26 May be re- corporation from executing a mortgage or other security for the bal ance now due for the purchase of property which has been already made for them. Sec. 13. This act shall take effect and be in force from and after its passage. 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. Incorporation. Route.. Capital. Duration of charter. [No. 30. ] AN ACT to incorporate the Monroe and Dearborn Plank Road Company. Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That Dan B. Miller, John Burch, Alexander M. Arzeno and Jerred Sexton, John B. Grayson, Henry Ledyard, Thomas M. Sweeny, 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 Monroe and Dearborn 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 Monroe and Dearborn Plank Road Company, with corporate succession. Sec. 2. Said company hereby created shall have the power to lay out, establish and construct a plank road and all necessary buildings and appurtenances, from the city of Monroe in the county of Monroe, to the village of Dearborn in the county of Wayne, by the way of Flat Rock in the county of Wayne, with the right of uniting said road at any other point with the plank road of any other company. Sec. 3. The capital stock of said company shall be sixty thousand dollars, to be divided into two thousand shares of twenty-five dollars each; and 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 be and remain in force for the term of sixty years from and after its passage; but the legislature may at any time alter, amend or repeal this act by a vote of two-thirds of each branch thereof; but such alteration, amendment or repeal shall not be made within thirty years from the passage of this act, unless it shall be made to appear to the legislature that there has been a violation by the company of some of the provisions of law to which it is subject: Provided, That after said thirty years, no alteration or re. duction of the tolls of said company shall be made during its existence, unless the yearly nett profits of said company, over and above all expenses, shall exceed ten per cent. on the capital stock invested: Provided, there be no violation of the charter of said company. Sec. 5. As soon as said company shall be duly organized, the Route, board of directors thereof are hereby authorized to enter upon and take possession of so much of the Territorial Road, so called, from Monroe to Flat Rock, also so much of the road along which the telegraphic wires run from Flat Rock to Dearborn, and proceed to construct and maintain thereon a plank road: Provided, however, That during the construction of said plank road, the said company shall in no wise prevent or improperly obstruct the usual travel thereon. Sec. 6. This act shall take effect immediately, and the act entitled Act repeal & an act to incorporate the Monroe and Flat Rock Plank Road Company, approved April 2, 1849, is hereby repealed.. Approved February 18, 1850. [ No. 31. ] AN ACT to amend an act entitled an act to enlarge the powers and increase the number of oficers in school district number four in the township of Ypsilanti, approved March 12, 1819. Rate billa Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That the district board of school district graduated. number four in the township of Ypsilanti in the county of Washtenaw, be and they are hereby authorized and empowered to discriminate in their discretion as to the price to be paid upon the rate bills for teachers' wages by scholars belonging to said district, so that scholars attending said school may pay a price according to the studies each scholar may pursue. Sec. 2. The rate bills made out in accordance with the provisions of the preceding section, shall have the same binding force and effect as rate bills made out under the provisions of law now in force, and shall be collected in the same manner. Ibid. District board empowered to Contract with state board. tion. See. 3. That the district board of said district be and they are hereby authorized and empowered to contract to pay to the State Board of Education the sum of seven hundred dollars per annum towards the salary of the principal of the model school in connection with the State Normal School, or to supply any number of scholars for the said model school upon such terms and conditions as may be agreed upon between said district board and the State Board of Edueation. Sec. 4. This act shall take effect immediately. [ No. 32. ] AN ACT to incorporate the Union Society of Livonia. Section 1. Be it enacted by the Senate and House of Representatives Incorpora- of the State of Michigan, That Erastus Starkweather, Edwin Fuller, Calvin Whipple, Jacob Everett and Dexter Briggs, and such other persons as may be associated with them, and their successors in office, be and they are hereby constituted a body corporate and poiltic, under the name and style of the Union Society of Livonia, subject to the provisions relating to corporations contained in chapter fiftyfive of the revised statutes of eighteen hundred and forty-sx, and such amendments thereto as may be made from time to time by the Legisla Authorized purchase site. ture. Sec. 2. The persons named in the preceding section, and their to build and successors in office, shall have power and are hereby authorized to build in the town of Livonia and county of Wayne, a house for religious worship and lectures, and all other public uses and purposes, and to establish such rules and by-laws for the government of the same as may from time to time be necessary, provided such rules and by-laws are not inconsistent with the constitution and laws of the United States, or of this State; and they shall faithfully apply all funds or other property that may be received by them for that purpose, to purchase a suitable site for, and in the erection of a building for the purposes above named. Sec. 3. The trustees of said institution, elected in pursuance of chapter fifty-five of the revised statutes, shall be in law capable of acquiring and holding by purchase, gift, grant, devise or bequest or may hold & personal es tate and lia ble for debt. otherwise, and of selling, conveying or leasing any estate, real, per- Trusices 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 said 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 passage. 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. May be repealed [No. 33. ] AN ACT in relation to stocks pledged by banks, and for other purposes. urer may: change stock. 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. ved. See. 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 en the stocks to the amount of said excess. bank; act Sec. 3. That section six of an act to incorporate the President, Peninsular Directors and Company of the Peninsular Bank, approved March amended. 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 Plates and notes to be kept by trea surer. wrer 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 said plates and notes, and from time to time to deliver to said bank such 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. ] Route exrended. Capital. General provisions. 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 dollars each. Sec. 3. The said company shall be subject to all general laws of this Sate now in force relative to plank reads, 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 13, 1850. 1 No. 35. ] AN ACT relative to compensation to the trustees of Michigan Asylums, an the members of the Board of Education. -Section 1. Be it enacted by the Senate and House of Representatives |