Page. (Traverse Bay) Amboy, Lansing, land grant,.. Tender of damages,. Three Rivers and Constantine enabling act, Three Rivers and Schoolcraft enabling act, Time-table, to be kept at stations, - Title, proceedings to acquire,. when in State, County or Town, how acquired,. Track, putting obstructions on,.. may be carried over or under highway,. of another road, when may be taken, Transportation, of persons, etc.,.... Transfer of stock,.... to avoid taxation,. (Traverse Bay), Amboy, Lansing ffi T. B. enabling act,. Treasurer of Company, Commissioner to deliver money, etc., to,......... 59 137 150 70 68 16-30 33 30 33 117 50 49 38 68 70 48, 69 31 17 15 16 .11, 81 85 125 GENERAL RAILROAD LAW, WITH AMENDMENTS AND ADDITIONS THERETO. AN ACT to provide for the Incorporation of Railroad Companies. Approved [SECTION 1. The People of the State of Michigan enact, That any number of Original Section. persons, not less than twenty-five, being subscribers to the stock of any contemplated Railroad, may be formed into a Corporation for the purpose of constructing, operating and maintaining such Railroad, by complying with the following requirements: When stock to the amount of one thousand dollars for every mile of said road so intended to be built, shall be in good faith subscribed, and five per cent. paid thereon, as herein required, then such subscribers may select Directors for said Company; and thereupon they shall severally subscribe articles of Association, in which shall be set forth the name of the Corporation, the number of years the same is to be continued, the amount of the capital stock of the Company, which shall not be less than eight thousand dollars per mile, of road constructed, or proposed to be constructed of the "T," or continuous rail; and not less than four thousand dollars per mile of road constructed, or proposed to be constructed, with the flat bar rail: Provided, That no car shall be run at a higher rate of speed than fifteen miles per hour upon any road so constructed with the flat bar rail; the number of shares of which the stock shall consist, the number of Directors, and their names, who shall not exceed in number one half the stockholders; the place from and to which the proposed road is to into or through which it is intended to pass; and its length as near as may be, and the names of five Commissioners to open books of subscription to the stock. Each subscriber to such articles of Association shall subscribe thereto his name, place of residence, and the number of shares of stock taken by him in such Company. The said articles of Association may be filed in the office of the Secretary of State: Provided, That such articles of Association shall not be filed in the office of the Secretary of State, as aforesaid, until five per cent. of the amount of the stock subscribed there to shall have been actually paid in cash to the Directors named in such articles, nor until there is annexed thereto an affidavit, made by at least three of the Directors named in said articles, that the amount of stock required by this section, to wit: $1,000 per mile, has been subscribed, and that five per cent. on the amount has actually been paid in. And thereupon the persons who have subscribed, and all persons who shall, from time to time, become stockholders in such Company, shall be a body corporate by the name specified in such articles, and shall be capable of suing and being sued, and may have a common seal, and may make and alter the same at be constructed, and each county Amendment corporate. Requirements. ciation. pleasure, and be capable in law of purchasing, holding and conveying, any real and personal property whatever, necessary for the construction of such road, and for the erection of all necessary buildings, yards and appurtenances, for the use of the same.] SEC. 1. The people of the State of Michigan enact, S. L. 1867. P. 90. That any number of persons, not less than twentyfive, being subscribers to the stock of any contemplated Authorized to In- railroad, railroad bridge or railroad tunnel, may be formed into a corporation for the purpose of constructing, operating and maintaining such railroad, railroad bridge or railroad tunnel, over or under any of the waters of this State, by complying with the following requirements: when stock to the amount of one thousand dollars for every mile of said road so intended to be built, or to the extent of one-half of the estimated cost of any such bridge or tunnel so intended to be built, shall be in good faith subscribed, and five per cent. paid thereon, as herein required, then such subscribers may select directors for said company; and thereupon they Articles of Ass shall severally subscribe articles of association, in which shall be set forth the name of the corporation, the number of years the same is to be continued, the amount of the capital stock of the company, which shall not be less than eight thousand dollars per mile of road constructed or proposed to be constructed of the "T" or continuous rail, and not less than four thousand dollars per mile of road constructed or proposed to be constructed with the flat bar rail, and not less than half the estimated cost of any such bridge or tunnel: Provided, That no car shall be run at a higher rate of speed than fifteen miles per hour upon any road so constructed with the flat bar rail; the number of shares of which the stock shall consist; the number of directors and their names, who shall not exceed in number one-half the stockholders; the place Line of construe from and to which the proposed road is be constructed, and each county into or through which it is intended to Capital Stock. "T" Rail. Flat bar Rail. Proviso. Speed on flat ba No. of Shares. Director tion. |