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ders for re
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
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
the stock exchange, in the city of New York, for four consecutive
shall have been estimated, when depositel, the treasurer shall re-
the interest so received, when added 10 the market value of the
Sec. 5. It shall be the duty of said treasurer to examine into the
er to administer all necessary oathis to the directors, officers, agenis,
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
stale treasurer in re
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
of insolvency, void.
for any loan or discount under any pretence whatever by said bank,
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
credit, all deeds of conveyance, of real eslate, all assignments of
crees in its favor; all sales, assignments or other disposition of any
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.
Sec. 9. The charter of said corporation shall not be extended by
of this state, a crtificate under the corporate seal of said bank,
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