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Sec. 2. The real estate which it shall be lawful for said cor. Authorized
to hold cerporalion to take, hold and convey shall be only,
1st. Such as shall be necessary and convenient for an office or place for the transaction of its business.
2nd. Such as shall be mortgaged or otherwise conveyed to it, as security for money loaned or some other indebtedness.
3d. Such as shall be conveyed to it in payment of indebtedness, or which shall be purchased by it at sales under judgments or de crees recovered by or belonging to said corporation.
And said corporation shall not buy, sell, hold or trade in any goods or wares whatever: Provided however, That this shall not be construed to apply to goods or personal property which it may acquire as security for, or in payment of indebtedness to it, or which may be necessary or convenient for the transaction of its business.
Sec. 3. The business and properly of said corporation shall Officers of be managed by a board of trustees, eleven in number, and who shall tion. at their first meeting, and as often thereafter as may be necessary, e lect from their number a president and vice president. The soveral persons named in the first section of this act, shall be the first trustees: and all vacancies in said board shall be filled at the next regular meeting thereof, after such vacancy shall arise, and the person receiving the majority of the votes of the trustees present, shall be duly elected. Six trustees shall constitute a quorum of said board, for the transaction of all ordinary business. Sec. 4. Said corporation shall receive on deposit, all such sums May receive
deposites. of money as shall from time to time be offered by tradesmen, mechanics, laborers, servants, minors and others, for the purpose of being invested in any public stock, or upon bond and mortgage, or other security, according to the provisions of this act. And such Duties of
corporation deposits shall be repaid to each depositor, or his lawful representa in respect to
. tives when required, at such times and with such interest and under such regulations as the board of trustees shall from time to time prescribe: which regulations shall be printed and conspicuously posted, in some place accessible and visible to all, in the business office of said corporation, and no alteration which may at any time be made in such regulation, shall in any manner effect the rights of a depositor in respect to deposits made previous to said alteration.
Sec. 5. The board of trustees may invest deprsits made with Row depo them, and profits accruing thereon in any publie stock of the United invested. States or of the state of Michigan, or upon bond secured by morigage
sites may be
No oficers of the corporation may borrow or use its funds.
upon unincumbered real estate, worth at least double the amount loaned, or upon any other security which shall be deemed by the board to be amply sufficient: Provided, That no loan or investment shall be made on any class of securities not specifically mentioned above, except with the approval of at least five of the trustees.
Sec. 6. No trustee or officer of said corporation shall directly or indirectly borrow any of the funds of said corporation, or in any manner use any of said funds, except in the lawful business of said corporation. All certificates or evidences of deposit made by the proper officers shall be as effectual to bind the corporation, as if made under the common seal thereof. But said corporation shall not issue any bill or note to circulate as money. Any trustee, offi. cer or agent of said company who shall use any of the funds except as in this act provided, or issue or cause to be issued any bill or note designed or intended to be circulated as money, shall be deemed guilty of a misdemeanor, and on conviction thereof, shall be punished by imprisonment in the state prison not more than ten years, and by fine not exceeding ten thousand dollars, or both, in the discretion of the court.
Sec. 7. It shall be the duty of the board of trustees from time to time, to regulate the rate of interest to be allowed to depositors, so that they shall receive a rateable proportion of all the profits of said corporation, after deducting the necessary expenses: and they shall annually make a report to the legislature of this state, on or before the first day of January, of all the funds and investments of the corporation.
Sec. 8. A misnomer of said corporation, in any deed, git, Misnomer Deed, acc. grant or other instrument, contract or conveyances, shall not vitiale
the same, if the corporation shall be sufficiently described to declare the intentions of the parties.
Sec. 9. When any deposit is made by a person being a minor, Rights of
the said corporation may pay to such depositor, such sums as may be due to him, although he have no guardian: and the receipt or
acquittance of such minor shall be in all respects valid in law. General pro
Sec. 10. Said corporation shall be subject to the provisions of chapter fifty-five, title ten, of the revised statutes of 1846. This act shall take effect from and after its passage, and the legislaturo may at any time alter, amend or repeal this act.
Approved March 5, 1849.
Rate of interest to de positors.
n't to vitiate
lion of trus
[ No. 62.] AN ACT to incorporate the trustees of Elmwood Cemetery.
Whereas, Henry Ledyard, Charles C. Trowbridge, John Owen, Preamble. Israel Coe, John S. Jenne:s and Alexander D. Fraser, of the city ot Detroit, have purchased a tract of land (on Bloody Run,) in the vicinity of Detroit, in which they have laid out a rural cemetery, now known as “Elmwood Cemetery,” and used as a place of inferment, which they have improved and ornamented, and contem. plate continuing to do so, with the money to be realized from the sale of lots; that in order to facilitate these objects, it is desirable that they should be incorporated as a body politic: Therefore,
Section 1. Be it enacted by the Senate and House of Represen• Incorporatatives of the State of Michigan, That the said Henry Ledyard, tees of ElinCharles C. Trowbridge, John Owen, Israel Coe, John S. Jenness tery. and Alexander D. Fraser, and their successors, be and they are hereby constituted a body politic and corporate, by the name and style of the "Trustees of Elmwood Cemetery,” and by that name to have perpetual succession, and be capable of sueing and being sued, pleasing and being impleaded, answering and being answered unto, defending and being defended, in all suits, complaints, matters and causes whatsoever, in any court of law or equity, in this state; and to have a common seal, and to make all such by-laws, rules and regulations (not repugnant or contrary to the law of the land) as they may deem necessary, relative to said cemetery, and the good government and management thereof.
Sec. 2. That said trustees shall elect one of their own number as president, another as secretary, and another as treasurer; that in corporation. case of the death, resignation, or removal of any of the trustees, from the county of Wayne, the other members shall elect a suitable person to supply every such vacancy; and vacancies happening in any of said offices, from any of said causes, shall be filled in the game manner; that said trustees may from time to time appoint a superintendent and such other officers or agents as they may deem necessary. Sec. 3. The said corporation may hold, for the purposes contem
Corporation plated by this act, such real estate as they now possess, and may certain real purchase and hold such other real estate as may be necessary to ef. estate. fectuate the purposes aforesaid; that the title to lots in said cemetery may be passed by a certificate to be signed by the president and
countersigned by the secretary, under the corporate seal, but always subject to the by-laws, rules and regulations which have been, or may be, adopted by the trustees; that all certificates beretofore granted for lots shall have the same legal effect; that the plat of said cemetery, to be adopted by the trustees, or the avenues, roads, or walks, or grounds laid off and reserved for shrubbery or other
ornamental purposes, shall never be subject to be changed or al. Plat of cem- tered; and all monies to be realized from the sale of lots, after pav. not be alter-ing the original purchase price of said land, it shall be applied to
the improvement of said cemetery. All lands now held or which may hereafter be acquired by said corporation, for the purposes aforesaid, shall be forever exempted from all public taxes and assessments, and from all liability to be sold on execution or for the pas.
ment of debts by assignment under any insolvent law. The said Corporation Corporation may hold in trust any donation or bequest of property, certain pro
and may apply the same or the income thereof in the improvement
or embellishment of the cemetery, or for the erection, repair, prespecific pur
servation and renewal of any tomb, monument, or fence, or for the planting or cultivation of trees, shrubs, flowers, plants, in and around any cemetery lot, or for the improvement of said premises is any other form or manner conformable to the terms of said grant or bequest.
Sec. 4. If any person shall wilfully destroy, mutilate, desace, in. trespasses. jure or remove'any tomb, monument, gravestone or other structure,
or thing placed or designed for a memorial of the dead, or any sence, railing, curb or other thing intended for the pretection or for the ornament of any tomb, monument, gravestone or other structure before mentioned, or of any enclosure for the burial of the dead, or shall wilfully destroy, mutilate, remove, cut, break or injure any tree, shrub or plant, placed or being within or around any such enclosure, the person so offending shall be punished by fine not ex. ceeding five hundred dollars nor less than ten dollars, or by impris. onment in the county jail not more than one year.
Sec. 2. This act shall take effect and be in force from and after its passage, and shall be subject to the provisions of chapter fifty five of the revised statutes.
Approved March 5, 1849.
[ No. 63. ] AN ACT authorizing Abram Smith and John W. Russell to erect
a dam across Grand River, in the county of Eaton. Section 1. Be it enacted by the Senate and House of Represen- Dan autholatives of the State of Michigan, That Abram Smith and John W. Russell, be and they are hereby authorized to erect and mairtain a dam across Grand river, in the county of Eaton, on section eleven in the township of Oneida.
Sec. 2. That said dam shall not be more than six feet in height Description above common low water mark, and shall have constructed therein a shule or slide, so as to permit the free passage of all hoats, rafts, and other water crafts navigating said river, which shute or slide shall be constructed in said dane at the time of the erection thereof, and the said Smith and Russell, their heirs or assigns, shall keep the same in good repair.
Sec. 3. The legislature shall have the power at any time here. aster to adter, amend or repeal this act.
Sec. 4. Nothing herein contained shall permit the said Smith and Right of Russell to enter upon or flow the lands of any other person or per: served. sons without the consent of such person or persons.
Sec. 5. If at any time hereafter the water should be required to be drawn from said river for the purposes of internal improvement or navigation, it shall not be lawful for the said Smith and Russell, purposes. their heirs or assigns, to recover any damages iherefor.
Sec. 6. Any person who shall destroy, or in any wise injure said shute or slide, shall be deemed to have committed a trespass upon & penalties the owners thereof, and be liable accordingly; and any person who shall wilfully or maliciously destroy or injure said shute or slide shall be deemed guilty of a misdemeanor, and on conviction thereof be punished by fine and imprisonment in the discretion of the court.
Approved March 5, 1849.
Waters may be taken for Int. Imp.
Trespasser ondam, &c.
[ No. 64. ] AN ACT to incorporate the Ohio Trap Rock Mining Company. Section 1. Be it enacted by the Senate and House of Represen.
Incorpora latives of the State of Michigan, That Joshua Hapna, E. W. Stetion of com phens, Wm. K. Hart, Leonard ilanna, Roberi S. Hays and Levi