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and personal property of said company: Provided, That nothing contained in this section shall be so construed as to release real estate and personal property from taxation for county and township

purpose.

ing.

Sec. 5. The first meeting of said company shall be held at such First macetime and place as the persons named in the first section of this act, or any two of them, shall appoint, by a notice to be published in one or more newspapers in the city of Detroit, at least thirty days before the time of such meeting.

Sec. 6. Any inhabitant of this State shall have a lien upon the stock, appurtenances and property of said company for all claims and demands against said company arising upon contract expressed or implied, to the amount of one hundred dollars or under, originally contracted within this State, which shall take precedence of all other claims or demands, judgments or decrees, liens or mortgages against said company; except liens or mortgages against the property of said company, given for the purchase money thereof; and any person may enforce said lien by filing in any court in the county where said debt was contracted, having jurisdiction thereof, an affidavit showing to the satisfaction of such court that he has a claim under the provisions of this section; and such cour; may thereupon issue an attachment against the property of said company, and the same proceedings may be thereupon had as in other cases.

Lien.

provisions.

Sec. 7. Said company shall be subject to the provisions of chap- General ter fifty-five of the revised statutes of eighteen hundred and fortysix, so far as the same may be applicable.

fice.

Sec. 8. The said company shall, within six months after its organization, by a vote of the board of directors, locate a business office Business of for said company, within the limits of the State of Michigan, and file in the office of the Secretary of State, a certificate specifying the place of such location; and all annual and other meetings of said company shall be held at such place as the by-laws of the company may designate and direct: Provided, That on or before the first day of January, eighteen hundred and fifty-three, such organization shall payment of have been perfected, with an amount of capital equal to ten thousand dollars, actually paid in; and in like manner certified to the Secretary of State, as is provided in section three, and other sections of this.

Time for

capital lim

ited.

Seal.

Vose.

General powers.

Proviso

Duration of charter.

act: And further provided, That any failure to comply with these provisions on or before the time specified, all the provisions of this act shall be null and void, and the charter of said company in all respects forfeited.

Sec. 9. The said company shall have a corporate seal, and any instrument of conveyance, or contract usually requiring a seal, given or entered into by said company, shall be signed by the president and secretary, and shall be attested by its corporate seal; but no such conveyances or contracts shall be valid, unless authorized by a reg. ular meeting of the members of said company, or by its by-laws; and each share of the capital stock of said company shall, in all cases, entitle the owner thereof to one vote.

Sec. 10. The company shall have and possess all the powers necessary for carrying out the purposes of its organization, where the exercise of such powers would not be contrary to law: Provided always, That nothing in this act contained shall be construed to confer on said company any banking powers or banking privileges; and it shall not be lawful for said company to use its funds or any part thereef to any banking transaction in brokerage or exchange, in dealing in money or bank notes, (except so far as the same may be necessary in the prosecution of its ordinary business,) or for any other purposes than those specified in this act, for the purpose of carrying out the legitimate objects of the organization of said company.

Sec. 11. This act shall continue in force for thirty years from and after its passage; and the Legislature may at any time alter, amend or repeal this act after the limitation thereof, by a two-thirds vote; and whenever the said company shall termiPesolation nate, whether by lapse of time or otherwise, its property shall be pany. sold by or under the direction of its last board of directors; and the

of the com

proceeds thereof, after all payment of debts, divided among the stockholders in proportion to the amount of stock held by them respectively; and the existence of said company, and the authority of its board of directors, is hereby declared to be continued for one year after the termination of said company, for the purposes declared in

this section.

Approved April 2, 1850.

[ No. 280. ]

AN ACT to incorporate the Piscataqua Mining Company of Michigan.

Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That Clement March, John L. Newbould, tion. George H. Thompson and others who shall be associated with them, are hereby constituted a body corporate by the name of the Piscataqua Mining Company of Michigan, for the purpose of mining, smelting and manufacturing ores, minerals and metals in the upper proviso. peninsula of Michigan: Provided, That nothing in this act contained shall confer on said company any powers of banking or brokerage, exchange, dealing in money, purchasing any stock of any bank, or for any other purposes than herein particularly specified.

Sec. 2. The said company shall have corporate, succession; its Capital stock shall be two hundred thousand dollars, divided into shares of twenty dollars each; and said company may acquire and hold such real and personal estate as the business of said company may require, to an amount not exceeding its capital stock.

Sec. 3. The officers of said company shall consist of a president, a board of six directors, of whom the president shall be one, a secretary and treasurer, who may at the pleasure of the company be one and the same person; and the said company may levy assessments on the shares of its stock, and forfeit and sell the same for non-payment of any such assessments, in such manner as said company may by its by-laws prescribe: Provided, That one of the directors of said company shall at all times be a resident of the State of Michigan, upon whom service of all process against said company may be made; and the same shall be deemed a valid service thereof upon said company.

Real estate.

Officers.

Assess

ments.

Service of

process.

State tax

Sec. 4. The said company shall pay to the Treasurer of the State of Michigan an annual tax of one-half per centum on the whole amount of capital actually paid in upon the capital stock of said company; the capital paid in to be reconed as follows, viz: 1. The amount paid the United States government for mineral land in the How assess upper peninsula of the State of Michigan. 2. The amount of assessments that shall be levied and paid in after the purchase of mineral lands that they work. 3. All moneys borrowed by said com

ed

ing.

pany and remaining unpaid at the time of the annual report hereinafter mentioned; which tax shall be paid on the first Monday in July in each year, and shall be assessed upon the last preceding report of said company; and for that purpose the president and secretary thereof shall, on the first day of January in each year, or within fifteen days previous thereto, make under their hands a return to the State Treasurer, verified by their several oaths, stating the amounts that have actually been paid in on the capital stock of said company: said tax to be in lieu of all other State tax upon the real estate and personal property of said company: Provided, That nothing contained in this section shall be so construed as to release real estate and personal property from taxation for county and township

purposes.

Sec. 5. The first meeting of said company shall be held at such First meet time and place as the persons named in the first section of this act, or any two of them, shall appoint, by a notice to be published in one or more newspapers in the city of Detroit, at least thirty days before the time of such meeting.

Lien.

General

Sec. 6. Any inhabitant of this State shall have a lien upon the stock, appurtenances and property of said company for all claims and demands against said company arising upon contract expressed or implied, to the amount of one hundred dollars or under, originally contracted within this State, which shall take precedence of all other claims or demands, judgments or decrees, liens or mortgages against said company, except liens or mortgages against the property of said company given for the purchase money thereof: and any per son may enforce said lien by filing in any court in the county where said debt was contracted, having jurisdiction thereof; an affidavit showing to the satisfaction of such court that he has a claim under the provisions of this section; and such court may thereupon issue an attachment against the property of said company, and the same proceedings may be thereupon had as in other cases.

Sec. 7. Said company shall be subject to the provisions of chapter provisions. fifty-five of the revised statutes of eighteen hundred and forty-six, so far as the same may be applicable.

Sec. 8. The said company shall, within six months after its organBusiness of-ization, by a vote of the board of directors, locate a business office

fice.

Time for

capital lim

for said company, within the limits of the State of Michigan, and file in the office of the Secretary of State a certificate specifying the place of such location; and all annual and other meetings of said company shall be held at such place as the by-laws of the company may designate and direct: Provided, That on or before the first day payment of of January, eighteen hundred and fifty-three, such organization shall ited." have been perfected, with an amount of capital equal to ten thousand dollars, actually paid in, and in like manner certified to the Secretary of State, as is provided in section three, and other sections of this act: And further provided, That any failure to comply with these provisions on or before the time specified, all the provisions of this act shall be null and void, and the charter of said company in all respects forfeited.

Seal.

Sec. 9. The said company shall have a corporate seal, and any instrument of conveyance, or contract usually requiring a seal, given or entered into by said company, shall be signed by the president and secretary, and shail be attested by its corporate seal; but no such conveyances or contracts shall be valid, unless authorized by a regular meeting of the members of said company, or by its by-laws; Vote. and each share of the capital stock of said company shall, in all cases, entitle the owner thereof to one vote.

General

Proviso.

Sec. 10. The company shall have and possess all the powers necessary for carrying out the purposes of its organization, where the powers. exercise of such powers would not be contrary to law: Provided always, That nothing in this act contained shall be construed to confer on said company any banking powers or banking privileges; and it shall not be lawful for said company to use its funds or any part thereof to any banking transaction in brokerage or exchange, in dealing in money or bank notes, (except so far as the same may be necessary in the prosecution of its ordinary business,) or for any other purposes than those specified in this act, for the purpose of carrying out the legitimate objects of the organization of said company.

charter.

Sec. 11. This act shall continue in force for thirty years from and after its passage; and the Legislature may at any time alter, amend Duration of or repeal this act after the limitation thereof, by a two-thirds vote; and whenever the said company shall terminate, whether by lapse

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