Proviso. Stock. Assessm❜nts Indebtedo's. Liability. Proviso Report Liability. certificate: Provided, That the real estate which this company may hold shall be only such as shall be necessary for the corporate uses of said company. Sec. 5. Any shares may be transferred by the proprietor thereof, by a deed under his hand and seal, acknowledged by any officer duly authorized by law to take acknowledgments of deeds, and recorded by the treasurer of the corporation, in a book to be kept for that pur pose; and the purchaser named in such deed so recorded, shall, on producing the same to the treasurer, and delivering to him the former certificate, be entitled to a new certificate; and from the entry of such transfer the new stockholder shall be under all the liabilities of the original stockholders. Sec. 6. Said corporation may, from time to time, at any regularmeeting called for that purpose, assess upon each share such sums of money as the corporation may think proper, not exceeding in the whole the amount at which such share shall be originally limited; and such sums so assessed shall be paid to the treasurer at such times and by such instalments as the corporation shall direct. Sec. 7. The whole amount of debts which said corporation shall at any time owe, shall not exceed the amount of its capital stock ac tually paid in; and said corporation shall annually give notice in some newspaper printed in the county of Washtenaw, (and in the village of Ypsilanti, if any newspaper be printed in such village,) of the amount of all the assessments laid by said corporation and actually paid in, and the amount of all existing debts; which notice shall be signed by the treasurer. Sec. 8. All the members of this corporation or manufacturing company shall be jointly and severally liable for all debts and contracts made by said company for services rendered to said company: Provided, That the joint property shall be first exhausted before the private property of any member of said company shall be taken. Sec. 9. The company shall, annually, on or before the first Monday of January in each year, make a report in writing to the Secretary of State of the amount of the capital stock of said company, the amount paid in, the amount of all loans for the use of said company, and the amount of dividend upon the capital stock of said company. Sec. 10. All the stockholders of said company shall be severally and individually liable to the creditors of said company, to an amount equal to the amount of stock held by them respectively, for all debts and contracts made by or for said company, until the whole of their capital stock shall have been paid in, and a certificate thereof shall have been made and recorded, as prescribed in the following section; and the capital stock of said company shall all be paid in, one-half within two years, and onee-half within four years from the passage of this act, or said company be dissolved. Nothing but money shall be considered as payment of any part of the capital stock. The 'said company shall, within six months after an organization under this act, establish and at all times maintain a business office to be located in the village of Ypsilanti. In case the treasurer of said company is not found at said office, service of all legal process process against said company may be made by leaving a copy thereof at said office. Business of fice. Service of President & Sec. 11. The president and a majority of the trustees or directors Duty of of said company, within thirty days after the payment of the last Directors. instalment of the capital stock of said company, shall make a cerfificate stating the amount of capital so paid in, which certificate shall be signed and sworn to by the president and á majority of the trustees or directors; and they shall, within the said thirty days, cause the same to be recorded in the book of miscellaneous records in the office of the register of deeds in the said county of Washtenaw. Sec. 12. If said, company shall declare and pay any dividend Dividends. when said company is insolvent, or any dividend the payment of which would render it insolvent, or which would diminish the amount of its capital stock, the stockholders shall be jointly and severally liable for all the debts of the company then existing. The stockhold- Liability. ers of said company shall be jointly and severally individually liable for debts that may be due and owing to all their agents, laborers and apprentices, and to all persons in their employ, for services performed for said company. Sec. 13. The Legislature may at any time alter, amend or repeal Repeat. this act; but such amendment shall not, nor shall the dissolution of said company, take away or impair any remedy given against bald company, its stockholders or officers, for any liability which shall Fave been previously incurred. Sec. 14. This act shall take effect and be in force from and after its passage. Approved April 1, 1850. [ No. 210. ] AN ACT to amend an act to provide for the recording of town plats and for vacating the same in certain cases, Approved April 19, 1839. Section 1. Be it enacted by the Senate and House of Representatives. of the State of Michigan, That the above named act be and the same is hereby amended by adding a new section thereto, to stand as section nine, to wit: "Sec. 9. When application is made to alter or vacate any town or village plat, as aforesaid, any person or persons interested may appear in person or by attorney, and oppose the same, by having his or their appearance entered upon the records of said court for that purpose; and in case the proprietor succeed in his application, then judgment shall be rendered in his favor, and costs against the person or persons opposing the same; but in case the pro, prietor does not succeed in his application, judgment shall be rendered in favor of the person or persons opposing the same, for costs, and shall be taxed and execution issued therefor as in other cases.“ Sec. 2. This, act shall take effect and be in force from and after its passage. Approved April 1, 1850. [ No. 211. } Highway priated. AN ACT for the improvement of the Eaton, Barry and Allegan State Road. Section 1. Be it enacted by the Senate and House of Representatives. tax appro- of the State of Michigan, That for the improvement of the Eaton, Barry and Allegan State road, there shall be and is appropriated, to be expended as hereinafter provided, the non-resident highway tax for the year one thousand eight hundred and forty-nine, which shall remain unexpended on the first day of May next, and the non-resident highway tax which may hereafter be assessed for four years mext following the year 1849, upon the line of said road as hereinafter described, viz: commencing at the west line of the village Line of plat of the village of Lansing, thence west, embracing all non-resi- road. dent land for one mile each way from the centre of said road to the west line of the township of Delta in the county of Eaton; thence following the line of said road to the west line of said county of Eaton, embracing all of the non-resident lands for a distance of one mile each way from the centre of said road: Provided, That [if] any lot or description of land not exceeding eighty acres, (owned by non-residents as aforesaid,) shall be partially embraced within said limit, and extend beyond said one mile, as above specified, the highway tax upon such description shall be deemed appropriated as aforesaid. Proviso. commise'r. Sec. 2. A special commissioner shall be appointed who shall have special the superintendence of the said road within the counties of Ingham and Eaton, and shall direct where the moneys shall be expended and the labor performed in said road. Sec. 3. It shall be the duty of said special commissioner to make His duties. out a correct list of all non-resident lands embraced within the provisions of this act, and file the same with the county treasurer of the county in which the land lies, on or before the twentieth day of June next. treasurers. Sec. 4. The county treasurers of the counties of Eaton and Ing-Duty of Co. ham, respectively, shall each open accounts in a book to be provided for that purpose at the expense of the counties respectively, with the Eaton, Barry and Allegan State road fund, and shall credit all moneys paid to them respectively, under the provisions of this act, to said fund; and shall charge to said fund all warrants drawn in pursuance of this act, all payments made to the commissioner on ac'count of services and such other necessary expenses in carrying into execution the purposes of this act, which may be audited by the board of supervisors of the respective counties. to contract, Sec. 5. The said special commissioner shall have power to let or commise'r contract by public auction, any job or work on said road, giving public notice thereof by posting up three or more notices within the township where the labor is to be performed, as near as may be upon the line of the road, at least ten days before the time of letting such *Compensation. contract, which shall be let to the lowest bidder giving good security to the satisfaction of the commissioner for the faithful performance. of said contract. Sec. 6. Whenever any such contract shall be performed, the commissioner shall certify to the fact upon the contract, and shall there; upon draw his warrant upon the treasurer for the payment of the. same, out of the Eaton, Barry and Allegan road fund, and shall attach such warrant to said contract, and deliver the same to the conForfeiture. tractor; and in ease any person having so contracted shall fail in the performance of his contract, it shall be the duty of the commissioner, to cause the same to be prosecuted in his own name for the benefit of the aforesaid account. Labor; how done. *Commuta Sec. 7. Any person wishing to perform the labor assessed upon his land, embraced within the limits of the first section of this act, may apply either by his agent or otherwise to the special commissioner; and on such application the said commissioner shall direct when, where and in what mannner the labor may be performed on said road; and whenever the same shall be fully and satisfactorily performed, the said commissioner shall give a receipt therefor; and upon presentation of such receipt to the overseer of highways of the road district in which such lands lie, before the time designated by law for the return of unpaid highway taxes, the said overseer shall cancel the tax acknowledged to be paid by said receipt. Sec. 8. Whenever any person shall commute the highway tax astion moneys sessed upon non-resident lands embraced within the provisions of this act, and the same shall be paid to overseers of highways, they. shall pay over the same within thirty days to the township treasurer, who shall give duplicate receipts therefor, one of which receipts said overseer of highways shall deposit with the county treasurer, within ten days thereafter; and the township treasurer shall pay over to the county treasurer, on or before the fifteenth day of November in each year, all moneys that may come into his hands in each year from the overseer of highways. Commiss'r Sec. 9. Roswell Maxon, of the county of Eaton, is hereby appointappointed. ed special commissioner under this ac; and before said commissioner shall enter upon the duties of his office, he shall take and sub-. scribe the oath prescribed by the laws of this State, and file the same with the clerk of Eaton county. |