Failure to elect, not to dissolve corporation. Majority. Subscriptions - to stock. stock, etc. direct. No person shall be a director unless he is a stockholder in the corporation. SEC. 5. In case it shall happen that an election for directors shall not be held as provided, the said corporation shall not be for that reason dissolved, but such election shall be held on some future day to be fixed by the directors holding over, upon giving the notice therefor as in this act provided. SEC. 6. A majority of the directors shall be a board for the transaction of business, and the acts of a majority of the board shall bind the corporation. SEC. 7. The directors of any such company may at any time receive subscriptions to stock in said company until the whole amount mentioned in their articles of association shall be Increase of capital subscribed, and whenever in the judgment of the directors, it shall be necessary to increase the capital stock of any such company for the extension or more perfect completion of such proposed work, or to provide lands and buildings needful for its use, it shall be competent for such directors, with the approval or ratification of the holders of a majority of the capital stock, at any lawful meeting of the stockholders to provide for such increase, and in all cases where such capital stock is increased, a certificate thereof shall be signed, certified and filed as hereinbefore required in the case of original articles of association. Subscriptions may be in installments. Refusal to pay, stock may be sold. Proviso, where sold notice. Rights of purchaser. Powers and restrictions. SEC. S. The directors may call in subscriptions to the capital stock of such corporation by installments, in such portions, and at such times and places as they shall deem proper, by giving notice thereof as the by-laws shall prescribe; and in case any stockholder shall neglect or refuse payment of any such installment for the space of sixty days after the same shall become due and payable, and after he shall have been notified thereof, the stock of such delinquent stockholder may be sold by the directors, at public auction, at the office of the secretary of the corporation, giving at least thirty days' notice in some newspaper published in the county: Provided, That if said stockholder shall reside in this State, the stock shall be sold at the business office of said corporation, in the county in which they are doing business, giving at least thirty days' notice thereof in some newspaper published in the county. If no newspaper be published in the county in which such corporation transacts their business, then it shall be published in the newspaper in the city of Detroit which shall have at the time the largest circulation; and the proceeds of such sale shall be at first applied in payment of the installment called for, and the expenses on the same, and the residue shall be refunded to the owner thereof; and such sale shall entitle the purchaser to all the rights of a stockholder to the extent of the shares so bought. SEC. 9. Every such corporation, organized as herein before prescribed, shall have the following powers and be subject to the liabilities and restrictions following, that is to say: First, To cause such examinations and surveys for all proposed improvements, to be made as may be necessary to prepare for the work to be done; Second, To acquire and by grants and donations to receive, enter upon, take, hold and use all such lands and real estate and other property as may be necessary in the business of such company; Third, To flood lands belonging to said company by constructing the necessary dams in any canal, or in creeks, streams or other water courses; Fourth, To issue its construction bonds to an amount not exceeding fifty per cent of its capital stock, bearing a rate of interest not above six per cent, and payable at any such time or times as the board of directors may determine on approval of a majority in interest of the stockholders voting at any regular or called meeting of their body. 455 SEC. 10. Said corporation may, in the exercise of its discre- May maintain. tion, erect, maintain and operate such railroads as may be etc., railroads. necessary for connecting manufacturing establishments situated upon or connected with its premises, or enjoying power privileges from it with any line of railroad or any harbor, and such power lines, telegraph lines or telephonic lines as Power lines. may be reasonably necessary or convenient in the business of said corporation. Said corporation may acquire and hold Acquire lands, etc. such tracts of land along the line of its canal and water courses as may be reasonably necessary or convenient for the conveying of water or electricity or other power and storing it and dispensing and dividing it among those who wish to purchase or lease it for any of the purposes mentioned in this act, or for the purpose of erecting manufactories or mills or other commercial establishments. SEC. 11. Such company may furnish and sell water, water May furnish power, electricity or electric power, and any and all other power. forms of power to other persons or companies for any and all purposes on such terms as shall be agreed upon, or it may use the same for such purposes itself. Any person or corpo- Compensation ration receiving, using or enjoying any benefit from the opera- for benefits. tions or improvements of any company organized under this act shall pay to said company a reasonable compensation for all such benefits used or enjoyed. It is authorized to sue and May suc, etc. be sued in any proper court in this State, the same as a natural person. obstructing SEC. 12. If any person shall wilfully obstruct any stream Penalty for or waters improved, or in use under the provisions of this act, injuring dams, or any part thereof, or shall wilfully destroy or injure any streams, etc. buildings, piers, dams, fixtures, banks, power lines or other constructions in use by and belonging to said company, such person or persons so offending shall, for every offense, be deemed guilty of a misdemeanor and shall be punished by a fine not exceeding five hundred dollars, or by imprisonment in the county jail not more than one year, in the discretion of the court. Report to SEC. 13. On or before the first Monday in July in each year secretary of state, it shall be the duty of the directors of every company formed what to contain, etc Amount of land, may hold. Purposes. Personal liability of stockholders. Shares deemed personal property. Service of process. under this act to report to the Secretary of State, under the oath of the secretary and at least two of the directors, the improvements made by such company, the cost of such improvements, the amount of money expended, the amount of the capital of the company, how much of the same is paid in, and how much has been expended, the whole amount of tolls or earnings expended on such improvements, the amount of money received the previous year for tolls, and from all other sources, stating each separately, the amount set apart for repairs, the amount of dividends paid and the amount of indebtedness of such company, specifying the object for which such indebtedness accrued. SEC. 14. Each and every corporation formed under this act shall have authority to purchase and hold land in amount not to exceed three thousand acres adjacent to or within convenient distance of any canal, stream or dam, constructed under the provisions of this act, for the purpose of platting and selling the same to manufacturers, their operatives or to other persons, and shall have the authority to lease, mortgage, sell, or otherwise dispose of real or personal property. SEC. 15. The stockholders of every company organized in pursuance of this act shall be jointly and severally personally liable for the payment of all debts and demands against such association which shall be contracted, or which shall be or shall become due during the time of their owning such stocks, for any labor or services done or performed for such company, but no stockholder shall be proceeded against for the collection of any debt or demand against such company until execution on judgment for such labor and services shall have been returned unsatisfied, unless such association shall be dissolved. SEC. 16. The shares of any company formed under this act shall be deemed personal property, and may be transferred as shall be prescribed by the by-laws of such company. SEC. 17. Service of any legal process against any such corporation may be made on the president, treasurer, or upon any of the directors of such company. Approved June 17, 1905. [No. 284.] AN ACT to amend section one of chapter fifty-one of the revised statutes of eighteen hundred forty-six, the same being section five thousand five hundred seventy-one of the Compiled Laws of eighteen hundred ninety-seven, relative to the bounty on wolves. The People of the State of Michigan enact: amended. SECTION 1. Section one of chapter fifty-one of the revised Section statutes of eighteen hundred forty-six, the same being section five thousand five hundred seventy-one of the Compiled Laws of eighteen hundred ninety-seven, relative to bounty on wolves, is hereby amended so as to read as follows: wolves. (5571) SECTION 1. Every person who shall kill a full Bounty on grown wolf, or wolf whelp, in any organized county in this State, shall be entitled to a bounty of twenty-five dollars for each wolf over three months old, and ten dollars for each wolf's whelp under the age of three months, to be allowed and paid in the manner hereinafter provided. Approved June 17, 1905. [No. 285.] AN ACT making an appropriation for the State Board of Library Commissioners for the special purposes of defraying the expenses of organization of existing and new libraries and of the expense of library institutes, for the fiscal years ending June thirty, nineteen hundred six, and June thirty, nineteen hundred seven, and to provide a tax to meet the same. The People of the State of Michigan enact: libraries, etc. SECTION 1. There is hereby appropriated for each of the Appropriation fiscal years ending June thirty, nineteen hundred six, and for expenses of June thirty, nineteen hundred seven, the sum of three thousand dollars, to be expended by the State Board, of Library Commissioners for the special purposes of defraying the expenses of organizing existing and new libraries and of library institutes within the State of Michigan. SEC. 2. The sum appropriated for each of said fiscal years How paid. by the provisions of this act shall be paid out of the State treasury from the general fund, on the warrant of the presi dent of the said State Board of Library Commissioners, when duly audited by the State Board of Auditors. rated in state tax. SEC. 3. The Auditor General shall incorporate in the State To be incorpotax for the year nineteen hundred six, the sum of three thousand dollars, and also a similar sum in the State tax for the year nineteen hundred seven, in each instance to be assessed, levied and collected as other State taxes are assessed, levied and collected, which sums when collected shall be placed to the credit of the general fund for each respective year to reimburse it for the sum authorized to be expended under this act. This act is ordered to take immediate effect. Appropriation for current expenses. Further appropriation, how used. How paid. To be incorpo rated in state tax. [No. 286.] AN ACT making appropriations for the Western State Normal School for current expenses for the fiscal years ending June thirty, nineteen hundred six, and June thirty, nineteen hundred seven, and for building and special purposes for the said institution for the fiscal year ending June thirty, nineteen hundred seven, and to provide a tax to meet the same. The People of the State of Michigan enact: SECTION 1.. There is hereby appropriated for the current expenses of the Western State Normal School, for the fiscal year ending June thirty, nineteen hundred six, the sum of thirty-five thousand dollars, and for the fiscal year ending June thirty, nineteen hundred seven, the sum of thirty-five thousand dollars. SEC. 2. The further sum of sixty thousand dollars is hereby appropriated for the said institution for the year ending June thirty, nineteen hundred seven, for library, gymnasium and assembly room complete. SEC. 3. The several amounts appropriated by the provisions of this act shall be paid out of the general fund in the State treasury to the treasurer of the State Board of Education at such times and in such amounts as the general accounting laws of the State prescribe, and the disbursing officer shall render his accounts to the Auditor General thereunder. SEC. 4. The Auditor General shall incorporate in the State tax for the year nineteen hundred five for the Western State 'Normal School the sum of thirty-five thousand dollars, and for the year nineteen hundred six for the said institution the sum of ninety-five thousand dollars, which, when collected, shall be credited to the general fund to reimburse the same for the money hereby appropriated. This act is ordered to take immediate effect. Appropriation. [No. 287.] AN ACT making appropriations for the Michigan Reforma- The People of the State of Michigan enact: |