for or against such corporation, its stockholders, or officers for any hability which shall have been previously incurred. SEC. 32. This act shall take effect immediately. (2492.) SEC. 33. It shall be competent for parties to organize Street railways. companies under this act to construct and operate railways in and through the streets of any town or city in this State.' thorities. (2493.) SEC. 34. All companies or corporations formed for such Executive right. purposes shall have the exclusive right to use and operate any street railways constructed, owned, or held by them: Provided, That no Proviso. such company or corporation shall be authorized to construct a railway under this act through the streets of any town or city without the consent of the municipal authorities of such town or Consent of au city, and under such regulations and upon such terms and conditions as said authorities may from time to time prescribe: Provided Proviso. further, That after such consent shall have been given and accepted by the company or corporation to which the same is granted, such Regulations authorities shall make no regulations or conditions whereby the be made. rights or franchises so granted shall be destroyed or unreasonably impaired, or such company or corporation be deprived of the right of constructing, maintaining, and operating such railway in the street in such consent or grant named, pursuant to the terms thereof." which may not borrow money. mortgage there. (2494.) SEC. 35. It shall be lawful for any corporation or associ- Corporation may ation organized under the act hereby amended, for the purpose of building and operating street railways, to borrow money for the purpose of constructing and operating the road or roads proposed to be constructed by them, and for that purpose to mortgage or May execute create any other lien upon their franchise, road, superstructure fix- for. tures, rolling stock, and equipments; and whenever such corporation or association shall have acquired a simple easement or right of way for its proposed road, or any part thereof, and shall have made and filed its articles of association in comformity to the provisions of the act hereby amended, any mortgage or mortgages executed by such corporation or association, upon the route or routes where such easement or right of way has been obtained, as aforesaid, shall be a legal and valid lien upon the right of way so obtained, to the entire extent of the interest of such corporation or association therein, and upon the superstructure and fixtures upon such route or routes, whether the same shall be built before 1 As added by Act 14 of the Laws of 1861, p. 11, approved and took effect February 2, 1861. 2 Vide note to sections 16 and 29 of this act. Sufficient desig. nation in articles. Powers to amend. Authorized to use public highways. Proviso. Proviso. How articles may be altered or amended. Particulars. or after, or partly before and partly after such mortgaging, and any such mortgage shall be deemed to be a mortgage upon real estate.' (2495.) SEC. 36. In the articles of association of any company, formed for the construction and operating of a street railway in any city, it shall be a sufficient designation of the route or routes thereof, to declare that said railway is to be constructed and maintained in such streets or public ways of the particular city as has been or shall thereafter from time to time be granted to said company for that purpose by the proper municipal authorities of such city; and it shall be lawful to build, maintain, or extend the railway of such company, according to the terms and conditions of such grant or grants. Any such company heretofore organized may amend its articles of association to conform to this section, in the manner hereinafter provided for amendments." (2496.) SEC. 37. Whenever any such corporation or association, as herein provided, shall desire to build or extend their track and road along any of the public highways of this State, not included within the limits of any city or incorporated village, such corporation or association shall have the exclusive right to so build and extend: Provided, Such corporation or association shall first obtain the written consent to such building and extension of the supervisor and a majority of the commissioners of highways of the town or towns in which such highways are located, respectively, and which said consent may contain such regulations in reference to the construction, location, and operation of the portion of said road in such town or towns as may be agreed upon between the corporation and said officers respectively, which are hereby made valid and effectual; and such consent or consents shall be filed in the office of the township clerk of the town or towns respectively: Provided, No regulation made, as aforesaid, shall prevent or obstruct the free use of such highway by the traveling public. ' (2497.) SEC. 38. Any company already organized or to be organized under this act may, from time to time, by a vote of the holders of a majority of the capital stock of such company, at any lawful meeting of the stockholders, alter and amend the articles of association of said company, in any or all of the following particulars, namely: The amount of capital stock, the number of shares into which the same shall be divided, and the number of directors; 1 As added by Act 88 of the Laws of 1863, p. 38, approved and took effect February 18, 1869. 2 Vide note to section 16 of this act. 3 Vide note to section 35 of this act. ments become and such alterations and amendments, when duly drawn up, certi- When amendfied, and signed by the president and secretary of such company, operative. sealed with its corporate seal, and filed in the office of the Secretary of State, shall become operative and have the same effect as are given by law to original articles of association.' (2498.) SEC. 39. Any company already organized or to be organ- Power to lease. ized under this act, for street railway purposes, may, whenever the same shall be authorized or approved at any lawful meeting by a vote of the holders of a majority of the whole capital stock, lease its railway, stock, and appurtenances for the running and operating the same for any term, not exceeding ten years at any one time: Provided, That notwithstanding such lease, the company Proviso. shall remain subject to all the corporate obligations and liabilities. No street railway shall be open to the use of any person for the running of cars thereon, except under the authority of the owners thereof. 1 by steam. may intersect, with other roads (2499.) SEC. 40. The cars on the street railway of any company Cars operated organized under this act may be operated by steam, or by any power other than animal power, whenever the municipal authorities of the city where such railway is situated shall authorize the same. 1 (2500.) SEC. 41. Any railway company now or hereafter to be How companies organized under this act, shall have the right to cross, intersect, cross, or join join, and unite its railway with any other railway or railroad now or hereafter.constructed, whether the same be so constructed under this act or under any charter now or hereafter granted, at any point on its route, and upon the grounds of such other railway or railroad company, with the necessary turn-outs, sidings, and switches, and other conveniences, in furtherance of the object of its connections, and to make all such running and business arrangements as said companies may agree upon; and every company, old companies whose railway or railroad shall be intersected by any new railway or railroad, shall unite with the owners of such new railway or railroad in forming such intersections and connections, and grant the facilities aforesaid; and if the two corporations cannot agree Manner of deterupon the amount of compensation to be made for such crossings Bation when companies canand connections, or the points or manner thereof, the same shall not agree. be ascertained and determined by commissioners, to be appointed by the court, as is herein before provided for the taking of lands and other property, and to purchase or to take lands, franchises, or 1 Added by Act 188 of the Laws of 1867, p. 256. shall unite with new. mining compen To what corporations this act applicable. other property, as herein before provided, which shall be necessary for the construction of its road. 1 1 (2501.) SEC. 42. All the provisions of this act, as amended, shall be applicable to all corporations now organized under this act, as though specifically named.' Authorizing companies. Proviso. Acknowledg. ment of articles. Articles of a880ciation. An act to provide for the formation of street railway companies. [Approved March 5, 1867. Laws of 1867, p. 46.] (2502.) SECTION 1. The People of the State of Michigan enact, That street railway companies may be organized under the provisions of this act. (2503.) SEC. 2. Any number of persons, not less than three, desiring to form a corporation for the purpose of constructing, owning, maintaining, or using any street railway in any city, village, or township in this State, may by articles of agreement in writing, associate for that purpose, under any name assumed by them in their articles of association: Provided, That no two companies shall assume the same name. (2504) SEC. 3. Such articles of association shall be signed by the persons associating in the first instance, and acknowledged before some officer authorized by the laws of this State to take acknowledgment of deeds, and shall state First. The name by which the corporation shall be known in the law; Second. Definitely and distinctly the purpose for which the corporation is formed; 1 As added by Act 91 of the Laws of 1871, p. 129. Third. The amount of their capital stock, and the number of the shares thereof; Fourth. The names of the stockholders, their respective residences, and the number of shares held by each; Fifth. The city or village in which the office for the transaction of their business shall be located, and where their business is to be carried on; Sixth. The term of the existence of the corporation, which shall not exceed thirty years; Seventh. The number of the directors of the corporation, and the names of those who shall be directors for the first year. with Secretary etc. fied copy of ar (2505.) SEC. 4. Said articles of association may be filed in the Articles filed office of the Secretary of State; and thereupon all persons who of State. have subscribed the same, and all persons who shall from time to time become stockholders in such company, shall be a body politic Body politic, and corporate, by the name specified in such articles, and by such name shall be capable of suing and being sued in any court of this State, and may have a common seal, and may alter and change the seal. same at pleasure. A copy of any articles of association, filed in Effect of certipursuance of this act, and certified by the Secretary of State to be ticles. a true copy thereof and of the whole of such articles of association, shall be in all courts and places presumptive evidence of the incorporation of such company and of the facts therein stated: Provided, That such articles shall not be filed in the office of the Proviso. Secretary of State, as aforesaid, until stock to the amount of twenty-five thousand dollars has been subscribed thereto, nor until twenty-five per cent of the amount of the stock subscribed, as aforesaid, 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: Twentyfive thousand doliars has been subscribed, and that twenty-five per cent on the amount has been actually paid in.' Amount of cap ital stock. (2506.) SEC. 5. The amount of the capital stock in every such corporation shall be fixed and limited by the stockholders in their articles of association, and shall in no case be less than ten thousand dollars, and shall be divided into shares of one hundred dol- How divided. lars each; but the capital stock and the number of the shares When stock and thereof may be increased at any lawful meeting of the stockholders; increased." and whenever any such increase shall be made, a certificate showing Sealed certifithe amount of such increase, signed by the president and the secre-filed. As amended by Act 187 of the Laws of 1869, p. 252, approved April 8, 1869. shares may be cate; whero |