in mayor's Sec. 16. All process and proceedings in the mayor's court, Proceedings (which is hereby declared to be clothed with similar jurisdiction court." and powers as heretofore,) shall be in the name of the people of the state of Michigan, and for the purposes of affording a party brought into said court the right of a trial by jury when demanded, the said mayor's court shall have power to award instanter a venire facias, commanding the marshal or any city constable to summon forthwith, eighteen persons resident in said city, having the qualifications of jurors in the circuit courts, which persons thus summoned shall attended forthwith as jurors, and not depart the court until discharged, under such penalty, not exceeding ten dollars, as said court may impose. The jury for trial of causes in said court to consist of twelve persons, to be drawn in the usual mode from the panel summoned as aforesaid. And in case of default in the attendance of a sufficient number of jurors, or in case the number in attendance shall be reduced by challenges, (the right to which is hereby extended to the parties as in the circuit courts,) the said Mayor's court shall have power to direct the summoning of talesmen, who shall be subject in case of default to the penalty in this section provided. stitute the Sec. 17. The mayor's court shall consist of the mayor or re- Who to con corder and two aldermen. Said aldermen to be designated by court. the common council, at a meeting previous to the term of said court, and in case the aldermen so designated, or either of them, shall fail to attend, the vacancy may be supplied by any other member of the common council on the request of such as do attend. In case, however, of the absence or inability to act of the mayor and recorder, the said court may be held by any three aldermen to be designated as aforesaid. common tive to road Sec. 18. The common council shall have power to pass such Power of ordinances in relation to the assessing of the road tax in the said council relacity, and to the time and manner of applying the same, whether tax. in labor or money, as they may deem expedient. clause Sec. 19. All acts or parts of acts now in force which may be Repealing inconsistent with the provisions of this act, are hereby repealed. Sec. 20. This act shall take effect from and after its Approved March 27, 1839. passage. Act take effect. Auditor may sell certain to any bank or banks in the state. [No. 36.] AN ACT to authorize the auditor general of the state to obtain money on the credit of certain instalments of the five million loan. Section 1. Be it enacted by the Senate and House of Repreinstalments sentatives of the State of Michigan, That the auditor general of the state is hereby authorized to make arrangements with any of the banks of this state to advance from time to time such sum or sums of money as the state may need to carry on her works of internal improvement, by selling to said bank or banks the drafts for the instalments hereafter to become due on account of the five million loan, in the order in which said instalments shall become due, and as often as it shall become necessary to raise money to meet the liabilities of the state on her works of internal improvements, under appropriations made or to be made, until the next annual meeting of the legislature, or until provision shall be made by law for placing the funds of the state in a state bank, if one hereafter be incorporated: Provided, That the interest to be paid in anticipation of said instalment shall not exceed six per cent per annum: Provided further, That nothing herein contained shall be construed as authorizing the auditor general to transfer, or in any way pledge as aforesaid, more than three quarterly instalments of the five million loan; nor shall he pledge the third instalment, if the funds now in the Michigan state bank become available before the money is wanted for internal improvement purposes. Bank not to charge for disbursing funds, &c. Money to be placed in ing it. Sec. 2. Said bank shall receive no compensation for receiving and disbursing the funds herein authorized to be borrowed and paid out, nor shall said bank or banks receive the second or any other instalment to become due to the state on account of the five million loan, until all moneys advanced on prior instalments are disbursed by said bank or banks: Provided, That said bank or banks, before the money be so deposited, shall give security to the satisfaction of the treasurer and auditor general of the state for the payment of the same. Sec. 3. The money, when raised by authority of this act, shall bank advanc- be placed in such bank or banks as advance the same, to the credit of the internal improvement fund of this state, and shall be applied in payment of claims against the state for labor done and materials furnished on her works of internal improvement, as Sec. 4. This act shall take effect from and after its passage. [No. 37.] AN ACT to establish the State Bank of Michigan. seven bran lished; its powers. Section 1. Be it enacted by the Senate and House of Representa- Bank with tives of the State of Michigan, That a state bank with seven ches estabbranches is hereby created and established, which, with so many general branches as may be organized under this charter, shall be known and styled "The State Bank of Michigan," and shall continue as such until the first day of January, eighteen hundred and sixty, and shall be a body corporate and politic, with power to sue and be sued, plead and be impleaded, in any court of law or equity having jurisdiction, and to transact all other lawful business herein authorized and shall have power by and through its branches, and not otherwise, to loan money, buy, sell, and negotiate bills of exchange, checks, promissory notes, and other evidences of debt; to discount on banking principles, and usages, bills of exchange, post notes, promissory notes, and other negotiable paper, or obligations for the payment of money; to receive deposites, to buy and sell gold, silver, bullion, and foreign coin; to issue and put in circulation, bills, notes, post notes, bills of exchange, and other evidences of debt payable to order or bearer, and not otherwise; and to exercise such other incidental powers, as shall be necescary to carry on such business; such notes and bills put in circulation as money, except post notes and bills of exchange, shall be made payable on demand: Provided, all branches provided Branches to for in this act shall be established and located by the legislature of legislature. this state. be located by deal in goods, merchan Sec. 2. It shall not be lawful for said bank or any branch Bank not to thereof, at any time, to use or employ any part of its capital or wares or other funds in the buying or selling of goods, wares or merchan- dize. dize, or in any other business or dealing not by this act authorized the purchase Restricted in and permitted; nor shall it be lawful for said bank or any of its of real estate. branches, to purchase, hold and convey, any real estate, except estate not ne the transac such as shall be required for its immediate accommodation in the convenient transaction of its business; or such as shall have been mortgaged to it in good faith as security for stock, or loans previously contracted, or for moneys due; or such as shall have been conveyed to it in satisfaction of debts previously contracted in the course of its dealings; or such as shall have been purchased at sales upon judgments, decrees or mortgages obtained or made When real for such debts; and all such real estate not absolutely necessary cessary for for the convevient discharge of its business, shall be set up at least once a year at public sale, and shall be sold, if the same will bring the amount of the debt, interest and costs for which it had been bought, received or taken by the bank or any branch thereof, and which remain after deducting all profits received from said real estate, provided thirty days' previous notice of such sale shall be given in the nearest newspaper to said bank, describing the property to be sold, the name of the mortgagor, if any, and the Conveyance amount due. All conveyances of real estate shall be signed by the president of the state bank, and shall have the seal thereof affixed. tion of its business to be sold. of, how to be executed. Not to sus pend pay notes in spe cie, &c. Sec. 3. The said bank shall not at any time suspend payment ment of its in specie on any of its notes, bills or obligations due and payable, nor of any moneys received upon deposite; and if said bank at any time refuse or neglect to pay any bill, note or obligation, issued by such bank, if demanded within the usual banking hours, at the proper branch where the same is payable according to the contract, promise, or undertaking therein expressed, or shall neglect or refuse to pay on demand, as aforesaid, any moneys received on deposite, to the person or persons entitled to receive the same, then, and in every such case, the holder of any such bill, note, or obligation, or the person or persons entitled to demand or receive such moneys as aforesaid, shall respectively be entitled to receive and recover interest on their said demands until the same shall be fully paid and satisfied, at the rate of twelve per centum per annum from the time of such demand as aforesaid; and any branch failing to meet its engagements may be closed as insolvent. each Branches lia ble for each others debts; any suits to be Sec. 4. The said branches shall be mutually liable for others debts, and all suits for any liability of the said bank or of its branches, shall be brought against the state bank of Michigan. against state bank. summons; upon whom and how of president when served where suit to Sec. 5. The process in such case shall be a summons, and be To be by served on the president of the state bank, in all cases when the contract, engagement, or liability sued for shall have been made served; duty by the board of directors of said bank, and in all cases where the of branch contract, engagement, or liability has been made or incurred by a on him; branch, the process shall be served on the president of the branch; be brought. and in all cases a copy of the process left at the banking-house or place of doing business of the state bank, or of the proper branch, as the case may be, during the usual hours of business, shall be good service, and it shall be the duty of the president of any such branch or any other officer thereof, knowing of such service, forthwith to notify the president and directors of the state bank, and all suits against said bank or any branch, shall be brought in the county where the same is situated, and there shall be no stay of execution on judgments obtained against said bank or any of its branches, except as herein provided for. May take seven per cent in advance; capi tal not to be diminished; Sec. 6. Said bank shall be entitled to charge and receive for moneys loaned, seven per cent, in advance, and no more; in the dividend of profits, no unpaid interest, although due, shall be included; but the same shall be so managed that the capital surplus fund stock shall never be diminished; a surplus fund may be created out of the profits and kept up, that shall never, after it reaches that sum, be less than one sixteenth of the capital stock in each branch. to be created. Dividends, how made. Sec. 7. There shall be a semi-annual dividend of profits among the stockholders, after first deducting all expenses and moneys when and reserved for a contingent and surplus fund; and after deducting also the sum of twenty cents on each share of stock, other than that held by the state, as a tax, in lieu of all other taxes and assessments, on the stock in said bank; which last mentioned sum shall be devoted to purposes of common school education, and be added to and constitute a part of the common school fund; and in making said calculation and division of profits, each branch shall be independent of the rest, and its profit shall be divided among the stockholders thereof; and any branch which shall branch not not, after the first year, yield a profit of six per cent per annum per cent may When yielding six be wound up. |