been paid in on the capital stock of said company, the investment of any portion of the earnings of said company in their business, the whole amount of money which at any time has been borrowed by said company, and the whole amount of the indebtedness of said company, exclusive of borrowed money; and said tax shall be in lieu of all State taxes upon the real and personal estate of said company. If any report or return made by the officers of this company, in pursuance of the provisions of this act, shall be false in any material Penalty for representation, all the officers who shall have signed the same, shall. be jointly and severally liable for all the debts of said company, contracted while they are stockholders er officers thereof. Sec. 5. The first meeting of said company shall be held at such 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 ane or more newspapers in the city of Detroit, at least thirty days before the time of such meeting. Sec. 6. Any inhabitant of the State of Michigan, not a stockholder in said company, shall have a lien upon the stock, appurtenances and entire property of said company, for all claims and demands against said company, to the amount of one hundred dollars er under, which shall take precedence of all other claims or demands, judgments or decrees, lieas or mortgages against said company; and any person may enforce said lien by filing with 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 proqeedings may be thereupon had as in other cases. false report. 1st meeting. Lien. General Sec. 7. Said company shall be subject to the provisions of chapter fifty-five of the revised statutes of eighteen hundred and forty- provisions. six, of this State, so far as the same are not inconsistent with the provisions of this, act. Business of Sec. 8. The said company shall, within six months after their organization under the provisions of this act, locate their business of- fice. fice or offices, one of which shall be in this State, and file in the of fice of the Secretary of State of Michigan a certificate specifying the. lace or places of such location. All annual and other meetings of Service of process. Liability. Dividends. Time for payment of said company shall be held at such place or places as the by-laws of the company, by its board of directors, may designate and direct. Sec. 9. Service of any legal process may be made on any one of the officers of said company; and said company shall at all times have an agent residing in the city of Detroit, upon whom service of all legal process may at any time be made, which shall be as valid as if made upon any of such officers. A certificate in writing of the appointment of such agent shall be filed in the office of the county clerk of the county of Wayne; and if no such agent shall be appointed, or if neither such agent nor any such officer shall be found in the county of Wayne, then service thereof may be made by posting up a copy of such process in some conspicuous place in said clerk's office. Sec. 10. The stockholders of said company shall be severally individually liable to an amount equal to the amount of stock held by them respectively, for all debts and contracts made by said compa ny, until the amount of stock held as aforesaid shall have been paid in, and a return made to the State Treasurer, as prescribed in section four of this act; and they shall be jointly and severally liable for all debts that may be due or owing to any and all their laborers, or any other person or persons in their employ, for services performed for such corporation, but shall not be liable to an action therefor before an execution shall be returned unsatisfied, in whole or in part, against said company; and then the amount due on said execution shall be the amount recoverable, with cost and interest, against said stockholders. If the directors of said company, or their agents, contract debts for the company exceeding in the aggregate the amount of capital stock paid in, said directors shall be individually liable for all debts of said company. Sec. 11. If the directors of said company shall declare and pay any dividend when said company is insolvent, or which would render it insolvent, they shall be jointly and severally liable for all the debts. of said company then existing, and for all debts thereafter contracted, so long as they shall respectively continue in office. Sec. 12. This act shall cease, determine and be void if said comcapitat sto'k pany shall not pay in ten per cent. of their capital stock within twe limited. years after the passage of this act; and the amount of the capital stock of said company shall be limited to, and never thereafter exceed, the amount paid in at the time the annual report of said company is made for the year eighteen hundred and sixty. Sec. 13. This act shall take effect immediately, and shall continue Repeal. in force for thirty years; but the Legislature may at any time alter, amend or repeal this act for any violation of any of the provisions. thereof. Approved April 2, 1850. [ No. 314. ] AN ACT to incorporate the St. Mary's Academy, at the village of Incorpora General Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That Aglac De la Cheptais, Mathurine Sa- tion. lon, Theresa Dussaulx, Prosperine Chanson, and their associates and successors in offices, be and are hereby constituted and declared to be a body corporate and politic by the name and style of the St. Mary's Academy; and by that name they shall have perpetual succession, with full power and authority to elect a president, professors, teachers and other officers and agents as they may deem proper for powers. the benefit of said Academy; to form constitutions and by-laws for the good government of the institute; to contract and be contracted with; to acquire, hold, enjoy and transfer property, real or personal, in their corporate capacity; to make, have and use a common seal, and the same to alter at pleasure; to sue and be sued; to plead and be impleaded in any court of law or equity; to receive or accept of any grant, gift, donation, bequest or conveyance by any person, company or corporation, of any property, real or personal; and to hold and enjoy and dispose of the same as may be deemed by them the best for the interest of the institution; to make, ordain, establish and execute such rules and ordinances, not inconsistent with the constitution of the United States or this State, as they shall think proper for the welfare of said Academy, and to do all other acts in pursuance thereof, necessary for the promotion of the arts and sciences and the prosperity of said Academy: Provided, Said' corporation shall not hold any real estate more than five years after they shall have become owners of the same, except such real estate as Proviso Proviso Public act. Repeal. shall be necessary for the objects of the corporation: And provided Sec. 2. This act is declared to be a public act, and the same sha!! be construed favorably for every beneficial purpose therein intended. The Legislature may at any time alter, amend or repeal this act. This act shall take effect and be in force from and after its passage. Approved April 2, 1850. tion. [ No. 315. } AN ACT to incorporate the Mount Clemens and Lenox Plank Section 1. Be it enacted by the Senate and House of Representatives Incorpora- of the State of Michigan, That Edward C. Gallup, George C. Fletcher, Silas Leonard and John Herriman, be and they are hereby ap pointed commissioners, under the directors [direction] of a majori ty of whom subscriptions may be received to the capital stock of the Mount Clemens and Lenox Plank Road Company; and the subscribers thereto, with such other persons as shall associate with them for that purpose, their successors and assigns, shall be and they are hereby created a body corporate and politic, by the name and style of the Mount Clemens and Lenox Plank Road Company, with corporate succession. Route. Capital. Sec. 2. Said company hereby created shall have the power to lay out, establish and 'construct a plank road, and all necessary buildins, from the village of Mount Clemens in the county of Macomb, on the Fort Gratiot road, so called, nine miles, to or near Silas Leonard's, in the township of Lenox in said county of Macomb. Sec. 3. The capital stock of said company shall be twelve thousand dollars, in four hundred and eighty shares of twenty-five dollars each. road. Sec. 4. As soon as said company shall be duly organized, the Fort Gratiot board of directors thereof are hereby authorized to enter upon and take possession of so much of the Fort Gratiot road, (as not to include the centre of the same,) between the said village of Mount Clemens and the township of Lenox in the county of Macomb, and proceed to construct and maintain there on a plank road: Provided, That during the construction of said plank road, the company shall in no wise prevent or improperly obstruct the usual travel thereon. charter. Sec. 5. 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 of the passage of this act, unless it shall be made to appear to the Legislature that there has been a violation Repeal. by the company of some of the provisions of this act: 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. General Sec. 6. Sail company shall be subject to all general laws of this State now in force relative to plank roads, and the same are made a provisions. part of this act. Approved April 2, 1350. [No. 316. ] AN ACT to incorporate the Iron City Mining Company of Mich igan. tion. Section 1. Be it enacted by the Senate and House of Representatives Incorpora of the State of Michigan, That George Breed, Louis Hutchinson, 'Waterman Palmer, Richard Edwards, Hugh D. King, Thomas Bakewell, Jno. A. Forsyth, I. K. Morehead, Simon Mendlebaum and 'Levi Hanna, and others who shall be associated with them, are hereby constituted a body corporate, by the name of the Iron City Miaing Company of Michigan, for the purpose of mining, smelting and |