[ No. 318. ] AN ACT to incorporate the Carp River Iron Mining Company of Incorpora Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That James H. Mullett, John Griswold, tion. Stephen R. Wood, and others who shall be associated with them, are hereby constituted a body corporate by the name of the Carp River Iron Mining Company of Michigan, for the purpose of mining, smelting and manufacturing ores, minerals and metals in the upper 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 purpose than herein particularly specified. Proviso. Sec. 2. The said company shall have corporate succession; its cap- Capital. ital stock shall be two hundred thousand dollars, divided into ten thousand shares of twenty dollars each; and said company may ac quire and hold such real and personal estate as the business of said company may require, to an amount not exceeding the capital stock; Real estate. but said company shall not hold more than six hundred and forty acres of land in legal sub-divisions in the upper peninsula, and shall hold no real estate in the lower peninsula, except a ware house, lot and office, and such as may be necessary for smelting purposes. By-laws. Sec. 3. The officers of said company shall be stockholders therein, Officers. and shall consist of a president and 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 enact by-laws, not inconsistent with the laws of this State, to levy assessments on the shares of its stock; to forfeit and sell said shares for non-payment of any such assessment, in such manner as said by-laws shall prescribe; to provide for the manner of electing officers, and for such other purposes as may be necessary to carry out the intent and meaning of this act: Provided, That until the first annual meeting of said company after organization under this aet, James IL Mullett, John Griswold, Stephen R. Wood, and three such other persons as the company may see fit to appoint, shall be and continue, and they and their successors are expressly constifuted, directors of said company; one of whom shall be a citizen of 1st directors State tax. Report. Michigan, and shall have and exercise all the powers, and be subject to all duties and restrictions imposed on the directors to be chosen under this act. Sec 4. The said company shall pay to the Treasurer of the State of Michigan an annual tax of one per centum on the whole amount of capital actually paid in upon the capital stock of said company, upon all sums of money borrowed by said company; and any investment of any portion of the earnings of said company in their business shall be considered as so much capital paid in; which tax shall be paid on the first Monday of January in each year, and shall be estimated upon the last preceding report of said company; and for that purpose the president and secretary of said company shall, on the first day of December, or within fifteen days thereafter, make, under their hands, a return to the State Treasurer, verified by their several oaths or affirmations, stating the number of acres and legal sub-division of all lands owned, and of all land in possession of said company; also the ameunt which has actually 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 rePenalty for turn made by the officers of this company in pursuance of the profalse report. visions of this act, shall be false in any material representation, all the officers who have signed the same shall be jointly and severally liable for all the debts of said company contracted while they are stockholders or officers thereof. 1st meeting Lien. 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 one or more newspapers in the city of Detroit, at least thirty days before the time of such meeting. See 6. Any inhabitant of the State of Michigan, not a stock holder of said company, shall have a lien.upon the stock, appurte nances and entire property of said company, for all claims and de mands against said company, to the amount of one hundred dollars or under, which shall take precedence of all other claims or demands, judgments or decrees, liens 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 court may,thereupon issue an attachment against the property of said company, and the same proceedings may be thereupon had as in other cases.. 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, of this State, so far as the same are not inconsistent with the provisions of this act. fice. Sec. 8. The said company shall, within six months after their or- Business of ganization under the provisions of this act, locate their business of fice or offices, one of which shall be in this State, and file in the office of the Secretary of State of Michigan, a certificate specifying the place or places of such location. All annual and other meetings 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 di rect. process. Sec. 9. Service of any legal process may be made on any one of Service 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 Jounty 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 sail company, 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 Liability Dividends. Time for payment of Capital sto k iimited. Repeat. any other person or persons in their employ, for services performed for such corporation, but shall not be liable to an action therfeor 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 and personally 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, 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. ny Sec. 12. This act shall cease, determine and be void, if said compashall not pay in ten per eent. of their capital stock within two 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 in force thirty years; but may be amended or repealed at any time by the Legislature, if said company violate or fail to comply with any of the provisions of this act. Approved April 2, 1850. I No. 319. I AN ACT amendatory to an act entitled an act to incorporate the 1846. Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That the rates of tolls the Flint and Saginaw Navigation Company are by law entitled to receive, shall be as follows: On flour, salted beef and pork, butter and cheese, whiskey, beer and cider, per 1000 pounds per mile, eight mills; on salt per 1000 pounds per mile, five mills; on pot and pearl ashes, per lumber. 1000 pounds per mile, ten mills; timber, squared and round, if car- Timber and ried in boats, per 100 cubic feet, two mills per mile; timber, squared, if carried in rafts, per 100 cubic feet, three mills per mile; timber, round, if carried in rafts, per 1000 cubic feet per mile, five mills; sawed lumber, reduced to inch measure, if carried in boats, per 1000 feet per mile, five mills; sawed lumber, reduced to inch measure, if carried in rafts, per 1000 feet per mile, seven mills; staves and heading per 1000 pounds, if carried in boats, three mills per mile; staves and heading per 1000 pounds, if carried in rafts, three mills per mile; shingles per 1000, if carried in boats, one mill per mile; shingles per 1000, if carried in rafts, one and a quarter mills per mile; on all other articles not enumerated above, 1000 pounds, per mile, eight mills; on boats used chiefly for the transportation of persons, Persons. per mile, seven cents; on boats used chiefly for the transportation of property, per mile, three cents. Sec. 2. This act shall take effect and be in force from and after its passage. Sec. 3. The Legislature may at any time alter, amend or repeal this act. Approved April 2, 1850. [ No. 320. ] AN ACT to require the payment of money, warrants, &c., in the hands of the late treasurer of the township of Mayfield, to the treasurer of the county of Lapeer, and for other purposes. rer' to pay Section 1. Be it enacted by the Senate and House of Representatives Late treasuof the State of Michigan, That Harvey Thomas, late treasurer of the over. late organized township of Mayfield, in the county of Lapeer, be and he is hereby required to pay (within thirty days of the passage of this act) to the treasurer of the county of Lapeer, all money, warrants or other evidences of debt, which remained in his hands as such treasurer at the time said township of Mayfield was attached to and became a part of the township of Lapeer. to give re Sec. 2. The treasurer of the county of Lapeer is hereby required, Treasurer upon payment being made to him under the provisions of section one ceipt. of this act, to give a receipt therefor, specifying the amount of mo |