all moneys so inade to the state treasurer. Suid 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 trensurer shall pay out of any money paid into his office by snid receiver or receive vers, and all other expenses shall be determined and paid in the same manner. The state treasurer shall cause notice to be given by ndvertisement, 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 baok, to make legal proof, ond after the end of one year after the firsi publication of such notice, the Treasurer, asier full provisions shall have been made for redeeming Duties of the circulating notes of said bank. shall mike a rateable dividend of the moneys so paid over to him by such receiver or receivers, demption of on all such claims as inży hrve been prove:); and from time 10 10 time, as the proceeds of the assets of suid bank shall be paid over to hiin, the said treasurer shall make suriher dividends as aforesaid on all claims proved; and the remainder, if anything, shall be paid over in 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 evideuce satisfretory to them, vacate the appointment of any receiver or receivers, and ap. point others, or they may re-insiale said bank in the possession of appuinum ve

of receiver, any and a'l asscia, thại may bave been in possession or charge of &c. said receiver or receivers; and any of the justices of the supreme court : re liereby aliborized summarily to make an order, or issie any process, which a court of cancery might make or issue, to enable the said officers to carry out the provisions of this act.

Sec, 6. The said bank shall pay ihe siate treasurer on or before state iar. the second Monday in each year thereafter during its corporato 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 samo may be situated.

Sec. 7. No more that seven per cent per annum, shall be taken Beate or dis

Vacation or


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of insolvency, void.

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,
noles of other banks which are not at par value in the city of De-
troit 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, drast, 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 10

circulate as money, other than such rotes or bills ui circulation as
are countersigned, as by this act provided, and which said bank are
expressly authorized 10 issue, for the purpose of being circulated as
money. All transfers of the notes, bonds, bills of exchange, and
other evidences of debi, owing to said bank, or of deposits to its

credit, all deeds of conveyance, of real eslate, all assignments of
&c. in view mortgages or other securities on real estats, or of judgmenis or de-

crees 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
preserence of one creditor to another, shall be held utterly null and

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, ai ment of con least once in each year, as ascertained, when he may visit and exdition of

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
Aseent of
stockhold'rs virtue of this act unless the present stockholders or their represen-
required to tatives shall, on or before the fifth day of November, A. D. eighteen
sceretary of hundred and forty-nine, cause to be filed with the auditor general

of this state, a crtificate under the corporate seal of said bank,
and signed by its president and cashier, setting forth that said cor.
poration assents to become subject to all the provisions of this act.

Stato treasurer to pub

ly a state


to this act

Bec. 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. Section 1. Be it enacted by the Senate and House of Represen- Incorporetatives of the Slale 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 pur. pose, 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 succossion.

Sec. 2. Said company hereby created shall have power to lay Route of eut, 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.

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

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 ainendmene any time, aller, amend or repeal this acı, 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 aller 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


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