shall have a lien upon such quantity of said logs, timber, or lumber as shall be sufficient to pay and satisfy all just and reasonable charges against the same, proportionate to their number, quantity, and the expense of running and securing the same as aforesaid, and may sell at public auction, on not less than ten days' notice, either personally served upon such owner, or posted in three or more conspicuous places in the township where such logs are held; and in either case, by posting a like notice also in the office of such company, of the mark, description, and supposed owner of such logs, timber, or lumber, and the amount of the charges for which the same is to be sold, a sufficient quantity of such logs, timber, or lumber, to satisfy said claim, charge, or demand, with the expense

of such sale.

on logs, etc., for

(2773.) SEC. 7. Each member of said company shall be individ- Individual liabilually liable to pay and satisfy all debts and obligations of said ity of members. company, and said company shall have a lien on all logs, timber, or lumber, run, driven, boomed, rafted, cleared from the banks, or secured by said company, whether of its members or other Lien of company person or persons whose logs, timber, or lumber have been run, demands due driven, boomed, rafted, cleared from the banks, or secured by virtue of any contract to that purpose by and between said person or persons and said company, and may sell the same on not less than thirty days' notice, made and published in like manner, and to the like effect, as provided for in the preceding section, unless otherwise provided by contract.

them.

and marks to be

etc.

(2774.) SEC. 8. The said company shall keep posted in some List of members conspicuous place in the office thereof, a list of the names of all posted in office, the members thereof, and of all the persons whose logs, timber, or lumber they have contracted to run, drive, boom, raft, clear from the banks, or secure, with a description of each mark or marks intended to be used upon such logs, timber, or lumber, so far as the same may be known. And if any other person or persons, owning or interested in the running and securing of any logs, timber, or lumber on such streams or waters, shall furnish to the secretary of such companies a like list of the name, residence, and mark or marks of such person or persons, the secretary shall post the same in like manner as herein provided; and every such person shall be entitled to thirty days' notice in all cases provided for in section six of this act, to be given in the same manner as otherwise provided. And every such company, and every person owning or And filed with interested in the running and securing as aforesaid, any logs, tim- county clerk. ber, or lumber on such stream or waters, shall cause to be filed in

the office of the clerk of the county in which the mouth of such stream or waters may be, the name, residence, and every mark used or intended to be used by such company or person.

This act shall take effect immediately.

THE RUNNING, BOOMING, AND RAFTING OF LOGS.

Formation of corporations authorized.

Body politic.

Proviso.

Articles of association, where filed.

An Act to authorize the formation of corporations for the running, booming, and rafting

of logs.

[Approved February 4, 1864. Laws of 1864, p. 23.]

(2775.) SECTION 1. The People of the State of Michigan enact, That any number of persons, not less than five, who shall, by articles of agreement in writing, associate, according to the provisions of this act, under any name assumed by them, for the purpose of engaging in and carrying on the business of running, driving, booming, and rafting logs, timber, lumber, and other floatables on any of the streams or waters within this State, and who shall comply with the provisions of this act, shall, with their successors and assigns, constitute a body politic or corporate, in fact and name, under any name assumed by them in their articles of association; and by such name shall be capable of suing and being sued in any court in this State; and may have a common seal, and alter and amend the same at pleasure; may elect, in such manner as they - shall determine, all necessary officers; may fix their compensation and determine their duties, and make from time to time such by-laws, not inconsistent with the Constitution and laws of this State, as a majority of the stockholders shall direct: Provided, That no two companies shall assume the same name.

(2776.) SEC. 2. Before any corporation formed under this act shall commence business, the president and directors shall cause a

evidence of in

copy of their articles of association to be filed in the office of the county clerk of the county or counties in which such association shall have and use their boom or booms; and a copy of any articles Certified copy of association, filed in pursuance of this act, certified by the county corporation. clerk of the proper county to be a true copy thereof, and of the whole of such articles of association, shall be in all courts and places presumptive evidence of the incorporation of such company, and of the facts therein stated.

ciation, how ex

(2777.) SEC. 3. The articles of every such association shall be Articles of assosigned by the persons associating in the first instance, and acknowl- ecuted. edged before some person authorized by the laws of this State to take acknowledgments of deeds, and shall state

First. Distinctly the purpose for which the same is formed; Second. The amount of their capital stock, and the number of shares;

Third. The amount of capital stock actually paid in ; Fourth. The names of the stockholders, their respective residences, and the number of shares held by each person;

Fifth. The place in this State where their office for the transaction of business is located, and the stream or streams upon which their business is to be carried on ;

Sixth. The term of its existence, not to exceed thirty years.

Contents of.

(2778.) SEC. 4. Every such corporation shall, annually, in the Annual report month of January, make a report, signed by a majority of the board of directors, containing

First. The amount of capital stock actually paid in ;

Second. The amount invested in real and personal estate; Third. The amount of their debts and credits, as near as may be ;

Fourth. The name of each stockholder, and the number of shares held by him at the date of such report; and every such report shall be verified by the oath of the officers signing the same, and shall be filed with the secretary of the association, and also in the office of the county clerk of the county in which the office of said association shall be located, and open at all reasonable times for the examination of any and every stockholder.

amount of, how

(2779.) SEC. 5. The amount of the capital stock in every such Capital stock; corporation shall be fixed and limited by the stockholders in their axed. articles of association, and in no case shall be less than ten thousand dollars, nor more than two hundred thousand dollars, and Value of shares. shall be divided in shares of one hundred dollars each. The capital stock and the number of shares may be increased at any meet

How collected.

How notice shall be given to nonresidents.

individual member, and such assessment may be made to and upon such firm or corporation.'

(2752.) SEC. 8. The said assessment shall then be delivered to the treasurer of the association for collection, who shall proceed forthwith and shall demand payment from each person named in said assessment of the amount apportioned to him; and if any such person shall neglect or refuse to pay the amount within five days after such demand, to the treasurer, the same may be sued for and recovered as provided in section eighteen of this act.'

(2753.) SEC. 9. In case any person upon whom an assessment shall have been made, as is herein provided, shall be a non-resident of the county in which said water-power is located, or absent, so that personal demand cannot be made upon him by the treasurer for the payment of such assessment, then in such case the treasurer shall give notice of such assessment by inserting a notice in some daily paper published in the town or city where such canal is located, in each issue, for four successive weeks, if a daily paper be published therein, if not, then in a weekly paper published in the county where said canal is located, once in each week for four successive weeks, specifying the fact of such assessment, and the name or description of the interest so assessed, and the amount of the assessment: Provided, That in case the directors shall so direct, it shall be lawful to include one or more assessments upon the same person or interest in one notice, and by a notice by mail directed to the owner's reputed place of residence; and the publication equivalent to a aforesaid, and the giving of notice by mail as aforesaid, shall be personal demand deemed equivalent to a personal demand in the cases specified in this section after the publication and mailing said notices as aforesaid. 1

Proviso.

When notice shall be deemed

Assessments,

lien upon interest assessed.

(2754.) SEC. 10. All assessments made under the provisions of etc., a mortgage this act shall be and remain a mortgage-lien upon the interest so assessed from and after the completion of the work for which such assessment was made, until paid, together with interest and the cost of publishing notice, if notice shall be published; and said When to have mortgage-lien shall have preference over all incumbrances on said interest from and after the recording of a certificate, as is hereinafter provided, except incumbrances now existing thereon in good faith, and except taxes assessed or to be assessed thereon by any law of this State.1

preference.

Certificate of

secretary relative to assessments.

(2755.) SEC. 11. After such mortgage-lien shall have attached to such interest in such canal and water-power, the secretary of

1 Vide note to section 4.

such association shall make a certificate in writing, to be signed by him and countersigned by the president, which certificate shall

state

First. The amount of such assessment or assessments;

Second. That the work for which such assessment was made Ibid. has been done;

Third. The time when the same became a lien;

Fourth. A description of the property or interest upon which such assessment was made;

recorded.

Fifth. The amount due thereon, together with the costs made thereon; which certificate shall be verified by the affidavit of such when and how secretary, or some member of the board of directors, and shall be recorded and indexed by the register of deeds of the county in which such water-power is situated, in the books for mortgage, the same as if it were a mortgage given by the owner of the interest so assessed; and such record, or a certified copy thereof, shall be notice and evidence to the same intent, extent, and for the same purpose as a mortgage so recorded.1

collection of

(2756.) SEC. 12. Such mortgage-lien created as aforesaid shall Foreclosure and be in the nature of a mortgage on real estate, and may be fore- such lien. closed and collected the same as a mortgage is now enforced and collected in equity, and shall be subject to all laws of this State in relation to the foreclosure and satisfaction of mortgages in chancery, as near as may be. All suits commenced for the foreclosure, collection, and satisfaction of such mortgage-lien shall be in the corporate name of such association.1

(2757.) SEC. 13. Suits may be commenced for the forelosure of such mortgage-lien at the expiration of sixty days from the time the certificate shall be recorded, as mentioned in section eleven of this act.1

Ibid.

meetings may be

(2758.) SEC. 14. Meetings of the members of the association How and when may be called by any director, and it shall be the duty of any called. director to call a meeting of the members of said association on the written application of three members thereof. In all cases Notice for speother than the annual or regular meetings, notice of such meeting, cial meetings. and of the time and place thereof, shall be given by personal service thereof, if practicable, otherwise by posting a notice of such meeting on the premises of each member not personally served, in a conspicuous place, at least twenty-four hours before the time of meeting; and proof of the time and manner of such service,

1 Vide note to section 4 of this act.