« 이전계속 »
direct. No person shall be a director unless he is a stock
holder in the corporation. Failure to elect, Sec. 5. In case it shall happen that an election for dinot to dissolve corporation.
rectors 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 pro
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. Subscriptions Sec. 7. The directors of any such company may at any time to stock.
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 stock, etc.
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 SEC. 8. The directors may call in subscriptions to the capbe in installmente.
ital stock of such corporation by installments, in such por
tions, and at such times and places as they shall deem proper, Refusal to pay.,, by giving notice thereof as the by-laws shall prescribe; and in stock may be sold. 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 Proviso, where
in some newspaper published in the county: Provided, That sold notice.
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 Rights of refunded to the owner thereof; and such sale shall entitle the purchaser.
purchaser to all the rights of a stockholder to the extent of
the shares so bought. Powers and Sec. 9. Every such corporation, organized as hereinbefore restrictions.
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.
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 sit. uated 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.
Sec. 12. If any person shall wilfully obstruct any stream Penalty for or waters improved, or in use under the provisions of this act,
obstructing 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.
what to contain, etc
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
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. Amount of land, Sec. 14. Each and every corporation formed under this act may hold.
shall have authority to purchase and hold land in amount not to exceed three thousand acres adjacent to or within conven
ient distance of any canal, stream or dam, constructed under Purposes 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. Personal liability Sec. 15. The stockholders of every company organized in of stockholders.
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 personal property.
act shall be deemed personal property, and may be transferred
as shall be prescribed by the by-laws of such company. Service
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.
AN ACT to amend section one of chapter fifty-one of the re
vised 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: 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:
(5571) SECTION . 1. Every person who shall kill a full Bounty on grown wolf, or wolf whelp, in any organized county in this wolves. 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: 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 president of the said State Board of Library Commissioners, when duly audited by the State Board of Auditors.
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.
rated in state tax.
AN ACT making appropriations for the Western State Nor
mal 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:
Appropriation for current expenses.
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. Further
Sec. 2. The further sum of sixty thousand dollars is hereappropriation, how used.
by appropriated for the said institution for the year ending June thirty, nineteen hundred seven, for library, gymnasium
and assembly room complete. How paid. Sec. 3. The several amounts appropriated by the pro
visions 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 there.
under. To be incorpo- Sec. 4. The Auditor General shall incorporate in the State rated in state tax.
tax for the year nineteen hundred five for the Western State
This act is ordered to take immediate effect.
AN ACT making appropriations for the Michigan Reforma
tory at Ionia, Michigan, for general repairs and other improvements for the fiscal year ending June thirty, nineteen hundred six, and to provide for a tax to meet the same.
The People of the State of Michigan enact: