Press enter after choosing selection

Railroad Charter

Railroad Charter image
Parent Issue
Public Domain
OCR Text

[pánciuded Sec. 21. Srtid iliri'c'ors.orn r-ajonty of' them, tnav open hcioks lo recoivq sulscrijtions to (lic CÜpttaj sföck of. suid roinp:iuy, at soch tirm:s und piaros ns tlicv or n maority of ihom may appmnt. and sliall {ivo such Dotico of tho tunes tuul [ttacos oï o pc'img said books as tlioy ntay deern rensonabk), and shall rpceivp sucli sulscrijiilóns uhdci such rcgulaiions .is 'hqi mrty adopi fi;r ili purposc : Proviiird, thni books slmli bc bp'cnc'd in thö :iiy o( I letroii wiiiiin uno yrar. and as sóon u books are opencd clscwlicro, for subscriplions by ciii.'Mis t(f Michigan to ilio stock of sn] cdiiijiany, 1101 to excood ihroo hundrèü lliousaiul di)ll(irs in amounl ƒ but no person ahnll ba cniiilud ti tako nfíáíd ilirea hunüred ihousand dollars of siock so 10 b subscribid, moro tbnn ono lliotisand dot lnr?, unti! -ill siu'li i:i:i-riis wisiiin to thkü tttock or .sliaii.-s in said oompany, not cxeccding ono lliotisand duliars in ïhikhimi. thaH have liad on oppormnitv to áubscribe or talco stock or nhuroi ia id i:ompany,li' amounts nol cxcci-din} onc tlionsisnd dollars oacb ; and stock #0 takm bi einzen of Michigan, not cxcccdin ibroc liundicd ihousand dollars, slmll siand lor tho full anionnt, nnd sliall not bo in ny wisolucnd by ilic dircctors of said coinj-uny : And proyjded, noúco of lo lime ofoppn-i ing such bonks in ihu city of Detroit shall e pubüslwd iu ynrno daily rtSWsppOt printod n Detroit, foj fifloqn days in:.t preceding tho timo for sucli opening ; rnd il moto tlian fifty tluuisíintl 6harcs nf i lio stock shall he subscribod, tho direclQiu sliall have power to mukc tho liares so süOscribed tho capital stock of ilic coinpai-.y : Provided, thcy símil notoxeced cighty thousand shares ; and n coso tho subscriptioMs shall cxcet'il eiglity thousnnd liares, iho sanio shall l)p reduced atul Qpportionoc m such ihñnner as mny bc docincd mos bcnoficinl to tho cojnpany. Sec. 25. To continue the succossion of president and directora, tuno directora slmli bo chosotii nnnually, 6n tho sccotid Móndav in .limo, ni such placo in this slate asmry bo nppointed by Ihe dircctors, nnd no pereori símil bo competí tit to act ns a director wlio ís not n stocklioldcr nnd a cilizon of ilio United .Suites, and if nny vacáncy shall occur by drat'n, resigniition or otherwise, of nny president or director before iho jear for wliicli he was dc-cted shall havo, such vacancy for the romaindor of the yoar rnay bc filled by the dircctors of said company, or a mnjority of thom. Tho diroctors of said company shall hold ihcir offices until a new rlection oidirectors. All eleclions which aro by this net or tho by-laws of tho company, to bo mndooii nny particular day, if not made on such day may bc made nt any time wilhin six months ihcrcrtfter, noUce of such meeting buing givon in the mnnner hercin after prescribed in srction twenty sevcn of lliia ac', and on al! occaaiona whon a vote of the Btóckhoitfera is to be takon. c 'ch nnd cvery sliaio shall entitle the helder ihfeNsóf lo o voto, eiiher by himsolf in person or by proxy. Sec. 26. h caso it shall at nny time linppnn ijjat an eleclion of directoxs shall not benadc on any day whon pursuonl to this act it oughl to have been ruado, the snid corporalion shall not lor that cnuse bc deemed lo bo dissolved, but such election mav be subsequcnlly nind, nnd thotors cliosen íir the yonr proceding bíkiII liold ihcir offices until such olectiun shri'l be mudo. Sec. '27. AgcncrnlmoctitigofiliostocV holdors of said company shall bo holden nnnually ni ilio time and" place nppoinird for tho plpction of directory, nnd meeting mav bc callod ut nny lime during the interyai'bötwccn such nnnual ncntinns by thi?directore, 'brby iho storkholders ownin: not Icfs tlian onc íourth ot tbe s'ock, by giving tbirty dayspuWic notico óftíibiimc nnd laco of meeting in llu stalo paper, if thoie be one, nnd n case tboro be no toto paper, t'hen such notiec sha'l be publishrd in two ncwspapers printed in Detroit and wlirii any sucb meeting is coHo'd by the stocklioldeis, tito particular object of such cal) sball be stalcd. nnd tal aiiv meeting tlnis called n majority in valuó óf thó stoekoolders aro not present in person or by proxyi sneh ryicoting sball be ádjournód froin day te iluy, not exccodíríg ihreo days wiibout irotiracting any b'úáinésí, "d 'f witbinsaid tbree dnys.stockboldi-r.s liaviñg a mnjoriiy of the stock do not álterid sncb meeting, tbon rtjé'said iriöettrig shall beWfssolvcd. Scc. '3. At tbo rrgular nnnual meeting of Ihe stocklioldí-r bniStá com'pany it sbaü bc the dnty o'f i!i'1 pvcsideni aiuí ducciors in oflice fór tbc précVdíng yerir, to cxKibit a clear nnl distinct statemont of tbo oflüírS of tlie sard compiínyí ;ulfl 'l! aiiy II1!Clíno of ibe ..tockboldt.Ts, n ninjoiily ol tbosc present in person or by proxy, tnay rcquiíO similar siatcmcnts fromtbc director vvhoso duiy it sball bn to furnisb tbein Wbn ib'is required ; and at otl jíó'ntfrál meöiinga o( Iho atookbolders Á inajoriiy i ti val üo uí al! llie stóckhoMBTS in snit) compai'y. may ieidüvi: any prc-sitit-iit or nny ol flie director of sftid company.andeU'cl oljier directora ni to-Jr stead; 'l'rovidi-d, ríoüco of sii'.-b intendfd removul bas been givön as rcquirrd bv thu laM precedihg secltón. Sec. 2í). 1 1 .-liall be biwlul for tbo direclors to r-f]tnrc paymonl ol tb smns subcribod to tbe capital siock ofsm.l eompany. Qt sucb times mul in sncli propoil.ons iu)don suebcöndiiions ni thoy sbajl imn proper and necessaiy, in the cxcution nnd progress of tbo Work, and direct the sume to be pftid 10 íh'o tteasmer of tbe corporalion. . And iba lifoaaúrér sb;i!l giVd noticc of all .sucb asst'.symcMts ; und in caío mty subsciibur or sioi-klmlder shall ncylect lo pay any íss(;ssrmnt on lus liur'ö oi sbares l'ur I he bpac.e óf tbirly days lifter such not ice i.s givon, as íhnll bö p'recribed by tliG by laws of faid corporalion, tbo directors may order tbc treafaiirer 10 sell píjcJi abare or sbares at public anclion. ader jivinp such notice as may bo prescribed as afo-iesaid, to the bighesl bidder, and (he ;same sbaü be iransíVrred to the purchasernn tlic books of tho compauy by the prosU lont ihcroof, nrid oüch du'linqiïont subscribcr or stncklioldor sbaïl bo held acconntiiIiIq tu ih) corripüííy for tho residuo of uw ngscstmtéiits not satisilcd by the proceods of eucll Hftlb of lus blinrc or shuros, f snid for l'.ss iliiui tho assfPsriK.'iits duo tlieroon with ilie iiitcrcsl nnd costof sale, nnd snch cosis átid nlerèsljj to b; fust pnid fion the prorcods of suri yal; nntl tlinll bc ; ti tíili il lo tlio surplus, f lii.s fliare or slmrcs shaM sell föï fnoio llihh tlio nsscssmcnid dut-, wiih in;c rost fihd oost ut sale; IVoid-d, how i:or, hut nu usscssnuMit blmll b5 luid upon nny sbaros in soid cot]orotion (or n grealor hmo'unt in ilio wljolc tlrnn ono hundrod tlolinrh üjibn boch sliarq. Si c. 'AU. Tlio snid directora or a maïotit) of tlicni, slmll havo power to appoihj, cont'ruci with nnd ilotorniino tho compprisaliun of nli such oilicors, éngineois, oiim, nnd st'i vnnts, whoinsocvir ns thcy may );o áoemod ncccssnry for tho transiic! ion of tho business of the comp.-uiy.nnd remove tbom at plcusure, nnd tho snid drociors, or u mftjority of them, shnl! havo power to delorinmc the marmer nnd cvidencooftho irnnsfors of the stock in suid oompany, ond thcy shall havo power to pnss all by luws which tnay bo ncoessnry for tlio cárrying into osecutton nll thoui s vnslnl m tlic company inweuy niuuiaoratvd j Provided.sucli hy lawa sholtaój I)ü cnmrriry to the: constitution or luws of iht! Uniii'd Sinios, or of lliis stnlo. Src. 8:1. Tlic directors shall Imvo full power toronduel tho afluirá of said company, nnd to exorciso any po w lts which snid compnuy might cxereise.execpl whcre provisión is madu by ihis nel tbr iho exorcise of such powors by tho stocklioldors al their annual or special niQClingS,.or whcru tlio powora of l lie diroctors may bo re. slruiiiod by tlio by luws of said company. Sec. .V2. Tbc diroctors of snid cornpnny sbuU nnnually, on or bc foro tho twonty. filh diiy of. January, makc a report to ihc iccrotary of statn, vbicl tkhal) cnibrncc the business of tbo proceiling yrar tn the firs dy of JanunrVi slatiiig tho longlli of thcii road in operntinn ; cot of construction and tlo imiebtedness of the company (or inatorials or work in progress of deliver) or expcuiiqii on account of construction as noar ns can bo convenicntly nscorfuiiipd, and all othfr indebtedness ifnnythcro bi1 ; tho nmount ol capital stock subscrib od, nnd the nmount actuaüy paid in ; ani all loans madu for the purposes mentionei in tho next succccding section; the nmoun of dividend?; rocoipts from freight, from passengers, and from all other aources on account of operating tho road ; tho num bor of through nnd way possongors res pectivoly : th expenditures for tiie repairs of tho road ; for repairs of onginos ant cars, nnd other expenditures, which ihrct items last mentioned slmll inc'ude all the cxpi-nditurcs for operating tbc road, ani tbo exnenditurea made for construclionring tho y:nr ; tlu: numbcr of ongincs ; of passenger, freight nntl othor cari } iho nvcrngo numbcr ofntcn in employmcnt of th? compnny ; thc numbor of miles run b) passenger, by froigbt and other trains which repon sliall bo verified by tbe adida vit of nt lonst two of tbo dirootors, ant liled in fho ofiieo oíllio socrofar3' of slate Scc. '33. 'l'hc said company shnll pny (o tho f tato an animal lax ol'onc half ol ono per cent, upon tho cnpitnl otock paid in, including iho two millions of purchahO motiey paid to tho statc, unJil tho first day o Kcbruary, oightrou htindrcd and fifty ono and tberuníter an animal tax of thre(siburíh of onc per cení, upon its capital stock pttid in, including thc two millions of ptirchasu rnonoy paid tö tbe stino, und also upon ni loims mude to said cömpanyi for tbo pur posoof donstractin-j sa'vd nulroad or pur c!iasin',clíar(orifií',liiti()g, or constructinof the stenmboatiJ nulitornted by ilus act to bé held by snid cómpnny, which mx eliall be poid in tho Inst wei-k in Januury in eacli yeaif to tho slnic treaeurer, and lito propiMiy aml efü-ctsof ?aid company, ur lillicr real, personal or mixed, ; hall, in corjsjderntion llicrcof, hocxfimpl fóm all and e'yory othor tax, chnrge and exaction by virluo of any laws ofthis state now or hcr'juficr to hu ui fqrcc, except ponal'.ios by ÚÚ9 act iniposod. Src. 34. The same shall haven Ken up on the Kmlroad of said cornpany and ta nppnrtci anc(!s. and stock thereon, for all ponaltios.taxcsand du-s which may nccruo 10 rhq s'.atc front said cotnp;my, 'Inch lien of tlio state shall talco precideni-e oí sill othor debía or dernands, jndincnls nr dccroos üaint snïtl comfmny ; and the eiijzclia of tliis flato sli.dl have a lien upon all the porsutial property of smid company for all ducs or d'.:i)iands ajiainst said com pany ii ilio ainoiinl cifono hunürod dollars, origianHjr ccntr.ncfcd wilhin tliis state. whiclii aftor Raid lifn of tin Ktatc shall lakfl prect df nr-.c of all olhor dchts or dviiMinK udginents. or deerce, licns or itpMgpgfl againM pwd cprnpany3cc Ifany porson hall intontinrmlly.lo or c.Hiso to hu (hrnc, or Qfd in doing nr causing 'o bo donr, nny act or acts ïvjiutevcr, whcrchy uny hniJiiin, construc lion or wimU otsuid cnmpai'V, or any rnnii.c, machine or sfnictnro, or any naMer or lliin appi'rtainin to tho samo shall bé sioppcd, obxtfuctfldi irópairad. wenkenod. 'njurcri or dfflróyd. Iho pcbirfn br porsons so tiOundiu; slml} bu fruilty of o misdoinoanor, hik) oi:iy bi pUnuwd npon ctrrrviclion, by fine ar by irrrfn.-ói)inúnl nol excecdinj;' five ycars. or bo'li, at tho diservlion ol the court ; un'l íWI fíWÍeit and p.-iv lo oíd eofpotolion troiile rhO amoun: oCiluningorf Motairicd by nu-ans ot such ofi;.tno or injucy. io b! irecoverèd in ihe tü of fuicl coinpu-.iv, wnli cots ol muí. by Jictioii Óf trubspuss. Sec. 36. Tho Klutc may. a(" any lime iiftur ilm ürt lav oi January, ohteen IiijikIicI and sixly teven, purclütse and Inke iioui said company, said railroad.and il! r lic projKMly, efL-cis and asspis ofMld rornpany. md said railroad and lh' nppurlenanCCA ihefeol ; and all the rslate, proprrlVi 6tnè asPls of said comptvny (subjact to all existir rrrtrrngea or othe lienb theieon on account of loans, theofitls of which shall havo boon investod i tlio said rond nnd othor works of said Örmpnny) sjwll fully and forcvcr vest inf nd bocomo the rstato, property nnd eflocts f iho stutc, to all intenta and purp'oses. 30 oon ; nnd whehcveir ofter tho day aforonid, U10 stntö símil ny, or causo to bo aitf to said cornpnny, the valuoof !ho err. iro Mock of, and snarcfi in Ru;d company t the market valuoof such stock or shares, nd ton per cent. in uldition to such mar;ot vuluo of said stock or shnros j stfch' tárftei valne tü Lo ascorfninod hy takin 10 average of tiro public sale priecs of aid stock or sharos, ns made in the city f Boston, in Massachusctts, and in tho ity of New York, in the stato of Now i'ork, during tho twolvo months noxt procding the first day of January, írt ítio yoar n which tho stato shall so puTcha6e ; btfi n no ense shall the amount to bc paid in jy tho Btoekholders of said company, and ) case tho state and said cotnpuny e.iifttiói greo Qnon tlw inarket vakre of said stock r shures, tlit supreme court of tl 1 is state hall be competent to dutormino tho samo, pon applicaUon thcrefor lo be made (o saiif ourl within six month's after tlio stato shall lect to uurchasQ ; and tho monics so to bc aid to said company shall bo payablo at 10 treasury of the stiito Michigan, in lawu] curront iHoncy of tho United State3, vithin two years aftor the time wlien tho tatc shall elect to purchase.and the amount o bc paid ühnll have been detorrnined, ns icrfin profid6d, upon thrco rnonths' proI0118 nolico of ho time of Süch payment o bo publishod wcckly, in ono or mOro ewspnpers pubiushcd ín lh city of Detroit, r al the capital of tho stato of Michigan j nd thcreupon the corporato powers and ranchises oí said company stmll wholly caso, nnd tho rights and franchiocs vesled or which my veal in said company under or by virtuo of ibis act, shal not in any mnn'ncr bo hfeiudiccd or afioclod savo ashcrcin provided, or by judicial procecdings or by rcpurchase of eaid railrofd, to be made by tiio state in manner aforesaid Provided, that whcrcfcr in this act provisión 9 made for a penalty (o accruo, for the doing or not doing ny net, said company shhíl in no wiso bo prejudieed by tfre doing or not doing of such net, oxcopt by the onforrornent of such penalty.; Sec. 37. All landa and properiy, and riglits ancí interest thercin. acquirod by said company, by purchase or otherwiso,in caso of Uw repurchase of tho railroadof gaid ctfmpafiy by tho stft'c, slialt becofrtö vcsted ín tho state in ts full and ampio rt manner as tho eame wore vestcd" rn, orM" ercised, or enjoyod by said cornpflny j ftna all deeds önd co.ivoyar.cos, gift and grants of real or personal proporty, to aid companí thá oH intfishiofns takon or had uncler thifl ö U'hichsnld company shall bo a party, shall, h caso of ropurchase, accrue to the stnto in tho snme and as luH and ampio a manner, ns if tho etato had beef tho parfy to such doeds.convcynnccs, gifts, grants and inquisitions, instcad of said company ; and the filato shall have full right and auüorliy to havo use thcf same.and scll, assign and transfer tho safnö to any person or persons whatcvor. Sec. 38. Said compnny shall at uil ttmng if required by tho Tost Ofílce Department transport the Ünitod States mail üpön aid road, as often ns their cara hall pass tho reon, not cjtcoeding mice in oach day, for such compensation as shall bo agreed upon by said company and tho aaid deportrrtenf ; and in case no such ngreement can bo made, then rt shall bo lowful for the (jocrnor of ihJs slnfo o appoint Iwo fiorn-1 m8áíoners, an(i said company one, wlio, or a rnnïority of t!)(?m, shall agree upt-n and fix tho prlces, lerms and condition for transponing such mail lifter dfu-on days' notico to said company : Proviiícd, ihainothing liorcin contnincd shütl hc construc] 10 rcquire any of the vofiicles of said compnny to wait at noy oífico for chango of mail. Sec. 39. Tlio stofo roserves tlio ngtit nt nny limf) afior rhiify years fram the pnssayo of lilis acf, by a vote of two Ihirrls of tíaoh trraiich of tlio Ic-gislulure, to nlter, omcnif or rópeal he saine : Provuleo lint saicl company sliall bo comprnsatcd y the stnto for all ilamngos austaincd by cuson of sticli nlierfttion, nmondmont or rcpeal. Sec 40. Thia act shalt tako cfK'ct onJ je in full force froin and nftor itfl passoge Approrcd, Mnrch28, 1846.