sonal service of a copy of the substance of the petition, and a copy of the order of the court fixing the time and place of hearing of the same, (which shall be a reasonable time after the order of such notice,) or by publishing the same in such newspaper for such length of time, not less than three weeks, as the court may direct; and the court may examine the petitioner or petitioners or other person on oath, touching the facts set forth in the petition, and the circumstances attending the same. Approved, March 31, 1840.

[No. 89.]

AN ACT to incorporate the Lake Superior fishing and mining company.

SECTION 1. Be it enacted by the Senate and House of Repre- Corporation sentatives of the State of Michigan, That John Hulbert, Alfred Hartshorn, Samuel Ashman, George S. Fake, Cornelius Wickware, Charles W. Penny, Joel L. Ankrim, Nathaniel W. Brooks, and such other persons as may be associated with them and their successors for the period of twenty years after the approval of this act be, and are hereby ordained, constituted and declared to be a body politic and corporate, under the name of "The Lake Superior fishing and mining company,” and by that name they and their successors, for the period aforesaid, shall and may have succession, and shall be persons in law, capable of suing and being sued, pleading and being impleaded, answering and being answered unto, defending and being defended in all courts and places whatsoever, and in all manner of actions, suits, complaints, matters and causes whatsoever, and that they and their successors may have a common seal, and may change the same at their pleasure; and that they and their successors, by the name aforesaid, shall in law be capable of purchasing and holding any lands, tenements, hereditaments and real and personal estate whatsoever, necessary for the objects of this incorporation: Provided, The real and personal estate of said corporation shall not exceed two hundred thousand dollars.

Capital stock.

Stook considered per

§ 2. Capital stock of said company shall be one hundred thousand dollars, with the privilege of increasing the same to two hundred thousand dollars, to consist of and be divided into ten hundred shares, of one hundred dollars each.

§ 3. That the stock of said company shall be considered sonal estate. personal estate.

Object.

Directors,

&c.

Meetings

and elections.

Quorum.

§ 4. That for the purpose of conducting the business of the said company, which shall be that of fishing and vending the produce of the same, and carrying on the fishing business, there shall be five directors, one of whom they shall annually elect their president, who shall hold their office for one year, or until others shall be elected in their stead. That the first directors shall be John Hulbert, Alfred Hartshorn, Samuel Ashman, George S. Fake, Cornelius Wickware, Charles W. Penny, Joel L. Ankrim, Nathaniel W. Brooks, of whem, until the first election of directors as hereinafter mentioned, the said John Hulbert shall be president; that the election of directors shall be held at their office, on the first Monday in July in each and every year, at such time of day and at such. place as may be designated by public notice, signed by their secretary, to be inserted in a newspaper published in the city of Detroit, once in each week at least sixty days previous thereto; at which said election, the stockholders may vote in person or by proxy. Each stockholder shall be entitled to one vote for each share he may hold, and the persons receiving the greatest number of votes shall be duly elected.

5. Three of the directors for the time being, shall form a board or quorum for the transaction of the affairs and business of said company, and shall have power to establish such byBy-laws. laws, rules and regulations, as to them shall seem needful and proper, touching the management and disposition of the stock, property and effects of the said company, the duties, conduct and compensation of the agents and other persons employed by said company, the election of the directors, the government of the company, and all such matters as appertain to its concerns.

Stock, how transferable

§ 6. The stock of said company shall be transferrable according to such form, and subject to such regulations as the board

of directors shall prescribe, but no transfer shall be valid or effectual until it shall be entered or registered in a book or books, to be kept by the directors for that purpose, nor until the person making the same, shall have previously discharged all debts due by him or her to the said company.

of affairs.

§ 7. It shall be the duty of the directors, on the day of the Statement annual meeting above appointed, to cause a statement of the accounts of the company to be made, to exhibit the same to the stockholders then assembled, and to declare and pay over to them respectively, such dividends as they may be entitled to receive on their shares.

vested in

funds of said

liable.

§ 8. The property of every individual member or members Property of said corporation, vested in said corporate funds, shall be corporate liable in the same manner as other personal property is liable company, by the laws of this state, for the payment and satisfaction of his, her or their just debts, to any of his, her or their bona fide creditors; and when any execution shall be issued against the personal property of any individual member or members, and the creditors are desirous that the same should be levied upon the property of such debtor or debtors in the said corporate funds, the officer to whom such execution may be directed, shall levy the same, by leaving with the president or secretary of said corporation, an attested copy of such execution, and a written notice that the said execution is levied upon the property of the said debtor or debtors in the said corporate funds, and such property thus levied upon shall be sold in the same manner as is, or shall be provided for the sale of personal property taken in execution; and such property in said corporate funds thus levied upon and sold, shall be transferred to the purchaser or purchasers, by entering in the proper book of such corporation, a statement of the sale of such property, by virtue of such execution, which entry the officer serving such execution, shall be permitted to make: Provided, That upon any execution being levied upon any share or shares in said corporation, it shall be the duty of the president or secretary of said corporation to exhibit the proper book of the corporation to the officer, and to furnish him with a certificate under

Location.

No banking privileges.

May be

amended or repealed.

his hand, in his official capacity, stating the number of shares the debtor or debtors hold in said corporation, the amount of dividends thereon due, and the debts, (if any,) due to said corporation from such debtor or debtors.

§ 9. The private property of the stockholders of said company shall be liable for the debts due by the corporation for one year after the stock shall be transferred by any of the stockholders: Provided, That no stockholder shall be made liable to an amount greater than the amount of stock at any one time held by him.

§ 10. That said company shall, within six months after the taking effect of this act, by a vote of the board of directors, locate the office of said company, and file in the office of secretary of state a certificate specifying the place of such location, and thereafter all annual and other meetings of said company shall be held at such place.

§ 11. This act shall in no wise be so construed as extending to the company aforesaid, banking privileges.

§ 12. This act shall to all intents and purposes be considered a public act, and nothing in this act shall be construed to prevent the legislature from amending or repealing the same, but shall be construed and considered in all places and courts beniguly and favorable for every beneficial purpose therein contained, and may at any time hereafter be amended, modified or repealed by a vote of two-thirds of the legislature of this

state.

Approved, March 31, 1840.

[No. 90.]

AN ACT to amend an act entitled "An act to abolish imprisonment for debt and punish fraudulent debt

ors."

SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That any person who was at the time of the taking effect of the "Act to abolish impri

sonment for debt and to punish fraudulent debtors," a prisoner on the jail limits of any county, upon execution issued in any cause in which, by the provision of said act such person could not after the taking effect of said act be arrested or imprisoned, shall be entitled to the benefit of the provision of the seventeenth section of said act, and may be discharged from the jail limits in the same manner as if he had been in close custody in jail, on complying with the provisions of the said seventeenth section, relative to the giving of notice to his creditor, his agent or attorney.

§ 2. That when it shall appear to any judge or justice of the peace who shall have issued a warrant under the provision of the above mentioned act, that any person who may be arrested by virtue of such warrant and brought before such judge or justice, has removed any property out of the jurisdiction of the court or justice before whom the suit was brought or in which the judgment or decree was obtained, as provided in the above mentioned act, or has assigned or disposed of the same, with intent to defraud any of his creditors, such defendant shall not be entitled to give the bond provided for in the fourth subdivision of section ten of said act, but such judge or justice may require such person to enter into recognizance, with one or more sufficient sureties, in such sum as the judge or justice shall direct, conditioned for the appearance of such defendant to answer such charge before the circuit court of the county at its next term, and if such defendant shall neglect or refuse to give such security, such judge or justice shall order him to be committed to the jail of the county until discharged by due course of law.

Approved, March 31, 1840.

[No. 91.]

AN ACT to provide for the foreclosure of mortgages by advertisement.

foreclosure.

SECTION 1. Be it enacted by the Senate and House of Repre- Notice of sentatives of the State of Michigan, That notice that such