Capital stock in. creased.

Sec. 1 of act No. 87 of '48 amended.

When road

to be com

pleted.

Tax to be paid.

is hereby so amended as to read as follows: The capital stock of said Railroad Company shall be two millions of dollars, in shares of fifty dollars each.'"

Sec. 2. That section one of an act entitled "an act to amend an act entitled an act to amend an act to incorporate the Shelby and Detroit Railroad Company," approved March 18th, eighteen hundred and forty-eight, be amended so as to extend the time for the completion of said road, so that said section when amended shall read as follows: "If the said company shall not, before the first day of August, one thousand eight hundred and fifty-seven, construct, finish and put in operation twenty miles of the line of said railroad, and shall not before the first day of August, one thousand eight hundred and fifty-nine, construct, finish and put in operation the entire line of said railroad, then the rights, privileges and powers of said company, under this act, shall be null and void as to such parts of said line of road as shall not before said time have been finished and put in operation."

Sec. 3. That section three of the said act, approved March 18th, eighteen hundred and forty-eight, be amended in regard to the tax upon the capital stock of said company, so that said section when amended shall read as follows: "Sec. 3. Said company shall pay to the Treasurer of the State of Michigan an annual tax, at the rate of one-half of one per cent. on the whole amount of capital hereafter paid in upon the capital stock of said company, and also upon all sums of money borrowed by said company, and three-fourths of one per cent. thereafter until 1860; [until 1860, and three-fourths of one When paya. per cent. thereafter;] which tax shall be paid upon the first day of July in each year, and shall be estimated upon the last preceding report of such company, and said State sax shall be in lieu of all other taxes upon all the property of said company, and any investment of any of the nett profits of said company in the business of said company, shall be considered as so much capital paid in, and shall be returned to the State Treasurer accordingly."

ble.

May issue bonds, &c.

Sec. 4. That section six of the said act, approved March 18th, eighteen hundred and forty-eight, be struck out, and the following section substituted therefor, so that said section six of said act shall read as follows: "Sec. 6. Said company are hereby authorized to issue their corporate bonds or obligations for such amounts, not less than one hun

gage road,

dred dollars, and in the aggregate not exceeding their capital stock, and in such form as it may deem proper, and payable at such times and placas, and upon such rates of interest as it may determine, for the purpose of providing means for the construction of said railroad, its shops, depots, buildings and equipments; and said company may secure the May mort whole or any portion of said bonds or obligations, by mortgage of said road or other property of said company; 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."

&c.

Amendm'nt to act of 34.

ferred.

certain con

Sec. 5. That section fifteen of said act of incorporation, approved March 7th, 1834, be amended, so that the same, when amended, shall read as follows: "Sec. 15. If it shall be necessary or for the interest Certain of said company, in the selection of the route, or in the construction of rights conthe road or any part thereof, by them to be laid out and constructed, or in carrying on or conducting the business of the company, to connect the same with, or to cross any railroad, canal, dam or bridge, made or erected by any company incorporated for the transportation of persons or property, by any of the laws of this State or of any other State or country, it shall be lawful for said company to contract with any such May make other corporation or corporations, for the right to connect with, cross or tracts. use such road, canal, dam or bridge, or for the transfer of any such of the corporate or other rights or privileges of the company of such corporations, or of the company hereby incorporated, as may be necessary in that respect; and every such other incorporation is hereby authorized to make such contract or transfer by and through the agency of the persons authorized by the respective acts of incorporation to exercise their corporate powers, or any of the rights and privileges aforesaid; and every contract or transfer made in pursuance of the power and authority hereby granted, when executed by the respective corporations, shall vest in the company to whom said transfer is made ali such rights and privileges, and the right to use and enjoy the same as fully as they are or may be used and enjoyed by the corporation in whom they are vested; and said company hereby incorporated may lo- May change cate and relocate the line of their road, or any part thereof, and for the

line of road.

To fence road, &c.

Construct

sings, &c.

damages till

purpose of straightening the same, may make such alterations therein as may be necessary in that respect, not changing the termini thereof." Sec. 6. Said company shall erect and maintain fences on the sides of their road, of the height and strength of a division fence required by law, with suitable openings and gates thereon, and convenient farm crossings of the road, for the use of the proprietors of lands adjoining such railroad; and also to construct and maintain cattle guards at all cattle guards at road cros-road crossings, suitable and sufficient to prevent cattle and animals from Liable for getting on the railroad. Until such fences and cattle guards shall be fence erect- duly made, said company and its agents shall be liable for all damages which shall be done by their agents or engines to cattle, horses and other animals thereon, and for all the damages which may arise from neglect or refusal to maintain fences as aforesaid; and after such fences Otherwise and guards shall be duly made and maintained, said company shall not fenced, &c. be liable for any such damages, unless negligently or wilfully done; Penalty for and if any person shall ride, lead or drive any horse or animal on such driving ani- road, and within such fences or guards, other than at farm crossings, without ths consent of said company, he shall, for every such offence, forfeit a sum not exceeding ten dollars, and shall also pay all damages which shall be sustained thereby to the party aggrieved.

ed, &c.

after road is

lending or

mals on

railroad.

When this act to take

Sec. 7. This act shall take effect and be in force upon acceptance effect. thereof by said company, and filing such acceptance in the office of Secretary of State.

Approved February 13, 1855.

Consolida

authorized.

[ No. 138. ]

AN ACT to authorize the Michigan Southern Railroad Company to consolidate with the Northern Indiana Railroad Company.

SECTION 1. The People of the State of Michigan enact, That tion of roads the Michigan Southern Railroad Company is hereby authorized to consolidate with the Northern Indiana Railroad Company, of Indiana, by a vote of a majority in interest of the stockholders of each of said corporations, at meetings called for that purpose, or by the written assent of such majority, to be filed in the office of the Secretary of State; and when said vote shall be passed, and such assent filed, and an agreement

name.

liabilities.

To be sub

R. Go

entered into, as provided in section 2, said corporations shall thereby be united and become one corporation, to be called the Michigan Southern Corporate and Northern Indiana Railroad Company; and all the franchises, prop- Rights and erty, powers and privileges, now enjoyed by the Michigan Southern Railroad Company, and all the restrictions, liabilities and obligations, imposed upon said two corporations, by virtue of their respective charters, and all contracts by and with either or both of said corporations, shall appertain to said united corporation, in the same manner as if the same had been contained in or acquired under an original charter, or made by or with said consolidated corporation, and in the same manner as if such consolidation had not taken place; and all debts and demands against said Michigan Southern Railroad Company, shall be enforced against said new corporation to the same extent and in the same manner as if such debts or demands had been originally incurred by it, and all obligations of said Michigan Southern Railroad Company, under the act entitled "an act to authorize the sale of Ject to all obligations the Southern Railroad, and to incorporate the Michigan Southern Rail-Mich. 8. R. charter of road Company," and of the directors thereof shall be transferred to said new corporation and the directors thereof, and said new company shall cause its books to be opened, for the purpose of receiving subscriptions To open to its capital stock for the purpose of extending said road, in the same manner and upon the same terms as the Southern Michigan Railroad Company would have been required to do, if such consolidation had not been made; and any person or persons may subscribe stock for the extension of either of the roads named in said section, in the same manner and upon the same terms as if no consolidation had taken place; and Construct'n the directors of said new company shall cause the said road to be constructed in the same manner and upon the same conditions as said Michigan Southern Railroad Company would have been compelled to do, were it not for such consolidation; and the shares on the road so extended shall be entitled to a dividend of the nett profits of said road, in proportion to the amount of instalments paid in on the respective shares of said company; and the persons so subscribing and paying, shall be Rights of stockholders in said new company, and entitled to all rights and privi- &c. leges of the original stockholders of said new company, in the same manner and to the same extent as is contemplated by the original charter of the said Michigan Southern Railroad Company.

books, &o.

of road, &o.

stockholders

Agreement for consoli.

tents there

of.

Sec. 2. The directors of said corporations may enter into ar agreedation, con- ment, under their respective corporate seals, for the consolidation of said corporations, prescribing the terms and conditions thereof; the mode of carrying the same into effect; the number of directors thereof, which shall not be less than seven nor more than thirteen; the names of the first directors of said united corporation; the time and place of holding the first election of directors; the day for holding the annual election of directors; the amount of capital and the number of shares of the stock of the new corporation, which shall not be larger in amount than the aggregate amount of capital authorized by the charters of the respective companies thus consolidated; the manner of converting the shares of capital stock in each of said corporations, into the shares of such new corporation, with such other details as they may deem necessary to embrace in such agreement, not inconsistent with the provisions of their respective charters.

How taxed,

&c.

To fence

rall road.

Sec. 3. The said corporation so to be organized, by virtue of this act, shall continue subject to the same rate of tax as though such consolidation should not take place; and the amount of its capital and loans hereafter, upon which such taxation shall be paid, shall be such portion of the whole of its capital and loans as is actually employed in the State of Michigan, to be ascertained on or before the first day of January in each year, by the Auditor General of this State, from the annual report of said corporation, or from such other reports on oath as he may deem necessary for such purpose, to be ordered by him from the office of such corporation.

Sec. 4. The said new company shall erect and maintain fences on the sides of their road, of the height and strength of a division fence required by law, with suitable openings and gates thereon, and convenient farm crossings of the road for the use of proprietors of land adjoining said railroad, and also to construct and maintain cattle guards at all public road crossings, except in cities and villages, suitable and sufficient to prevent cattle and animals from getting on to the railroad; until such fences and cattle guards shall be duly made, such railroad company and its Liable for agents shall be liable for all damages which shall be done by their agents damages to animals till or engines to cattle, horses, or other animals thereon, and for all other fenced, &c. damages consequent upon their refusal or neglect to maintain fences as aforesaid; and after such fences and guards shall be duly made and

road is