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Who to represent cities and townships in settlements.

matters in difference between said cities or city and township growing out of the said division and change of boundary, which notice may be served, in case of cities, upon the mayor of the city, and in case of townships upon the township clerk, and such notice shall specify the object for which it is given, the place of meeting, which shall be in one of said cities or townships, and the time of such meeting, which shall not be less than twenty days after service of such notice as aforesaid.

SEC. 6. If said notice is given by a city it shall be the duty of the mayor of said city to appoint a committee of four from the aldermen of said city to meet with the township board of any such township and settle the matters in difference between the city and townships. And it shall be the duty of the mayor of any city upon which such notice shall be served to appoint from the aldermen of the city a committee of four for like purpose; and the township clerk Duties of persons of the township upon whom such notice shall be served, shall

appointed at

meeting.

Proceedings

When no settle in circuit court.

ment arrived at

immediately give notice to the members of the township board of the time and place said meeting has been called, and it shall be the duty of said committees so apppointed in such cities and the township boards of any such townships, to meet at the time and place designated in the notice, and make a fair and equitable division of the money, rights, credits, and personal estate, and apportionment of the indebtedness of said cities or townships from which territory has been detached, as provided in section one of this act, between the said city and townships.

SEC. 7. If the mayor of any such city upon whom such notice shall be served shall neglect or refuse to appoint a committee as provided for in section six of this act, or the township clerk of any township shall neglect or refuse to notify the township board of the time and place of such meeting, or if said committee be appointed and such township board notified, if they shall neglect or refuse to meet at the time and place specified for the settlement, or having met, shall refuse, fail, or neglect to arrive at a settlement of the matters submitted to them by the preceding sections of this chapter, then the city or township giving the notice may file a bill in the circuit court in chancery in the proper county against such other city or township as is entitled under the provisions of this act to have a portion of the personal property, money, rights, and effects of the city, village, or township from which said land shall be detached, or liable to contribute to the payment of the debts of the said city, village, or township for an accounting and settlement, or in such suit in chancery between said city and township, or between such cities, and a decree may be entered in the said case fixing the amount which each of said cities or townships shall be entitled to of the moneys, rights, credits, and personal property of said city or township, the boundary of which has been changed by detaching territory therefrom as specified in section one of this act, and said decree may also apportion the amount which each of said cities or townships shall be liable for of the indebtedness of any such city or township from which lands may be detached as above specified.

indebtedness

by city, etc.

SEC. 8. Upon payment of any of its indebtedness existing prior Payment of to said change of boundary by any city or township, the boundary existing prior to of which has been changed as provided for in this act, the remain- change, etc., ing cities or townships, the boundaries of which have been changed by said division, shall be liable to and pay to the city or township paying any such indebtedness their pro rata share of the indebtedness so paid.

Act to apply to

of townships.

villages not part

settlement had, to apply.

SEC. 9. This act shall be applied to any change in the boundary of any incorporate village whenever it shall not be a part of any township within this State. SEC. 10. That in all cases where the boundaries of cities or town- Where boundaries of cities, etc., ships have been heretofore changed in the manner specified in sec- have been tion one of this act, and no settlement of the matters in difference changed and no between said cities, or city and townships, has been arranged, and provision of act no division of the moneys, rights, credits, and personal property of said cities or townships made, or no apportionment of the indebtedness due from the city or township from which territory has been detached in making the division, shall have been made, the provisions of this act shall apply; and the provisions of this act shall extend to such cases and a settlement of said matters made and enforced in the same manner as though said division were made after the passage and taking effect of this act. Approved April 21, 1883.

[ No. 39. ]

AN ACT to authorize the formation of corporations for the purpose of excavating, constructing, and maintaining water courses with water power appurtenant thereto, for accumulating, storing, conducting, selling, furnishing, and supplying, upon an agreed rental, water and water power for mining, milling, manufacturing, domestic, municipal, and agricultural purposes.

maintaining,

powers au

SECTION 1. The People of the State of Michigan enact, That Formation of any number of persons not less than five, may form themselves corporations for into a corporation for the purpose of excavating and constructing, etc., water maintaining, repairing, and improving any canal already existing, thorized. or which they may wish to excavate and construct, with water power appurtenant thereto, and may own, use, and control the same for the purpose of accumulating, storing, conducting, selling, furnishing, and supplying, upon an agreed rental, water and water power for mining, manufacturing, domestic, municipal, and agricultural purposes, and may acquire, take, hold, lease, and convey lands or water power, as may be necessary or convenient, for the purposes above specified, by complying with the following requirements:

to contain.

SEC. 2. Such persons under their hands and seals, shall make a What certificate certificate which shall specify:

First, The name of the corporation;

Name.

Capital stock and shares.

Place.

Business.

Names, etc., of stockholders.

Directors.

Location of office.

Term of existence, filing of certificate.

Body corporate,

General law, governing.

Election of board of directors.

Idem.

Majority of board may act.

Subscribing for stock.

Increasing capital stock.

Certificate of increase.

Second, A statement of the amount of capital stock of such company, and the number of shares into which the capital stock shall be divided;

Third, The county and townships within this State in which such canal is to be excavated and constructed, and the operations. of said company carried on;

Fourth, The business and object of said company in general terms;

Fifth, The names and places of residences of the stockholders, and the number of shares held by each of them respectively;

Sixth, The names of the first directors, being not more than seven, and not less than five;

Seventh, The place in this State where their office for the transaction of business is located;

Eighth, The term of existence of such corporation, which certificate shall be acknowledged as deeds are required to be acknowledged and recorded, in the office of the clerk of the county in which the office of said company for the transaction of business is located, and a copy thereof filed in the office of the secretary of State.

SEC. 3. Upon complying with the provisions of the last preceding section such company shall be a body corporate by the name designated in said certificate, and shall be subject to and governed by all the general provisions relating to corporations embraced in chapter one hundred and thirty of the compiled laws of the State of Michigan, now in force, so far as the same shall be applicable thereto.

SEC. 4. The business and property of such company shall be managed and directed by a board of not less than five nor more than seven directors, who shall be elected annually, and at such time and place as said by-laws may 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 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

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signed, certified, and filed as herein before required in the case of original articles of association.

scriptions to

SEC. 8. The directors may call in subscriptions to the capital Calling in substock of such corporation by installments, in such portions, and at capital stock. such times and places as they shall think proper, by giving notice thereof as the by-laws shall prescribe; and in case any stockholder Neglect to pay. 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 Proviso. 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 pre- Powers of corscribed shall have the following powers, and be subject to the poration. liabilities and restrictions following, that is to say:

of proposed

First, To cause such examinations and surveys for the proposed Surveys, etc., improvements, whether of dams, canals, or digging or deepening of improvement. channels, to be made as may be necessary to prepare for the work to be done;

Second, To purchase and by voluntary grants and donations to Acquisition of receive, enter upon, take, hold, and use all such lands and real lands, etc. estate and other property as may be necessary for the construction and maintenance of the work proposed in the approved plans of such company;

and flood lands.

Third, To divert into any canal, excavated or constructed under To divert waters the provisions of this act, waters from Lake Superior or St. Mary's river, to flood lands belonging to said company by constructing the necessary dams in said canal, subject to the consent of the board of supervisors of the proper county in which said waters so diverted are situated.

railroads, tele

SEC. 10. Said corporation may, in the exercise of its discretion, To construct erect along the line of its canal or over different portions of its graph and property, such railroads as may be necessary for connecting manu- telephone lines. facturing establishments situated upon or connected with their premises or enjoying water privileges from them with any line of railroad or any harbor near them, and such telegraph lines or telephonic lines as may be reasonably necessary or convenient in connection therewith. Said corporation may purchase and hold such To purchase and tracts of land along the line of its canal and water courses, as may

lease lands, etc.

To furnish water,

Penalty for obstruction of waters and in

ty, etc.

reasonably be necessary or convenient for the conveying of water, 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 upon.

SEC. 11. Such company may furnish water to other persons or companies for mining, manufacturing, milling, domestic, municipal, or agricultural purposes, on such rent as shall be agreed upon by and between it and those desiring to obtain it, or it may use the same for such purposes itself in any class of manufacturing purposes. It is authorized to bring suit to enforce the payment of such rent in any proper court of the county where its principal office is located.

SEC. 12. If any person shall willfully obstruct any stream or waters improved under the provisions of this act or any part therejury to proper of, or shall willfully destroy or injure any buildings, piers, dams, fixtures, banks, or other constructions in use upon the same, 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.

Annual report.

Annual tax to be paid to State treasurer.

Liability of stockholders.

SEC. 13. On or before the first Monday in July in each year 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 length of the stream or waters so constructed or improved, the cost of such improvements, the amount of money expended, the amount of their capital, how much of the same is paid in, and how much is expended, the whole amount of tolls or earnings expended on such improvements, the amount of money received during the previous year for tolls, and from all other sources, stating each separately, the amount set apart for repairs, the amount of dividends made, and the amount of indebtedness of such company, specifying the object for which such indebtedness accrued.

SEC. 14. Each and every company formed under this act shall pay to the treasurer of the State of Michigan an annual tax at the rate of one per cent on the whole amount of capital paid in upon the capital stock of said company, which tax shall be estimated upon the last preceding report of said company, and shall be paid to the said treasurer on the first Monday in July of each year and shall be in lieu of all other taxes upon all the property of said company.

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 holding 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, or unless such association shall be dissolved.

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