by imprisonment in the State prison for life, or for any term of This act is ordered to take immediate effect. Auditor General to balance accounts of etc. [No. 5.] AN ACT authorizing and instructing the Auditor General to balance the accounts of the Michigan Soldiers' Home by transfer of funds. SECTION 1. The People of the State of Michigan enact, That the Auditor General is hereby authorized and instructed, upon soldiers home, auditing the account current of the Michigan Soldiers' Home for the quarter ending December thirty-first, one thousand eight hundred and eighty-eight, to transfer moneys from funds where there may be a surplus, sufficient to balance funds where there may be deficit, the aggregate balance on hand, if any, to be covered into the treasury in conformity to law. This act is ordered to take immediate effect. Five or more [No. 6.] AN ACT to provide for the incorporation of associations for the purpose of constructing, owning, controlling and acquiring by lease buildings for exposition and exhibition purposes. SECTION 1. The People of the State of Michigan enact, That may incorpor- any five or more persons desiring to become incorporated for the ate, etc. Proviso. What articles of purpose of constructing, owning and operating a building or buildings for exposition and exhibition purposes, may, by complying with the provisions of this act, with their successors and assigns, become a body politic and corporate, under any name assumed by them in their articles of association: Provided, No two companies shall assume the same or a similar name. SEC. 2. Such persons shall, under their hands and seals, make and subscribe articles of association, which shall be duly acknowl edged, and shall state: First, The name of such corporation; Second, Distinctly the purpose for which the corporation is formed; Third, The amount of capital stock and the number of shares. thereof; Fourth, The names of the stockholders, their respective resi dences, and the number of shares held by each; Fifth, The place in this State where the office for the transaction of business shall be located; Sixth, The term of its existence, which shall not exceed thirty years; Seventh, The number of directors, which shall not be less than five nor more than nine, and the names of those who shall be directors for the first year. recorded. SEC. 3. Before commencing business the directors shall cause Articles to be said articles to be recorded in the office of the Secretary of State, who, upon recording the same, shall endorse the date and place. of such record thereon, and return the said articles with such endorsement thereon to said directors, who shall thereupon cause the same to be recorded in the office of the county clerk of the county where such office is to be located. The record, or a certified copy of the same from such county clerk, shall be admissible in all courts and places, and shall be prima facie evidence of the regularity and due incorporation of said company. SEC. 4. The directors of any such corporation shall choose Officers. from their number a president, secretary and treasurer, and may appoint such other officers and agents as their articles of association and by-laws require, who shall hold their offices until the directors shall appoint others in their place. The offices of secretary and treasurer may be held by the same person. The directors for the time being shall have power to fill any vacancy which may happen in their board by any cause. how called in. stock to be sold. SEC. 5. The directors may call in subscriptions to the capital Subscriptions, stock of such corporation by installments, in such portion and sums and at such times and places as they shall think proper, by giving notice thereof, as the by-laws shall prescribe, and in case any stockholder shall neglect or refuse payment of any such installment for the space of thirty days after the same shall have become due and payable, and after he shall have been notified in writing by the secretary thereof, the stock of such delinquent When not paid, 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 in which its office is located, of the time and place of such sale; and the proceeds of such sale shall be first applied in payment of the installment called for, and the expense of such sale, and the residue, if any, 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: Provided, That in case Proviso. the proceeds of such sale shall not equal the amount due upon such stock and the expenses of such sale, then and in that case the corporation may sue for and recover such balance from such delinquent stockholder in an action of assumpsit in any court having cognizance of the action. SEC. 6. A majority of the directors of every such corporation, Quorum. convened according to the by-laws, shall constitute a quorum for the transaction of business; and those holding a majority of the stock, at any meeting of the stockholders, shall be capable of transacting the business of the meeting; and at each meeting of held at other than time appointed. the stockholders, each share shall be entitled to one vote. Stock- Election may be SEC. 7. If, from any cause, it shall happen that an election of Books to be open for inspection. Corporation to acquire property. Power to erect and sell or lease buildings. SEC. 8. The books of such corporation, containing the accounts thereof, shall, at all reasonable times, be open for the inspection of any of the stockholders. SEC. 9. Said corporation shall have power to acquire by purchase, gift, lease or otherwise, such real and personal property as may be necessary for the purpose of its business, not exceeding in value two million dollars. And said corporation shall have power, and is hereby authorized to erect such building or buildings, and other things, upon its real estate, so owned or acquired by lease as may be necessary for the objects and purposes of its organization; and it may acquire by lease buildings and property, and such parts thereof as may be necessary for such purposes, and such parts of its buildings or property as may not be necessary for the specific purpose for which such corporation was organized, or when not in actual use by said corporation, may be Borrow money. sold or leased as the directors may deem proper. Said corporation shall also have power, when authorized by a majority vote of the stockholders present, at any regular or special meeting, called as in the by-laws provided, to borrow money and secure the same by mortgage on its property, and the directors may adopt such by-laws and rules and regulations as may be necessary for the conduct and management of its business, not inconsistent with the provisions herein, or the laws of this State. Stock personal property. Service of process. ubject to general laws. SEC. 10. The stock of such corporation shall be deemed personal property, and shall be transferred only on the books of the company in such manner as the by-laws of such corporation shall prescribe; and such corporation shall at all times have a lien upon the stock or property of its members invested therein for all debts due from them to such corporation, which may be enforced by advertisement and sale in the manner herein provided for selling delinquent stock; and all purchasers at such sales shall be entitled to the rights of stockholders. SEC. 11. Service of any legal process against any corporation formed under this act may be made on the president or secretary thereof, and if they cannot be found in the county in which suit may be commenced, then such service may be made upon any one of the directors. SEC. 12. All corporations formed under this act shall at all This act is ordered to take immediate effect. [No. 7.] AN ACT to amend sections six and seventeen of chapter one hundred and twenty-five of the compiled laws of one thousand eight hundred and seventy-one, being compiler's sections four thousand eight hundred and twenty-nine and four thousand eight hundred and forty of Howell's Annotated Statutes, relative to the formation of joint stock companies for the purpose of owning and maintaining skating parks or rinks and parks kept for ornament, recreation, and amusement. SECTION 1. The People of the State of Michigan enact, That Sections sections six and seventeen of chapter one hundred and twenty-five of the compiled laws of one thousand eight hundred and seventyone, being compiler's sections four thousand eight hundred and twenty-nine and four thousand eight hundred and forty of Howell's Annotated Statutes, be and the same are hereby amended so as to read as follows: amended. ($4829.) SEC. 6. Every such corporation shall hold its annual Annual meeting of stockholders between the first Monday of February meetings. and the last day of August of each year as its by-laws may provide. Twenty days' notice of the time and place shall be given as hereinafter provided: Provided, That, if for any reason it is Proviso. not held thereon, the corporation shall not for that reason be dissolved, but it may be held pursuant to public notice given by the directors thirty days thereafter, or by a majority of said directors. Said notice to be given at least fifteen days before such meeting, Notice of to be published in a daily paper printed in the county where its meetings. principal office is located, if there is any printed therein: Pro- Proviso. vided, That, if notice is given personally in writing or by mail to each stockholder, addressed to him at his place of residence as appears on the books of the company, no publication shall be necessary. contents of. ($4840.) SEC. 17. All corporations formed under the provisions Annual report, of this act shall annually, between the months of March and the end of the succeeding August, make a report which shall state the amount of the capital stock actually paid in and the amount of money borrowed, if any, which report shall be signed by a majority of the directors and verified by the oath of the president or secretary and be filed in the office of the clerk of the county where its articles are filed. This act is ordered to take immediate effect. AN ACT [No. 8.] to amend section seven thousand one hundred and thirty-seven of the compiled laws of eighteen hundred and seventy-one, being compiler's section eight thousand six hundred and ninety-eight of Howell's Annotated Statutes of the State of Michigan, relative to limitation of actions relating to real property. Section amended. Action for the recovery of land; when to be brought. When within five years. Ten years. Fifteen years. Section amended. Course of study, rules, etc. Degrees and diplomas. SECTION 1. The People of the State of Michigan enact, That section seven thousand one hundred and thirty-seven of the compiled laws of eighteen hundred and seventy-one, being compiler's section eight thousand six hundred and ninety-eight of Howell's Annotated Statutes of the State of Michigan, be and the same is hereby amended so as to read as follows: §8698. (7137.) That after the thirty-first day of December, in the year of our Lord eighteen hundred and sixty-three, no person shall bring or maintain any action for the recovery of any lands, or the possession thereof, or make any entry thereupon, unless such action is commenced or entry made within the time herein limited therefor, after the right to make such entry or to bring such action shall have first accrued to the plaintiff, or to some person through whom he claims, to-wit: First, Within five years, where the defendant claims title to the land in question, by or through some deed made upon a sale thereof by an executor, administrator or guardian, or by a sheriff, or other proper ministerial officer, under the order, judgment, decree or process of a court, or legal tribunal of competent jurisdiction within this State, or by a sheriff upon a mortgage foreclosure sale; Second, Within ten years, where the defendant claims title Third, Within fifteen years in all other cases. [No. 9.] AN ACT to amend section six of act number seventy of the public SEC. 6. The course of study, the terms and the hours of This act is ordered to take immediate effect. |