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ernor and trustees for the erection of a suitable building for an ass. lum of the insane, shall be realized, or means derived for that purpose from other sources, by donation, bequest, or otherwise; and said board of trusteos are hereby required to report annually to the governor of the state, on or before the first day of December, a full statement of their action in the premises, and a correct siatement of the receipts and expenditures of the asylum fund, verified by the oath or affi mation of the commissioner of the board."
Sec. 3. That section one be so aínended that the word "eight," in the filih line, be stricken out, and the word "fifteen" be inserted.
Sec. 4. This act shall take effect and ba in force from and after
[ No. 134. ] AN ACT to incorporate the Monroe und Belleville Plank Road
Section 1. Be it enacted by the Senate and House of Represenlatives of the Stule of Michigan, That Dan B. Miller, James Armitage and Josiah Litlefield, be, and they are hereby appointed commissioers, under the direction of a majority of whom subscriplions may be received to the capital stock of the Monroe and Belleville plank road company, and the subscribers therelo, with such other persons as shall associaie with them for ihal purpo e, cheir successors and assigns, shall be and they are hereby created a body corporate and politic by the name and style of the Monroe and Belleville plank road company, with corporate succession.
Sec. 2. Said company hereby created shall have the power to lay oui, establish and construct a plonk road, and all necessary buildings, from any point in the city of Monroe, in the county of Honroe, upon the most eligible route to Belleville, upon the Hurun river, in ihe county of Wayne, or 10 such point upon the Huron river, east of said Belleville, as may be deemed most judicious by
the company. Onpienl and
Sec. 3. The capital stock of said company shall be thirty thousand dollars in one thousand two hundred shares of twenty-five dollars each.
Sec. 4. The said company shall be subjected to the provisions of
an act entitled an act relative to plank roads, approved March thirteenth, eighteon hundred and forty-eight.
Sec. 5. As soon as the said company shall be duly organized, Company the board of director's thereof are hereby authorized to enter upon posscasion and take possession the old territorial road, so called, from the road. city of Monroo to the River Huron, and proceed to construct and maintain thereon a plank road: Provided, That during the con. struction of said plank road the said company shall in no wise prevent or improperly obstruct the usual track thereon.
Sec. 6 This act shall be and remain in force for the term of six- Duration of iy years from and after its passage, but the legislature may, at any amendrrent,
repeal, ke time, alter, amend or repeal this act by a vote of two thirds of each branch 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 company of some of the provisions of this act: Provided, That after said thirty years, no alteration or reduction of the tolls of such company shall be made during its existence, unless the yearly net profits of said company, over and above all expenses, shall excoed ten per cent. on the capital stock invested, provided there be no violation of the charter of said company.
Sec. 7. This act shall take effect from and after its passage.
[ No. 135. ] AN ACT 10 incorporate the Presideni, Directors and Company or
the Peninsular Bank. Section 1. Be it enacted by the Senale and House of Represen. Incorporntatives of the State of Michigan, That Charles Howard. William Brewster, Gurdon Williams, Benjamin B. Kercheval, Henry P. Bridge, D. Bethune Duffield, James A. Armstrong and Henry II. Brown, and their associates and successors, bo and the sams are hereby constituted a body politic and corporate under the name of the president, directors and company of the Peninsular bank, for the purpose of exercising and transacting the business of banking, and said corporation shall have its office and place of business at the city of Detroit, in the state of Michigan, and shall continue for the period of twenty-five years from the passage of this act.
Directors, Sec. 2. Said corporation shall have a board of directors, not less their puwors aud duties. than five nor more than thirteen in number, one of whom shall be
president of the bank, and may also have such other officers as the by-law's may provide for. The first board of directors shall be the said Charles Howard, William Brewster, Gurdon Williams, Henry P Bridge, D. Bethune Duffield. James A. Armstrong and Henry II. Brown; and the said Charles Ioward shall be the first pr sideni. Said board of directors shall have such power touching the magngement and conduct of said brink as shall be conferred on them by the by-laws of said corporation, consisten' with the provisions of this aci.
Said board, as well as the president of the bank, shall be elected annually on the first Monday of June, in each year, by the dructors, &c
stockholders of said bank, but in case of an omission 10 vject on siju diy, it shall lie lawful to holi ihe election subsequ'ntly, on such other day as the by-laws may provide; and the officers for the previous year shall continue to discharge their duties until such
subsequent election is held. Capital and Sec 3 The capital síock of said corporation shall be one hun
dred thousard dollars. with the privilege of increasing ihe same to five hundred thousand colors, and shall be divided 11.10 shares of fily dollars cach; cach share of sick shall be eniiled to one vole, and stockholders not present may vote by prory.
Sec. 4. Said corporation shall not directly or indirecty deal or Ostate of trade in any thing except gold and silver, bills of exchange, or
promissory no'es, or exrepi in the sile of such goods and chalie's, rights in action, or other , ersonalities as may be realls and truly pleurged or hypothecated to ihe bank in securiiy fur money loaned, and ubieh shall not be legally redeemed in due time ; and suid corporation shall not take more ihan at ihe rate of seven per cent per annum discount upon iis loans.
Sec. 5. Said corporation may receive deposits, make loans, grant bills of exchalige, issue iis own potes payable on demand ar iis oflice in the lawful currency of t.e United States, and transact all other business incident and essential thereto: Prorided, That is shall not be lawful for said corporation to issue any noie of a lese denomination than one dollar, nor any note which h is not heen du. ly cuntersigned and registered in the office of the state ireasurer ol this state, as hereinafter provided: Provided further, That said
Isrtie of bills of circulaliun, &c.
or notes by
bank shall not pay out or put in circulation the bills or notes of other banks, which are not at the time of such paying out at par in the city of Detroit.
Sec. 6. Said corporation shall deposit with the state treasurer of Bank shall This state any stocks of the Unised State of America, the stale of state stocks, New York, or six per cent. stocks of the state of Michigan on
curity of build which interest is paid, which suid stocks shall be estimated at their market value in the city of New York, and for the amount of stocks so deposited, the state treasurer shall countersign and register an equal amount of the noies of said corporation, of such denominarion, not less than one dollar, as said corporation may desire, and deliver the same in said corporation; and on such notes so delivered shall be written, printed or engraved the words, "countersigned and losne, coun
tersiening & registered in the state treasurer's office, and secured by pledge of registry stock," with the signature of the state treasurer written beneath late treasur the same; and the state treasurer shall keep a register of all notes s0 couniersigned and delivered, showing the number and denomina. rion of each nole and the date of the delivery of the same. To en:itle The stockholders 10 ihe benefit of this act, there shall be deposiied with the stale treasurer, of the stocks aloresaid, fifty thousand dollars on or before the first day of Otober next, and the amount of stock so deposited shall not, any time after the first day of January next, be less than one hundred thousand dollars.
Sec. 7. If said corporation shall at any tim“, or under any pre- In case al ionce, refiise on demand at its office, during the usual and regular deco neces. banking hours, to py any oi its no'es in the lawful currency of the to apply to United States of America, the holder of suid nose may make and rer; his dung
thereupoi, file his a Midavit of that fact with the state treasurer, who shall &c. thereupon give public notice that the notes of said bank will be redeemed at his office, and that the sad ireasurer is authorized and si quired to se'l at public auction or private sale, within lwenty dirys, 80 moch: of any stock deposited with himn as shall be necessary to redeem any notes of said bank, and apply the proceeds of said stock in the redemption of such notes: no sioek shall be sold at private Bale for less than the par value thereof, nor at less than the market value in the city of New York at the tiine of such sale, nor shall stock be sold on credit, and for any deficiency in the sale of said socks, 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 other assets of said company, 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 colleci the same of the stockholders upon their individual liability.
Sec. 8. Said corporation may acquire and hold such real estate Real estate of company. as may be necessary for its office or banking house, not ex
ceeding in value twenty thousand dollars, but shall acquire and hold no other real estate, unless it shall acquire the same by bona fide mortgage as security for money loaned by said corporation, or by conveyance in payment and satisfaction in whole or in part of debts to said corporation previously contracted in the regular course of its dealings, or unless said corporation shall purchase the same under judgment or decrees, either rendered in favor of said corporation, or which have become its property in the course of the col
lection of its debts. Dividends. Sec. 9. Semi-annual dividends shall be made of so much of the
profits of the bank as the board of directors shall deem expedieni, on the first Mondays of August and February respectively, in each year.
Sec. 10, Said corporation shall be subject to all the provisions Pioneral provieions. of chapter fifty-five, title ten of the revised stalutes of A. D.
18-16, so far as the same are applicable and not inconsistent with this
Countersiguing of buls.
Sec. 11. The stocks deposited with the state treasurer for the security of the circulating notes by him counter-igned and delivered to said bank, shall be held by him exclusively for that purpose until such notes are redeemed, except us herein otherwise provided. 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 divecive diviidend on all stocks deposited, under the provisions of this act, ubswede deporte less they fail to redeem the circulating notes: Provided, however, decentele That whenever the price of any of the stocks pledged for the seen
Bank to re