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 in- Liability. dividually liable to an amount equal to the amount of stock held by them respectively, for all debts and contracts made by said 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 in 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 and personally liable for all debts of said company.

Sec. 11. If the directors of said company shall declare and pay Dividends. 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 other debts thereafter contracted, so long as they shall respectively continue in office.

pay

payment of cap tal sto'k limited.

Sec. 12. This act shall cease, determine and be void if said com- Time for pany shall not in ten per cent. 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 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.

Repeal.

[No. 325. ]

Incorpora tion.

Proviso.

Capital.

Realestate.

Officers.

By-laws.

AN ACT to incorporate the Chesapeake Mining Company of Michi gan.

Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That Clement March, Joseph A. Trotter, John S. Nioins, and others who shall be associated with them, are hereby constituted a body corporate, by the name of the Chesa peake 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 bro kerage, 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 cap 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; 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 lands, buildings and machinery as may be neces sary for smelting purposes.

Sec. 3. The officers of said company shall be stockholders therein, 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 for feit and sell said shares for the 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 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 act, Clement March, Joseph H. Trotter, John S. Nist directors oins, and four such other persons as the company may see fit to ap point, shall be and continue, and they and their successors are

pressly constituted directors of said company, one of whom shall be a citizen of 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,

Report.

Sec. 4. The said company shall pay to the Treasurer of the State State tax. 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-divisions of all lands owned, or in possession of said company; the amount 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 return made by the officers of this company, in pursuance of the provisions of this act, shall be false in any material 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 or officers thereof.

Penalty for false report.

Sec. 5. The first meeting of said company shall be held at such ist meeting. 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.

Sec. 6. Any inhabitant of the State of Michigan, not a stockholder of said company, shall have a lien upon the stock, appurtenances and entire property of said company for all claims and demands

Lien.

General

against said I company to the amount of one hundred dollars or under, which shall take precedence of all other claims and demands, judgments or decrees, liens or mortgages against said company; and any person may enforce said lien by filing with any court having jurisdiction thereof, an affidavit showing to the satisfaction of said 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 chapprovisions. 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.

Business of- Sec. 8. The said company shall, within six months after its or ganization under this act, locate their business office 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 direct.

Time for

Sec. 9. This act shall cease, determine and be void if said compayment of pany shall not pay in ten per cent. of their capital stock within two limited. years after the passage of this act.

capital sto'k

Service of process.

Liability.

Sec. 10. 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, nor 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. 11. The stockholders of said company shall be severally and individually liable to an amount equal to the amount of stock held by them respectively, for all debts and contracts made by said 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 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 and personally liable for all debts of said company.

Sec. 12. If the directors of said company shall declare and pay Dividends. 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. 13. This act shall take effect and be in force from and after its passage, and shall continue in force thirty years; but the Legislature may at any time alter, amend or repeal this act for any violation of the provisions thereof.

Approved April 2, 1850.

Repeal.

[ No. 326. ]

AN ACT to incorporate the Swamscot Mining Company of Mich

igan.

Section 1. Be it enacted by the Senate and House of Representatives Incorporaof the State of Michigan, That Samuel Chamberlin, John F. Bray tion. and Samuel E. Beach, and others who shall be associated with them, are hereby constituted a body corporate by the name of the Swamscot 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 purposes than herein particularly specified.

Proviso.

Sec. 2. The said company shall have corporate succession; its capital