liabilities of such corporation, has been fully and properly secured:

or

Second. That the debts and liabilities of such corporation, and the costs and expenses of closing up its concerns, have been fully paid and satisfied in good faith by the directors and stockholders of such corporation or any of them or

Third. That such corporation has never transacted any business, and has no outstanding debts and liabilities, and that the costs and expenses of closing its affairs have been provided for.

may be

Sec. 52. Any individual director or stockholder who shall have When a part given security for any such banking incorporation by mortgages recu. upon real estate, and who shall redeem in good faith, and at the full nominal value, a part of the debts and liabilities of such corporation, upon filing the assent and statement of a bank commissioner or the attorney general to that effect, as is above required, shall be entitled to the release of a proportionate amount of the mortgages executed by himself in behalf of such corporation.

com'rs and

general may

sons on oath.

Sec. 53. In order to protect the interests of the public and the creditors and billholders of such corporation, each of the bank When bank commissioners and the attorney general shall have full power and attorney authority to make such investigations and examinations as the examine pernature of the case may require, and for that purpose, each of the said officers shall be personally authorized to administer oaths to such individuals as it may be necessary to examine; and any person who shall be convicted of swearing falsely upon any such examination, shall be deemed guilty of perjury, and punished as in other cases.

effect from

and apply to

Sec. 54. This act shall take effect and be in force from the Act to tak time of its passage, and shall be applicable to all cases where its passage, proceedings are now pending for the dissolution of any corpora- pending tion, as well as to any proceedings which may be hereafter instituted.

Approved April 15, 1839.

proceedings.

[No. 57.]

AN ACT authorizing Isaac E. Crary, executor of the last will and testament of Ezra Convis, to sell certain lands.

Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That it shall be lawful for Isaac E. Crary, executor of the last will and testament of Ezra Convis, late of the county of Calhoun, in said state, deceased, and he is hereby authorized and empowered, to make partition of any lands which said deceased owned and held in said state at the time of his death, in common with any other person or persons, and to sell all or any part of the same at public or private sale, on credit or otherwise, under the restrictions contained in the will of said Convis; and on such partition or sale, to make, sign and execute in due form of law the necessary deeds and conveyances to the other owners of said lands, to vest in them the fee simple of such lands as may be divided to them in partition, and also to vest in the purchaser of said lands, the fee simple of the same: Provided, however, That before any title shall pass by virtue of such deed, it shall be the duty of said executor to have endorsed on said deed or deeds, the approval or consent to such sale or partition, by the judge of probate of the county or counties within which the premises so sold or partitioned may lie.

Sec. 2. This act shall take effect to be in force from and after the day of its passage.

Approved April 15, 1839.

[No. 58.]

AN ACT to change the name of the township of Cady, in Calhoun county.

Be it enacted by the Senate and House of Representatives of the State of Michigan, That the name of the town of Cady, in Calhoun county, be and the same is hereby altered to that of Emmet.

Approved April 15, 1839.

[No. 59.]

AN ACT supplementary to the act entitled "An act to establish the State Bank of Michigan."

nine branch

Section 1. Be it enacted by the Senate and House of Repre- Bank to have sentatives of the State of Michigan, That the State bank of Mi- es. chigan established by the act to which this is a supplement, shall consist of nine branches, instead of seven, which shall be located and established by the present legislature.

directors;

two to go out

Sec. 2. There shall be eight directors chosen by the legislature, Eight state instead of seven, as required by the thirteenth section of said act, term of office; who shall hold their offices one, two, three and four years, who each year. shall determine their term of service as therein prescribed, two going out each year.

president not

Sec. 3. Said directors so chosen shall elect a president of said To choose bank, who shall not be of their own number, who shall be a of their own number, &c. director by virtue of his office as president, and on all questions, vote as such, and in case of there being a tie, the president shall have the casting vote.

land mortga

to be paid by

when by

time limited

er to redeem

lecting to do

so, forfeits

stock.

Sec. 4. All taxes upon real estate, mortgaged as security for Taxes on the payment of stock, shall be paid by the stockholder or mortga-ged for stock, gor, and if the same be not paid within sixty days after the land mortgagor; so mortgaged shall have been advertised for sale for the payment of bank, &c.; such tax, the amount due shall be paid by the proper branch, and for stockholdduplicate certificates of such payment shall be given by the officer of bank; negreceiving such tax, one of which shall be filed in the office of the register where the mortgage shall have been recorded, and which shall in all cases have the same validity and effect to all intents and purposes, and shall vest in such branch bank all the rights and interests that could accrue from a certificate of purchase at public sale for taxes as prescribed by law, and if the mortgagor of such real estate or the holder or holders of the stock for which the same had been mortgaged, shall not, within ninety days thereafter, repay to said bank the amount of said tax with costs and interest, said stock and the amount paid thereon, shall be absolutely forfeited to the state, and shall thereafter be under the control and disposal of the fund commissioners.

Sec. 5. That no loan or discount shall be made when two direc⚫ No discount tors withhold their consent.

made, two directors dia.

senting.

When presi

dent may re

Sec. 6. The acting president of the state bank, by order of the

lease or ex directors of the bank, on the part of the state, shall have

change mort

ises; when

additional security may

be required.

power

gaged prem- to release any mortgaged premises, upon payment in full of the amount for which the same was mortgaged, or in exchange for other unincumbered real estate of equal or greater value; and they shall have full power to appraise and receive or reject any real estate offered as security for stock, conforming in all respects to the provisions of the fifty-third section of the act to which this is a supplement, and to require from time to time such additional security from persons indebted for stock, or money loaned in payment of, or to purchase stock, as shall in their opinion amply Security not protect the interests of the state. Any person neglecting to give stock forfeit- additional security for the payment of his stock or the money loaned of the state in payment or to purchase the same, after ninety days' notice, shall forfeit the same to the state with the amount already paid.

given, &c.

ed,

Neglect to organize bank

fic time, not

ginal act void

Sec. 7. The act to which this is supplemenry, shall not be for any speci- considered void, for want of an organization at any specific time, to render ori- on the part of the said bank and branches, but shall continue in Fund com- force until repealed by the legislature. Until a loan of stock shall have been obtained by the fund commissioners, said direction as direc- tors shall not be entitled to any further compensation than that loan effected. allowed them as fund commissioners.

missioners to receive no

compensa

tors until

How sinking fund to be

payment of

terest.

Sec. 8. The residue of the sinking fund created by the act to applied after which this is supplementary, after payment of the principal and loan and in- interest on the loan or loans negotiated for the payments of stock in said bank and branches, shall, if necessary, be applied according to the fifth section of the act entitled "An act authorizing a loan of a sum not exceeding five millions of dollars," approved March 1837. All provisions of the act to which this is supplementary, inconsistent with the provisions of this act, are hereby repealed.

Legislature may amend

21,

Sec. 9. Nothing in this act, or the one to which this is an or repeal act. amendment or supplementary, shall be construed to prevent the legislature from altering, amending or repealing the said act or

Act take effect.

acts.

Sec. 10. This act shall take effect and be in force from and after its passage.

Approved April 15, 1839.

[No. 60.]

AN ACT to incorporate Marshall College.

ate and poli

Section 1. Be it enacted by the Senate and House of Represen- Body corpor tatives of the State of Michigan, That John P. Cleveland, Sidney tic. Ketchum and James P. Greves, of the county of Calhoun; John M. Ellis, William Page and Marcus Harrison, of the county of Jackson; Ira M. Wead, of the county of Washtenaw; Eurotas P. Hastings, Robert Stuart and Arthur L. Porter, of the county of Wayne; Austin E. Wing and Oliver Johnston, of the county of Monroe; George W. Jermain, of the county of Lenawee; Ashbel S. Wells, of the county of Oakland; Mitchell Hinsdell, of the county of Kalamazoo; Elisha P. Champlin, of the county of Hillsdale, and Phanuel W. Warriner, of the county of St. Joseph, and their successors, be and they are hereby created a body politic and corporate, to be styled "The Board of Trustees of Marshall College," and by that name shall remain in perpetual succession, with full powers to sue and be sued, plead and be impleaded; to acquire, hold and convey property, real and personal; to have and to use a common seal, to alter and renew the same at pleasure; to make and alter, from time to time, such by-laws as they may deem necessary for the government of said institution, its officers and servants, provided such by-laws are not inconsistent with the constitution and laws of the United States, or of this state.

Marshall.

Sec. 2. The said college shall be located in the township of Located at Marshall, in the county of Calhoun; and shall be erected on a plan sufficiently extensive to afford instruction in the liberal arts and sciences; and the trustees may, as their abilities shall increase, and the interests of the community require, erect additional departments for the study of any or all of the liberal professions.

of president,

dent, secreta

Sec. 3. The board shail, from time to time, appoint a president, Appointment vice-president, secretary and treasurer, together with such other vice presiofficers, instructors and servants of the institution, as may be ry, &c. necessary; and shall have power to displace any or either of them, for good and sufficient reasons; and also to fill vacancies which may happen by death, resignation or otherwise, in said board, or among said officers, instructors and servants; and also to prescribe and direct the course of study to be pursued in said institution and its departments.