sorting and putting up said books and papers in the new clerk's of Sec. 2. This act shall take effect immediately. Company may issue bonds; a [ No. 17. ] AN ACT supplementary to an act entitled an act to incorporate the 1848. Section 1. The People of the State of Michigan enact, That for the purpose of providing means for the construction and completion Mount, & of the plank road of the Jackson and Michigan plank road company, and its buildings and equipments, the said company may issue its corporate bonds or obligations for such amounts, not exceeding in the aggregate the sum of twenty thousand dollars, and in such form as it may deem proper, and payable at such times and places in this State, upon such terms and with such rates of interest (not exceed ing ten per cent per annum) as the board of directors of said company may determine, with the approval of the holders of a majority of the stock of such company; and may secure the payment of the whole or any portion of said bonds or obligations by mortgage of the road or other property of said company: Provided, No such bond or obligation shall be issued for a less sum than one hundred dollars. And said company may sell, dispose of and negotiate such bonds or obligations, either within or without this State, at such rates, for such prices and on such terms as said company may determine; and in case said bonds or obligations or any of them shall be thus sold, disposed of or negotiated at a discount, said sale, disposal or negotiation shall be as valid and effectual as if said bonds or obligations had been sold, disposed of or negotiated at their par value; and said bonds or obligations shall be valid and binding as a security for the whole sum payable by the terms thereof, in the same manner as if they had been sold, disposed of or negotiated at their par value: Provided, That none of such bonds or obligations shall be sold at less than par without the consent of the holders of three-fourths of the stock of said company. Proviso. Proviso. ion stock Sec. 2. For all or any of the purposes aforesaid, said company may create and issue shares of guarantied stock, to be denominated "construction stock," to such an amount as it may dertermine, not to exceed (with the original stock subscribed to the capital of said Constructcompany) the amount of their capital stock allowed by law; which construction stock shall be entitled to such dividend and be payable at such place and in such manner and with such preference or priority over the remaining stock of said company in the payment of dividends, as the directors of said company may determine, and as shall be approved by the holders of three-fourths of the stock of said company, at their annual meeting, or any special meeting called for the purpose of taking into consideration the propriety of issuing such stock; and the holders of such construction stock and their representatives shall be entitled to vote and have an equal voice in the management of the affairs of said company, with the holders of an equal amount of the original stock of said company: Provided, That no such construction stock shall be authorized to be issued at any meetings of said company, unless previous notice of such meeting and the intention of submitting that question shall have been published at least six weeks in the newspapers printed in the villages of Jackson and Eaton Rapids. Provise of act, where Sec. 3. This act shall take effect immediately; and said company shall be entitled to its benefits and be subject to its provisions when- Accept nee ever they shall file their acceptance of the same in writing, signed filed. by the president and secretary of said company, under its corporate seal, in the office of the Secretary of State: Provided, Such accep- Proviso tance shall be so filed within six months from the passage of this act. Approved March 8, 1851. I No. 18. ] AN ACT to amend sections one and two of act number ninety-six, entitled an act to authorize the building of a certain dam therein named, approved March thirty-first, eighteen hundred and forty. Section 1. The people of the State of Michigan enact, That sections one and two of act number ninety-six, entitled an act to autho- of act rize the building of a certain dam therein named, approved March amended Sec. 1 and 2 96, of 1848, thirty-first, eighteen hundred and forty, be amended by adding to section one as follows, to wit: "Sec. 1. And provided further, They shall build and maintain therein a good and sufficient lock, not less than sixty feet in length, and sixteen feet in width, for the passage of rafts, saw logs, boats, canoes and other craft." Sec. 2. By adding to section two, after the word "dam," in the second line of said section, the words "or locks;" so that said sections shall read as follows, to wit: "Sec. 1. That Sheldon Judson, Lewis Nicholson, Nathan Judson, and Benjamin Barrett, their heirs and assigns, be and they are hereby authorized and empowered to build a dam across the outlet of Bear Lake, near its intersection with Lake Muskegon, on the northwest quarter of section number twenty-three, in township number ten north, of range number seventeen west, in the county of Ottawa: Provided, That said dam shall not exceed eight feet above the common low water mark: And provided further, They shall build and maintain therein a good and sufficient lock, not less than sixty feet in length and sixteen feet in width, for the passage of rafts, saw logs, boats, canoes and other water craft. "Sec. 2. Any person who shall destroy or in any wise injure said dam or lock, shall be deemed to have committed a trespass on the owners thereof, and shall be liable accordingly.” Sec. 3. This act shall take effect from and after its its passage. Sec. 4. The Legislature may at any time alter or amend this act. [ No. 19. ] AN ACT to amend section one of act number one hundred and nine, entitled an act to incorporate the Marshall and Ionia plank road company, approved March 20, 1850. Section 1. The People of the State of Michigan enact, That section one of said act is hereby amended by inserting at the beginning of the third line thereof, the names following, to wit: "W, J. Squier, W. R. Martin;" so that said section when amended shall read as follows, to wit: "Sec. 1. The People of the State of Michigan enact, That Isaac CoumisE. Crary, H. J. Lawrence, W. J. Squier, W. R. Martin, John C. Ball, James M. Kidd and William Babcock, be and they are hereby appointed commissioners, under the direction of a majority of whom subscriptions may be received to the capital stock of the Marshall and Ionia plank road company; and the subscribers thereto, with such other persons as they shall associate with them for that purpose, their successors and assigns, shall be and they are hereby created a body politic and corporate, by the name and style of the Marshall and Ionia plank road company, with corporate succession." Approved March 8, 1851. [ No. 20. ] AN ACT to amend sections one and three of an act entitled an act to incorporate the Corunna and Saginaw Plank Road Company, approved April 3, 1848, and to amend section one of an act to amend an act entitled an act to incorporate the Corunna and Saginaw Plank Road Company, approved April 2, 1850. Scetion 1. The People of the State of Michigan enact, That section one of an act to incorporate the Corunna and Saginaw plank road company, approved April third, eighteen hundred and forty-" eight, shall be amended by striking out the word "and," in the fourth line of said section, and inserting after the word "Cooper," in said fourth line, the words "Gardner D. Williams, James Fraser, Charles S. Kimberly and Daniel Eaton," also that section three of the same act be amended by striking out the word "fifty" and inserting "seventy," in the first line, and add between the words "thousand" and "shares," the words "eight hundred;" so that sections one and three shall read as follows: Sec. of get No. 335, of 1850, men deu. "Section 1. Be it enacted by the Senate and House of Representa- Incorporatives of the State of Michigan, That Isaac Castle, Alexander McArcher, Ransom W. Hawley, Luke H. Parsons, Ebenezer C. Kimberly, Gardner D. Williams, James Fraser, Charles S. Kimberly and Daniel Eaton, be and are hereby appointed commissioners, under the direction of a majority of whom subscriptions may be received to the capital stock of the Corunna and Saginaw plank road company; and the Capital. Sec. of act amended. Time exten drd. subscribers thereto, with such other persons as shall associate with them for that purpose, their successors and assigns, shall be and they are hereby created a body corporate and politic by the name and style of the Corunna and Saginaw plank road company, with corporate succession." "Sec. 3. The capital stock of said company shall be seventy thou sand dollars, in two thousand eight hundred shares of twenty-five dollars each." That section one of an act to amend an act entitled an act to incorporate the Corunna and Saginaw plank road company, approved 35 of 1950, April second, eighteen hundred and fifty, be and the same is hereby amended by striking out the word "two," in the sixth and seventh lines, and inserting "three," so that said section will read as follows: “Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That the time in which it was necessary for the Corunna and Saginaw plank road company, under and by virtue of the act of incorporation, approved April third, eighteen hundred and forty-eight, to commence the construction of said road, is hereby extended for three years from the passage of this act; and the said company shall, within three years from the passage of this act, commence the construction of said road, and expend ten per cent of the capital stock of said company; they shall be entitled to all the rights and privileges secured in said act of incorporation, as fully as if they had commenced said road, and made such expenditures within the time specified in said act of incorporation." Route And the said Corunna and Saginaw plank road company shall have the power to extend their said 1oad (and construct and maintain all necessary buildings and toll-gates) from the east end of the upper ferry on the Saginaw river, opposite Saginaw city, to the bend of the Cass river, in Saginaw county, so as to intersect at that point the Saginaw and Genesee plank road, and to take possession of so much of the Detroit and Saginaw turnpike road, so-called, as may be necessary for the construction of sard road: Proveded, That during the construction of said road, the said company shall in no wise prevent or improperly obstruct the travel: Provided further, That nothing herein contained shall be construed as conveying any or further right in such road than the State, as such, possesses. |