sand dollars of said capital stock may consist of real estate, which Real estate. said company is hereby authorized to acquire, hold and convey. Sec. 4. Any inhabitant of this State shall have a lien upon [the] I stock and appurtenances and entire property of said company for all claims or demands less than one hundred dollars, originally made and contracted within this State, which shall have precedence of all other claims, judgments or dues, liens or mortgages against said company. Lien. Business of Sec. 5. The said company shall, within six months after its organ. Bus ization under the provisions of this act, locate their business office, which shall be in the county of Newago, and file in the office of the Secretary of State a certificate specifying the place of location. In ease the treasurer of said company is not found at said office, service of all legal process against said company may at any time be made by leaving a copy thereof at said office. Said company shall at all times maintain and have an office in said county; and if the location of said office is changed, notice thereof shall be filed immediately with the Secretary of State. For a failure to comply with any of the Fine. provisions of this section, said company shall be liable to a fine of one hundred dollars, to be recovered by the party aggrieved. Sec. 6. All the stockholders of said company shall be severally and Liability. 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 be paid in, one-half within When stock two years, and one-half within four years from the passage of this to be paid in act, or said company be dissolved. Nothing but money shall be con sidered as payment of any part of the capital stock. Sec. 7. The president and a majority of the trustees or directors Certificate of said company, within thirty days after the payment of the last in- of payment. stalment of the capital stock of said company, shall make a certifi cate 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 Newago. Dividends. Liability. Repeal. Sec. 8. If said company shall declare and pay any dividend 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 stockholders 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. 9. The Legislature may at any time alter, amend or repeal 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. Sec. 10. This act shall take effect immediately. Repeal. Engine. [ No. 222. ] AN ACT to repeal the act incorporating the village of Ann Arbor. Section 1. Be it enacted by the Senate and House of Representatives Sec. 2. This act shall take effect immediately. [ No. 223. ] AN ACT extending the time in which the county treasurer of St. Clair county may receive returns of taxes collected by the several town treasurers of the townships of Ira and Clay, for the year 1849. Section 1. Be it enacted by the Senate and House of Representatives Returns, of the State of Michigan, That the time for making the returns of taxes collected in the several townships of Ira and Clay, for the year eighteen hundred and forty-nine, be and the same is hereby Time exextended to the twentieth day of April instant. tended. Treasurer & Sec. 2. The county treasurer of St. Clair county is hereby au- Duty of thorized and required to receive the returns from the several trea- Aud. Gen't, surers of the townships of Ira and Clay, of taxes collected in said townships for the year eighteen hundred and forty-nine, at any time prior to the twentieth day of April instant; and at any time prior to the first day of May next, to make out, compare, certify and forward to the Auditor General a transcript of such returns, as required by section fifty-nine, chapter twenty, title five, of the revised statutes of eighteen hundred and forty-six. And the Auditor General is hereby authorized to receive the same and dispose thereof as in oth er cases. Sec. 3. This act shall take effect and be in force from and after its passage. Approved April 1, 1850. [ No. 224. ] AN ACT to provide for the liquidation of a certain demand against the estate of Justus Burdick, deceased. Whereas, The late Justus Burdick, of Kalamazoo, and A. M. Preamble, Burdick, his wife, did, on the first day of October, A. D. 1839, execute to the Superintendent of Public Instruction a certain indenture of mortgage upon certain premises in the village and county of Kalamazoo, and described as follows: Beginning at the north-west corner of lot number eighty-one (81) in the village of Kalamazoo in said county, being at the junction of Rose and Main streets, on the west side of Rose street and south side of Main street; thence east by said Main street twenty rods to the west side of Burdick street; Preamble. Duty of Au thence south by said Burdick street to a point eighty rods north of the north side of South street; thence west parallel with said South street twenty rods, to the cast side of said Rose street; thence north by said Rose street to the place of beginning, being the same block of lots in said village where said Burdick's mansion house now stands, and lying directly east of the public square in said village, which mortgage was given to secure a certain sum of money with interest therein named, which sum, principal and interest thereon still duc and unpaid, will, on the first day of March, A. D. 1850, amount to the sum of six thousand nine hundred and fifty-nine dollars and six cents; And whereas, The administrators of the estate of said Burdick are desirous that the said debt should be paid and discharged in the manner hereinafter provided; therefore, Section 1. Be it enacted by the Senate and House of Representatives ditor Gen' of the State of Michigan, That whenever and so often as the ad Ibid. ministrators of the estate of said Burdick shall execute and deliver to the Auditor General a deed of any part or parcel of said mortgaged premises, sufficient in law to vest in the people of the State of Michigan, a clear, absolute and indefeasible title in fee simple in and to the same, and shall also propose to the Auditor General a purchaser for the same, at a price satisfactory to said officer, the said Auditor General is hereby authorized to enter into a contract of sale for any such part or parcel of said premises, and upon the payment to him by the purchaser of at least twenty-five per cent. of the agreed price, may execute to the purchaser a certificate of sale of like nature as is authorized to be executed upon the sale of primary school lands; and the amount for which any such part or parcel of said premises shall be contracted to be sold as aforesaid, shall be thereupon endorsed as a payment upon said mortgage, and upon the bond to which said mortgage is collateral.j Sec. 2. That whenever a sufficient number of sales have been made as aforesaid, to pay and discharge the said sum of six thousand nine hundred and fifty-nine dollars and six cents, and interest thereon, calculated from the first day of March, 1850, at the rate of seven per centum per annum, the Auditor General is authorized and directed to execute a proper release of any of the said mort gaged premises remaining unsold, and to cancel and discharge said bond: Provided always, That the Auditor General shall in no case make any sale which will in his judgment impair the security afforded by said mortgage, for the portion of indebtedness which shall remain unpaid. Proviso. Judge of Sec. 3. Whenever the said administrators shall conclude to pro- Duty of pose to the Auditor General a purchase as aforesaid, they shall sub- Probate mit to the judge of probate for Kalamazoo county a description of the part or parcel proposed to be sold, as well as the price offered for the same; and it shall be the duty of said judge of probate to inquire whether the proposed sale will be for the advantage of those interested in the estate of the said Burdick; and if the said judge of probate shall determine favorably thereto, he shall authorize said administrators to execute a deed of such part or parcel of said mortgaged premises; and such deed, when duly delivered, shall vest in the people of the State of Michigan and their assigns forever, a clear and absolute title in fee simple in and to said part or parcel of said premises: Provided, That nothing herein contained shall be construed to affect the rights of any person claiming under any con veyance heretofore executed by said Burdick. Sec. 3. This act shall take effect from and after its passage. [ No. 225. ] AN ACT to repeal section 26 of chapter 30 of the revised statutes of 1846. Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That section twenty-six of chapter thirty of the revised statutes of eighteen hundred and forty-six, be and the same is hereby repealed. Sec. 2. This act shall take effect immediately. |