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Interest.

able at such times and places, upon such terms and with such rates of interest (not exceeding eight per cent per annum,) as it may determine; and may secure the payment of the whole or any portion of such bonds or obligations by mortgage of the road or other property of said company: Provided, That no such mortgage shall in Proviso. any respect invalidate or affect or change the title or ownership of said road so far as the same is vested in this State, or the priority of any lien or claim of this State upon said road or other property for the purchase price of said road or any part thereof, or for any tax now due or to become due from said company to this State. 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; and all bonds heretofore issued by said company shall be as binding upon said company as if this act had never been passed, except as herein otherwise provided. But said bonds or obligations now issued or hereafter to be issued under the provisions of this act, shall in no way affect the title of the State to said Michigan Southern Railroad or any portion thereof, or to the machinery, fixtures or other property upon or belonging to said railroad company; neither shall said bunds or obligations take precedence of or affect any lien which the State now has or may have under the provisions of this act, or the act [to] which this [is] amendatory.

State lien.

stock.

Sec. 4. 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 determine, not Construct'n (with the orignal stock) to exceed the amount of their capital stock allowed by law; which construction stock shall be entitled to such dividends and 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

Dividends.

Annual 'report.

Time allow

ed for construction.

Proviso.

Heavy rail; where and

when laid.

may determine, and as shall be approved by the holders of a majority of the stock represented at their annual meeting; and any such "construction stock" heretofore issued, and all guaranties and contracts in respect thereto, are hereby declared to be legal and binding upon said company. 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. And said company may, from time to time, declare and pay from its nett profits, receipts or income, such dividends in cash or stock to its share holders, as it may deem proper. But the dividends payable to the share holders in each class of stock, shall be in just proportion to their respective shares; and the fourteenth section of the act incorporating said company, so far as the same contravenes the provisions of this act, is hereby modified or repealed.

Sec. 5. The annual report of said company to the Secretary of State, required by the thirtieth section of the act incorporating said company, shall hereafter embrace the business of said company for each year, to the first day of December, instead of the first day of January, as provided in said section.

Sec. 6. The said company shall construct and put into operation, within three years after the passage of this act, the said railroad from Coldwater in the county of Branch, to St. Joseph river, in the village of Constantine, or to such other point on said river St. Joseph as said company may select, north of said village of Constantine, and in the county of St. Joseph; said railroad from Coldwater to the point on the St. Joseph river, to be constructed within the boundaries of the State of Michigan, and not nearer than two miles to the Indiana line: Provided, That nothing contained in this act, or the act to which this is amendatory, shall be so construed as to give the said Michigan Southern Railroad Company the right to construct and continue the said Michigan Southern Railroad from the village of Constantine to the State line of Indiana, within one year after the passage of this act, and until the Legislature shall have acted on said charter at the next session thereof.

Sec. 7. Said company shall lay the track of said Michigan Southern Railroad between the city of Monroe and the village of Adrian, with a heavy iron rail, weighing not less than fifty-six pounds to the

199

yard, within five years from the passage of this act; at least five consecutive miles of which, commencing at the wharves in the city of Monroe, shall be laid down during the year eighteen hundred and fifty, and at least five miles in each year thereafter, until the whole is completed; the whole to be laid from Monroe to Adrian, as aforesaid, before the railroad leading from Adrian to Toledo, or any other railroad hereafter to be built, leading southwardly or southeasterly through any portion of the county of Lenawee to the State line of Ohio, shall be laid with as heavy a rail. And there shall never be less of equally heavy iron rail on that part of said Michigan Southern Railroad between Monroe and Adrian, than on said road leading from Adrian to Toledo, or any other road to be constructed southwardly or southeasterly, as aforesaid, in proportion to the relative distance. And any violation of any of the provisions of this section, Forfeiture shall forfeit to the people of this State the sum of thirty thousand dollars.

for violation

ities afford

Sec. 8. The tariff or rates of toll and passage for the transporta- Rates of toll tion of persons and property on or over that portion of said Southern Railroad between the city of Monroe and the village of Adrian, shall never exceed the lowest price at any time charged from the village of Adrian to Toledo, on the railroad between the two last named places, nor the price at any time to be charged on any railroad leading from any part of the county of Lenawee, directly or indirectly to any point within the State of Ohio, while or whenever there may be any connection of the Michigan Southern Railroad with any other railroad leading into the State of Ohio. And it shall be the duty of the Southern Railroad Company at all times to afford Equal facilto any consignor, owner or agent of any property that shall be di- ed. rected or consigned to or by way of Monroe, fully equal facility, in every respect, for the transportation of such property, as shall be given to any property consigned to Toledo; and no agent or other person in the employ of said company shall at any time endeavor [or] attempt to procure either freight or passengers for any direction, or transportation over any road south of said Southern Railroad, in preference to that part of said road between Adrian and Monroe. For every violation of this section, said company shall forfeit and pay to the party aggrieved a. penalty of one hundred dollars, to be recovered by action of debt; and shall also be liable to [for] all dama

Penalty.

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Proviso

Requisition

Repeal.

Proviso.

Acceptance

ges to the party aggrieved: Provided, That nothing in this act contained shall legalize or in any manner effect any connection of said Southern Railroad with the road called the Erie and Kalamazoo Railroad, or with any railroad hereafter to be built, leading southwardly or southeastwardly therefrom, through any portion of this State eastwardly from the county of Lenawee.

Sec. 9. The said company are also required to keep in good running order the branch road leading from the Michigan Southern Railroad to the village of Tecumseh in the county of Lenawee, and to furnish at all times all reasonable facilities for the transportation of, freight and passengers thereon. The State reserves the right at any time after thirty years from the passage of this act, by a vote of twothirds of each branch of the Legislature, to alter, amend or repeal the same: Provided, The said company shall be compensated by the State for all damages sustained by reason of such alteration, amendment or repeal.

Sec. 10. This act shall take effect whenever the said company shall accept the same, and their acceptance in writing, signed and certified to by the president and secretary of said company, under its corporate seal, shall be filed in the office of the Secretary of State: Provided, Such acceptance shall be so filed within six months from the passage of this act.

Approved April 1, 1850.

[ No. 196. }

AN ACT to repeal certain acts, and a part of an act approved
March 31, 1849.

Section 1. Be it enacted by the Senate and House of Representatives 218 of 49 of the State of Michigan, That act number one hundred and ninety

Act No. 192

repealed.

two, entitled "an act appropriating certain non-resident highway taxes for the improvement of the Pontiac and Grand River road,” approved March 31st, 1849; also act number two hundred and eighteen, entitled "an act for the improvement of the road leading from Hillman's in the township of Tyrone and county of Livingston, to Pontiac in the county of Oakland," approved March 31st, 1849, are hereby repealed.

Sec. 2. That sections two, three, four, five, six and seven, of act

5. 6, 7 of act

repealed.

Proviso.

number one hundred and ninety-one, approved March 31st, 1849, Secs. 2, 3, 4, entitled "an act to provide for laying out and establishing a certain 191 of 1849, State road in the counties of Oakland and Genesee," be and the same are hereby repealed: Provided, That all moneys now in the hands of the county treasurer, which by existing law are to be appropriated on said roads according to the provisions of said act, (which this act repeals,) shall be appropriated under the supervision of the special commissioner appointed for that purpose.

Sec. 3. This act shall take effect and be in force from and after its passage.

Approved April 1, 1850.

[ No. 197. ]

AN ACT to organize a school district for colored children in the the village of Niles.

Section 1. Be it enacted by the Senate and House of Representatives of Organizat'n the State of Michigan, That the school inspectors of the village of Niles be authorized to organize a school district, to be numbered as they shall decide, not described by metes and bounds, but composed of the colored children of said village between the ages of four and eighteen years, inclusive.

Inspectors

Sec. 2. The said inspectors shall have power, and it shall be their duty, to appoint annually a director for said district, who shall hold duties. his office until another is appointed.

Sec. 3. It shall be the duty of said director to enumerate the colored children in said village between the ages of four and eighteen, inclusive, and make return thereof at the time and in the manner that school directors of other districts are required by law to do, and to employ a teacher for said district.

Director's duties

Sec. 4. If it shall appear by the return of said director that a Inspecters" school has been taught for three months by a competent teacher, in

the
year for which the returns were made, the inspectors of said dis-
trict are authorized to apportion from the public moneys to said dis-
trict, so much thereof as it shall be entitled to from the number of
scholars of which said district is composed.

Sec. 5. Such money shall be paid to the said director, and by him

duties.

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