been completed and determined, it shall be lawful to transfer the [ No. 205. ] AN ACT to amend an act entitled an act to amend an act entitled. an act to incorporate the village of Adrian, approved April 6, 1841. Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That section two of an act entitled "an act to amend an act entitled 'an aet to incorporate the village of Adrian,'' be and the same is hereby amended by inserting in the eighth line thereof, as printed, after the word "Treasurer," the words, "and also one Marshal and one Street Commissioner." And amend section 13 of the act above recited, by striking out all after the word "authority," in the first and second lines thereof, to and including the word "act," in the fourth line of said section as printed. Sec. 2. This act shall take effect and be in force from and after its passage. Approved April 1, 1850. [ No. 206. ] AN ACT to amend chapter ninety-five of the revised statutes of eighteen hundred and forty-six. Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That section two of chapter ninety-five of the revised statutes of eighteen hundred and forty-six, be amended by adding after the word "court," in the third line of said section, "excepting in the counties of Michilimackinac, Chippewa and Houghton." Sec. 2. This act shall take effect from and after its passage. [ No. 207. ] AN ACT to vacate the village plat of Centerville, in the township of Royal Oak in the county of Oakland. Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That the village plat of the village of Centerville in the county of Oakland and state of Michigan, be and the came is hereby vacated; and that all lands which have heretofore been known as the village plat of the village of Centerville in the county of Oakland, shall hereafter be assessed the same as though the same bad never been platted and recorded as a village plat. Sec. 2. This act shall take effect and be in force from and after its passage. Approved April 1, 1850. [ No. 208. ] AN ACT to change the name of Ervin Eugene Bidler. Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That the name of Ervine Eugene Bidler be and the same is hereby changed to Ervine Eugene Sayres: Provided, That nothing in this act contained shall be so construed as to release the said Ervine Eugene Bidler, whose name is hereby changed to Ervine Eugene Sayres, from any liability or obligation he may have incurred or come under prior to the change of his name. Sec. 2. This act shall take effect from its passage. Approved April 1, 1850. [ No. 209. ] AN ACT to incorporate the Ypsilanti Woolen Manufacturing Company, in the county of Washtenaw. tion. Powers and Section 1. Be it enacted by the Senate and House of Representatives Incorporaof the State of Michigan, That Mark Norris, Arden H. Ballard, Walter A. Buckbee, Isaac N. Conklin and Walter B. Hewitt, and their successors and associates, are hereby created a body corporate, by the name of the Ypsilanti Woolen Manufacturing Company, for the term of thirty years from the passage of this act, for the pur- liabilities. pose of manufacturing woolen and woolen and cotton cloths, in the township of Ypsilanti and county of Washtenaw, capable of executing all the powers, entitled to all the privileges, subject to all the duties and liabilities specified in chapter fifty-five of the revised statutes of eighty hundred and forty-six, so far as the same may be modified and controlled by the terms of this act. Sec. 2. The capital stock of said corporation shall not exceed the Capital sum of one hundred thousand dollars, a part whereof, not exceeding forty thousand dollars, may be invested in real estate, which said corporation is hereby authorized to hold. Service of Officers Sec. 3. Said corporation shall have a treasurer, upon whom service of any process against said company may be made, and the process. same shall be deemed a valid service thereof upon said company; and such other officers and agents as the members of the corporation may determine, to be appointed in such manner and for such terms as the by-laws of said corporation may prescribe. The treasurer shall be sworn to the faithful discharge of his duties, as the same may be prescribed in said by-laws, and shall give bond, in such a sum and with such sureties as the said by-laws may prescribe, for the faithful discharge of his duty. Sec. 4. The amount of the capital stock shall be fixed and limited Capital by the corporation, in the manner prescribed by the by-laws, not exceeding one hundred thousand dollars, and shall be divided into shares of twenty-five dollars each, and a record thereof be made by the treasurer; said shares shall be numbered in progressive order, beginning at number one; and every stockholder shall have a certificate under the seal of the corporation, and signed by the treasurer, -certifying his property in such share as shall be expressed in the Proviso. Stock. Assessm'nts Indebtedn's. Biability. Proviso Report Liability. certificate: Provided, That the real estate which this company may hold shall be only such as shall be necessary for the corporate uses of said company. Sec. 5. Any shares may be transferred by the proprietor thereof, by a deed under his hand and seal, acknowledged by any officer duly authorized by law to take acknowledgments of deeds, and recorded by the treasurer of the corporation, in a book to be kept for that pur pose; and the purchaser named in such deed so recorded, shall, on producing the same to the treasurer, and delivering to him the former certificate, be entitled to a new certificate; and from the entry of such transfer the new stockholder shall be under all the liabilities of the original stockholders. Sec. 6. Said corporation may, from time to time, at any regular meeting called for that purpose, assess upon each share such sums of money as the corporation may think proper, not exceeding in the whole the amount at which such share shall be originally limited; and such sums so assessed shall be paid to the treasurer at such times and by such instalments as the corporation shall direct. at any Sec. 7. The whole amount of debts which said corporation shall time owe, shall not exceed the amount of its capital stock actually paid in; and said corporation shall annually give notice in some newspaper printed in the county of Washtenaw, (and in the village of Ypsilanti, if any newspaper be printed in such village,) of the amount of all the assessments laid by said corporation and actually paid in, and the amount of all existing debts; which notice shall be signed by the treasurer. Sec. 8. All the members of this corporation or manufacturing company shall be jointly and severally liable for all debts and contracts made by said company for services rendered to said company: Provided, That the joint property shall be first exhausted before the private property of any member of said company shall be taken. Sec. 9. The company shall, annually, on or before the first Monday of January in each year, make a report in writing to the Secretary of State of the amount of the capital stock of said company, the amount paid in, the amount of all loans for the use of said company,, and the amount of dividend upon the capital stock of said company. Sec. 10. All the stockholders of said company shall be severally and individually liable to the creditors of said company, to an amount equal to the amount of stock held by them respectively, for all debts and contracts made by or for said company, until the whole of their capital stock shall have been paid in, and a certificate thereof shall have been made and recorded, as prescribed in the following section; and the capital stock of said company shall all be paid ia, one-half within two years, and one-l e-half within four years from the passage of this act, or said company be dissolved. Nothing but money shall be considered as payment of any part of the capital stock. The said company shall, within six months after an organization under this act, establish and at all times maintain a business office to be located in the village of Ypsilanti. In case the treasurer of said company is not found at said office, service of all legal process process against said company may be made by leaving a copy thereof at said office. Business of fice. Service of President & Sec. 11. The president and a majority of the trustees or directors Duty of of said company, within thirty days after the payment of the last Directors. instalment of the capital steck of said company, shall make a certificate stating the amount of capital so paid in, which certificate shall be signed and sworn to by the president and a majority of the trustees or directors; and they shall, within the said thirty days, cause the same to be recorded in the book of miscellaneous records in the office of the register of deeds in the said county of Washtenaw. Sec. 12. If said company shall declare and pay any dividend Dividends, when said company is insolvent, or any dividend the payment of which would render it insolvent, or which would diminish the amount of its capital stock, the stockholders shall be jointly and severally liable for all the debts of the company then existing. The stockhold- Liability. ers of said company shall be jointly and severally individually liable for debts that may be due and owing to all their agents, laborers and apprentices, and to all persons in their employ, for services performed for said company. Sec. 13. The Legislature may at any time alter, amend or repeal Repea!, this act; but such amendment shall not, nor shall the dissolution of said company, take away or impair any remedy given against said: company, its stockholders or officers, for any liability which shall have been previously incurred. |