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may hold & personal es
ble for debts.
otherwise, and of selling, conveying or leasing any estate, real, per- Trustees sonal or mixed, in value not exceeding the sum of five thousand dollars, sell real and for the use of said corporation and no other, and shall hold for the use of tate and liasaid corporation, any estate, real or personal, heretofore conveyed to the members of said corporation for the purposes aforesaid, and shall be held liable for all debts of said corporation as partners in trade, after the corporate property shall have been exhausted.
Sec. 4. This act shall take effect and be in force from and after its May be repassage. The Legislature may at any time alter, amend or repeal this act, by a vote of two-thirds of each House. Approved February 18, 1850.
[ No. 33.
AN ACT in relation to stocks pledged by banks, and for other
urer may change
Section 1. Be it enacted by the Senate and House of Representatives state treasof the State of Michigan, That the State Treasurer be and he is hereby authorized to change at discretion the stock pledged by the banks as security for circulating notes, and receive others allowed by their acts of incorporation, in exchange.
Sec. 2. That all stocks hereafter pledged by the banks shall be re- How receiceived by the State Treasurer at an estimate as provided by their acts of incorporation, but at a rate not above their par value; and for all stocks heretofore pledged by the banks, which have been received at an estimate above their par value, it shall be the duty of the State Treasurer to notify the banks to return, forthwith, notes to the amount of such excess, or to deposit stocks allowed by the acts of incorporation to make up the deficiency-or he may retain the interest due on the stocks to the amount of said excess.
bank, act amended.
Sec. 3. That section six of an act to incorporate the President, Peninsular Directors and Company of the Peninsular Bank, approved March 28, 1849, be and the same is hereby amended by striking out the word "next," in the last line of said section as printed, and by inserting in the place thereof, the words "one thousand eight hundred and fifty-one:" Provided, That the said Peninsular Bank shall, within sixty days after the passage of this act, deliver to the State Treas
urer or his authorized agent or agents, the bank note plates of said bank, also all notes printed and not countersigned by said treasurer. Sec. 4. The said treasurer is hereby required to safely keep the kept by trea- said plates and notes, and from time to time to deliver to said bank suck
Plates and notes to be
an amount of circulating notes duly countersigned and registered by him, as said bank shall be entitled to under their charter.
Sec. 5. This act shall take effect and be in force from and after its passage.
Approved February 18, 1850.
[ No. 34. ]
AN ACT to amend an act to incorporate the Mount Clemens and
Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That the Mount Clemens and Romeo Plank Road Company shall have power to continue and extend said plank road from some point at or near Gray's Mills, (so called, )in the the township of Ray in the county of Macomb, on the most eligible route, to the village of Almont in the county of Lapeer.
Sec. 2. Said company shall have the power to increase the capital stock of said company to fifty thousand dollars, with a corresponding increase of the number of shares of twenty dellars each.
Sec. 3. The said company shall be subject to all general laws of this State now in force relative to plank roads, and the same are made a part of this act.
Sec. 4. This act shall take effect from and after the time at which said company shall file their acceptance, signed by the president and secretary of said company, in the office of the Secretary of State: Provided, That said acceptance shall be filed within one year of the passage of this act.
Approved February 18, 1850.
[ No. 35. ]
AN ACT relative to compensation to the trustees of Michigan Asylums, and the members of the Board of Education.
Section 1. Be it enacted by the Senate and House of Representatives
of the State of Michigan, That the Auditor General be, and he is hereby authorized and required to audit and allow to the members of the board of trustees of the Michigan asylums, and to the members of the board of education, the expenses necessarily incurred by them in the discharge of their duties; also, two dollars per day for their services actually and necessarily performed, upon their certifying the same to be correct, and draw his warrant upon the treasury therefor. And it shall be the duty of the State Treasurer to pay said warrants out of any moneys not otherwise appropriated, and charge the same to the asylum fund and to the Normal school endowment fund, respectively.
Sec. 2. This act shall take effect and be in force from and after its passage.
Approved February 19, 1850.
[ No. 36. ]
AN ACT to extend the time for the completion of the Canal and Locks around the Rapids of Grand River, at Grand Rapids, and for other purposes.
Section 1. Be it enacted by the Senate and House of Representatives Act amend of the State of Michigan, That section six of act number nineteen of the session laws of eighteen hundred forty-seven, be and the same is hereby amended by striking out the word "three," before the word "years," in the twelfth line of said section, and inserting in lieu thereof the word "four."
Sec. 2. The comissioners having control of the construction of the Commies'rs canal and locks around the rapids of Grand River, at Grand Rapids, plan. and of the dam constructed in connection therewith, are hereby invested with full power to alter, modify, or in any manner change the plan and construction of the canal, locks and dam, or any portion thereof, either of such portions as are already constructed or which remain unfinished, as in their discretion they shall deem proper, limited only by the laws now in force regulating the manner, mode of construction, size and dimensions of the canal and locks and the depth of water therein, and the provisions of this act: Provided, state mot That the State shall in no manner be made liable beyond the appropriation already made for that purpose, in consequence of any such
Lagineer; how appoin
Sec. 3. The commissioners are hereby authorized to appoint a competent engineer, who, in addition to the duties now devolving by law upon the engineer appointed by the board of supervisors of the county of Ionia, under act number 216 of the session laws of Mi duties. 1849, shall superintend the completion of said canal, locks and dam,
and such alteration and re-construction as said commissioners may direct under the provisions of this act. And the office of the present acting engineer created by the said act be and the same is hereby annulled. All duties now devolving by section one of act number 216, aforesaid, upon the chairman of the board of supervisors of the county of Ionia, shall hereafter be performed by said commissioners or a majority thereof.
alteration, modification, or change as herein provided, or for any portion of the expenses of the completion of said canal, locks and
Sec. 5. Thec ommissioners are hereby authorized and required to may be ex- extend the contract heretofore entered into between the said commis
sioners and James Davis, for the construction of said canal, locks and dam, until the twentieth day of February, A. D. 1851: Provided, That the said Davis shall, within sixty days after the passage of this act, renew said contract, with such alterations and additional requirements in relation to the said canal, locks and dam as such commissioners shall deem proper to impose under the powers conferred upon them by section two of this act, and shall, within the same time, give to said commissioners security for the faithful performance of such contracts so renewed and altered, which security shall be a bond with good and sufficient sureties, to be approved by the judge of probate of Kent county and said commissioners, running to said commissioners and their successors in office, in the penal sum of twenty thousand dollars, conditioned for the faithful performance of such renewed and altered contract; and in case of failure by said Davis to perform the conditions thereof, the said commissioners and their successors in office are hereby authorized to prosecute said bond in their own names, with the addition of their name of office: Provided, always, That in case the commissioners shall determine to make any alteration in regard to the construction or relocation of the west half of the dam, which they are hereby
empowered to do, they are hereby authorized to contract with any person or persons other than the said Davis, to make such alteration, if in their discretion they shall deem it expedient so to do; that the State shall not be liable for any damages or claims on account of liable. such alteration or relocation.
Sec. 5. In case the said James Davis shall neglect or refuse, with- Commiss're in sixty days from the passage of this act, to renew and alter said tract with contract with said commissioners for the construction of said canal, sons. locks and dam, as contemplated in sections two and four of this act, or shall fail to give security for the faithful performance of the same, as in said sections required, it shall be the duty of the commissioners to contract with any other person or persons for the completion of said work as contemplated by this act; and they are hereby author-: ized to let portions of said work to different persons and in separate contracts: Provided, The aggregate of such contracts shall cover the whole work to be done: And provided further, That the aggre gate compensation provided for in all such contracts shall not exceed the unexpended balance of the appropriation of land heretofore made by the Legislature for the construction of the canal and locks around the rapids of Grand River at Grand Rapids: And provided further, That persons taking contracts for the whole or any part of said work, shall give security to the satisfaction of the commissioners for the faithful performance of the same, which may be prosecuted in the same manner as is provided in section four of this act.
Sec. 6. The engineer to be appointed shall, from time to time, as he Engineer; shall be requested by any person or persons having a contract for the construction of said work or any part thereof, under the provisions of this act, make estimates of labor performed and materials furnished, either or both, as the case may be, which estimates, when countersigned by the commissioners or a majority of them and filed in the State Land Office, shall entitle the person or persons in whose favor such estimates shall be made, to receive from the person performing the duties heretofore devolved by law upon the Commissioner of the State Land Office, a certificate of purchase for such descriptions of land heretofore selected for that purpose, and for which certificates of purchase have not heretofore been issued, as such commissioners shall direct, and which, at one dollar and twenty-five cents per acre, shall not exceed the amount of such estimates.