and regulate banking associations," approved March fifteenth, Sec. 2. That every such bond and mortgage shall be cancelled by the Auditor General's writing across the face thereof the word "cancelled," with the date of such cancellation, and subscribing his name thereto, on the request of any individual who has executed such bond or mortgage, or his executors or administrators, or of any person who has a title to any part of the real estate covered by said mortgage by descent or purchase from any mortgagor; and when so cancelled, shall be delivered to the person or persons requiring such cancellation. How can celled. corded. Sec. 3. That on the presentation of any mortgage, so cancelled as To be reaforesaid, to the register of deeds of any county where said mortgage has been recorded, it shall be the duty of said register to cancel the record of said mortgage. Sec. 4. That when there is more than one obligor or mortgagor to Ibid. said bond or mortgage, and all of them do not apply to the Auditor General for such cancellation, the person or persons requiring such cancellation, and to whom such bond or mortgage shall be delivered, shall give a receipt therefor to the Auditor General; and in case of a mortgage, it shall be the duty of the person giving such receipt to cause the record of such mortgage to be forthwith cancelled in each and every county where the mortgaged premises or any part thereof are situated and said mortgage has been recorded. Sec. 5. This act shall take effect and be in force from and after its passage. Approved April 1, 1850. Incorpora Route. Capital. [ No. 234. ] AN ACT to incorporate the Kalamazoo and Breedsville Plank Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That D. B. Webster, B. Drake, T. P. Sheldon and M. Hannahs, 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 Kalamazoo, and Breedsville 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 polític and corporate, by the name and style of the Kalamazoo and Breedsville Plank Road Company, with corporate succession. See. 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 village of Kalamazoo in the county of Kalamazoo, to the village of Breedsville in the county of Van Buren, 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 thirty thousand dollars, to be divided into six hundred shares of fifty dollars each; and said Company shall be subject to all general laws of this provisions. State now in force relative to plank roads, and the same are made a part of this act. General Duration of charter. Repeal. Proviso. 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 reduction 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. This act shall take effect and be in force from and after its passage. Approved April 1, 1850. [ No. 235.] AN ACT to amend an act entitled an act to incorporate the Jackson Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That the act to incorporate the Jackson County Mutual Fire Insurance Company, approved April first, eighteen hundred and forty, be and the same is hereby amended by adding the following sections to said act: for neglect to pay assessment. Sec. 2. That if any person or persons who shall become members Forfeiture of said company by effecting insurance therein after the passage of this act, their heirs, executors, administrators or assigns shall neglect or refuse the payment of any assessment or assessments duly ordered by the directors of said company for the space of thirty (30) days after notice that the same have become due and payable, the party so in default shall be excluded and debarred from and shall lose all benefit and advantage of his, her or their insurance or insurances respectively for and during the term of such default or nonpayment, and notwithstanding shall be liable to pay all assessments that shall be made during the continuance of his, her or their policy of insurance, pursuant to the provisions of the act to which this is an amendment. Terins of Sec. 3. Said company are hereby further empowered to make insurance on property for one year or less, and receive payment there- insurance. for, on such terms and for such per cent, as said company may determine; and all money so received shall accrue to the mutual benefit of the members of said company in the same manner as money received on premium notes. Sec. 4. As soon as the directors of said company can lawfully be reduced to seven, then and thereafter the number of directors of said company shall be seven and no more; and no election shall hereafter be held for any director or directors so as to cause the number thereof to be over seven. Directors. Certificate of secretary evidence. Sec. 5. Whenever an assessment is made on any premium note, prima facie given to the Jackson County Mutual Fire Insurance Company for any hazard taken by said company, or as consideration for any policy of insurance issued, or to be issued by said company, and an action is brought for the recovery of such assessment, the certificate of the secretary of said company, under the seal of said company, specifying such assessment and the amount due to said company, on such note, by means thereof, shall be taken and received as prima facie evidence thereof in all courts and places whatever. Sec. 6. This act shall take effect immediately. [ No. 236. ] Incorpora tion. Route Capital. General provisions. AN ACT to incorporate the Walker and Vergennes Plank Road Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That Joseph Penny, William S. Waring, John B. Shear, William A. Richmond and Harvey P. Yale, 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 Walker and Vergennes 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 Walker and Vergennes 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 town of Walker in the county of Kent, to the town of Vergennes in the county of Kent, 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 thirty thousand dollars, to be divided into one thousand two hundred 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. charter. Sec. 4. This act shall be and remain in force for the term of sixty Duration of 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- Repeat. 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: Proviso. Provided, There be no violation of the charter of said company. Sec. 5. This act shall take effect and be in force from and after its passage. Approved April 1, 1850. [ No. 237. ] AN ACT to vacate a portion of a certain street in the village of Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That all that part of Exchange street in the village of Owasso, (as laid down in the recorded plat thereof,) which lies west of Water street in said village, be and the same is hereby vacated. Sec. 2. This act shall take effect and be in force from and after its passage. Approved April 1, 1850. [ No. 238. ] AN ACT to repeal act No. 105 of the session of A. D. 1849, and to establish the dividing line between the townships of China and St. Clair, in the county of St. Clair. Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That Act No. 105 of the session laws of 1849, be and the same is hereby repealed. |