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with them for said purpose, and their successors and assigns shall be, and hereby are constituted and declared to be, a body politic and corporate, under the name and style of the city of Detroit gas company,” for the objects and purposes contemplated and stated in the above preamble, for the period of fifty years from and after the passage of this act: Provided always, That within the period of one year they commence operations and continue the same with all reasonable despatch.
Sec. 2. The corporation hereby created by the name aforesaid, Powers of and the successors thereof, shall have continual succession for the period atoresaid, and shall be persons in law, capable of suing and being sued, pleading and being impleaded, answering and being an. swered unto, desended and defending in all courts, suits, proceedings, places and matters whatsoever; and capable of having a common seal; of acquiring, holding and conveying estate, real, personal and mixed, necessary or expedient for the corporation, for the purposes and objects thereof.
Sec. 3. The capital stock of said ussociation shall not exceed one Capit'i slo't hundred thousand dollars, which, with the property, affairs and concerns of the corporation, shall be managed and conducted by a board of officers, to consist of a president, secretary and treasurer, and of four other directors, all of whom shall be stockholders, except the secretary. The board of officers named in the above preamble shall constitute the officers of this corporation, until others are chosen in their stead.
Sec. 4. The majority of the board of directors and stockholders, Powers of on account of said corporation hereby created, shall have and here- rectors. by are declared to have full power and authority to make, prescribe and carry into effect all such rules, by-laws and regulations, and the same to a!ter, amend and renew, as the majority of the board of officers and stock, at a meeting of the holders thereof, regularly called, shall think proper 10 make, which are necessary and proper for the purpose of carrying out the true intent and meaning of this aci, and among other things to provide for calling new elections, when any election fails to be made when duly called: and may form, il they think proper a constitution or articles of agreement, to be signed or 10 govern them within the provisions of this act, containing the elements of their organization; the rights, privileges and duties of officers and members; the modes and times of calling elections and holding the same; the amounts of stock and liabilities
and privileges of holders and the exercise of the powers above contained; and concerning all other matters and things in and about the regulation, control, conduct of the corporation, its objects, and all matters pertaining thereto, and for the changing and amendment thereof from time to time as may be necessary. And for the pure pose of commencing to organize and making necessary rules, the said present board of officers and persons who have signed said articles of association, or a majority thereof, as soon as this act becomes a law, may get together and exercise all and singular the powers aforesaid, necessary or expedient. It being expressly provided that this corporation shall never exercise banking powers or brokerage business, or any thing in the nature thereof; that it shall make no regulations or rules contrary to law; that it shall at all times be subject to the inspection of the legislature, or a committee thereof; and shall make a full report of all its affairs and doings, whenever required by said legislature. All the shareholders sbal} be jointly and severally liable for all debts and contracts of the company until forty per cent of the capital stock shall have been paid in, and also for all the debts of the company of every description after the capital stock of the company shall have been exhaus
tou. Time of
Soc. 5. Unless the said corporation shall have established their operation. manufactory, and so far progressed therewith as to begin supply.
ing gas to some portions of the city within twenty-four months from the passage of this act, this act shall cease and become null and void.
Sec. 6. That the property of every individual, vested in said corporation, shall be liable to be taken on execution for the pay. ment of his or her just debts, in such manner as is or may be prescribed by law.
Soc. 7. That this act be and the same is hereby declared to be a public act; and that the same be construed in all courts and places, favorably for every beneficial purpose therein mentioned.
Sec. 8. The legislature may at any time alter, amend or repeal this act for any violation of this charter.
Approved March 14, 1849.
and real es
[ No. 83. ] AN ACT to incorporate the Isle Royal Mining Company. Section 1. Be it enacted by the Senate and House of Represen- Incorporalatives of the State of Michigan, That Charles C. Douglass, Le. ander Ransom, John Erwin, Samuel L. Mather, John W. Allen and Charles M, Giddings, and others who may be associated with them, are hereby constituted a body corporate by the name of the Isle Royal mining company, for the purpose of mining, smelting, and manufacturing ores, minerals and metals in the state of Michigan.
Sec. 2. The said company shall have corporate succession; its cap. Capit'l sto'k ilal stock shall be one hundred and twenty thousand dollars, with tate. liberty to increase the same to three hundred thousand dollars, to be divided into twelve thousand shares. The said company may acquire and hold such real and personal estate on Isle Royal and the upper peninsula of Michigan, as the business of the company may require, not exceeding the capital stock hereby authorized, and may make such by-laws for its management and the conduct of the business generally, of the company, as may be expedient consistently with the provisions of this act.
Sec. 3. The officers of said company shall consist of a president Officere. and five directors, of whom the president shall be one, a secretary and treasurer, who may, be one and the same person; and the company may levy assessments on the shares of its stock, and forseit or sell the same for non-payment, in such manner as said com. pany may by its by-laws prescribe: and one of the directors shall at all times be a citizen and resident of Michigan, upon whom sero vice of all process against said company shall be made, and which shall be legal service upon said company.
Sec. 4. The said company shall pay to the treasurer of the state State tax. of Michigan an annual tax of one per cent. on the whole amount of capital actually paid in upon the capital stock of said compaoy; and also upon all sums of money borrowed by said company, which tax shall be paid on the first Monday of July in each year, and shall be assessed upon the last preceding report of said company; and for that purpose the president and secretary thereof shall, on the first day of January in each year, or within fifteen days previous thereto, make, under their hands, a return to the state treasurer, verified by their several oaths, stating the amount which
has been actually paid in, on the capital stock of said company, and also the whole amount which, at any time, has been borrowed by said company, and said tax shall be in lieu of all other taxes on the personal property of said company, and in lieu of all other state taxes on the real estate of said company; and any investment of any portion of the nett profits of said company shall be considered as so much capital paid in, and shall be included in the return to the state treasurer hereinbefore required.
Sec. 5. The legislature may at any time alter, amend or repeal this act for any violation of its provisions.
Sec. 6. The first meeting of said company shall be held at such a company time and place as the persons named in the first section or a majori.
ty of them shall appoint, by a notice to be published in one or more newspapers in the city of Detroit, at least thirty days before the time of such meeting.
Sec. 7. Any inhabitant of this state shall have a lien upon the stock, habitants of appurtenances and the entire property of the company, for all
claims and demands against said company, to the amount of one hundred dollars or under, originally contracted within this state; which shall take precedence of all other claims or demands, judg. ments or decrees, liens or mortgages, against said company.
Sec. 8. The said company shall within six months after the first tice or com- election of the officers thereof, by a vote of the directors, locate a
business office for said company, within the state of Michigan; and file in the office of the secretary of state a certificate specifying the place of such location; and all annual and other meetings of said company, shall be held at such place as the by-laws of the compa
Lien of in
ny inay direct.
Duration of charur.
Sec. 9. This act shall take effect from its passage, and be in force for thirty years thereafter; but nothing herein contained shall confer banking powers, or the power to deal in money, exchange or to purchase bank or public stocks or for any other purposes than those herein particularly specified.
Sec. 10. Said company shall be subject to the provisions of chapGeneral pro
ter fifty-five of the revised statutes of eighteen hundred and fortysix, so far as the same mny be applicable.
Approved March 14, 1849.
[ No. 84. ) AN ACT to organize certain townships, and for other purposes Section 1. Be it enacted by the Senate and House of Representa
Algoma or tides of the State of Michigan, That town number nine north of gabized. range number eleven wesl, in the county of Kent, be, and the Bame is hereby set off from the township of Plainfield, and organized into a separate township by the name of Algoma, and the first township meeting therein, shall be held at the school house in district number three, in said township; and also to set off from the township of Plainfield, town number ten north of range eleven west, and attach the same to said township of Algoma.
Sec. 2. That lown number nine north of range number nine west, in the county of Kent, be, and the same is hereby set off ganized. from the township of Cortland, and organized into a separate township by the name of Oakfield, and the first township meeting therein shall be held at the school house in school district number five, in said town; and also 10 set off from Cortland, town number ten north, of range nine west, and attach the same to Oakfield. Sec. 3. That town number eight north of range fisieen west,
Crockery excepting such portion thereof as lies on the south side of Grand organized. river; also that portion of town seven north of range fisteen west, lying on the north side of Grand river, in the county of Ottawa, be, and the same is hereby organized into a separate township by the name of Crockery, and the first township meeting therein, shall be held at the house of William Hathaway, jr., in town eight.
Sec. 4. That town number five north of range number thirteen west, in the county of Ottawa, be, and the same is hereby set off Jamestown
organized. from the township of Georgetown, and organized into a separate township by the name of Jamestown, and the first township meeting therein, shall be held at the house of James M. Crankright, in said township,
Sec. 5. That town number nine north of range number fourteen west, in the county of Ottawa, be and the same is hereby organized ganized. into a separate township by the name of Ravenna, and the first township meeting therein, shall be held at the house of Harvey Porter, in said township.
Sec. 6. That town number five north of range number eight Campbell west, } in the county of lonia, be, and the same is hereby set off organizod.