to the capital stock of said company, first givNotice to be ing reasonable notice of the times and places of taking such subscriptions.

given.

Capital stock, shares $50 each.

SEC. 2. The capital stock of said River Raisin and Grand River Rail Road Company shall be one and a half million of dollars, in shares of fifty dollars each; and that as soon as one thousand shares of said stock shall be subscribed, the subscribers of said stock, with such other Created a bo- persons as shall associate with them for that dy politic and corporate. purpose, their successors and assigns shall be, and they are hereby created a body corporate and politic, by the name and style of the "River Raisin and Grand River Rail Road Company," with perpetual succession, and by that name May hold and shall be capable in law of purchasing, selling, leasing and conveying estate, either real, personal or mixed, as far as the same may be necessary for the purposes hereinafter mentioned, and no further: and in their corporate name be sued and may sue and be sued, may have a common seal, have corporate which they may alter and renew at pleasure, and shall have, enjoy, and may exercise all the powers, rights and privileges which appertain to corporate bodies, for the purpose mentioned in this act.

sell property

&c.

May sue and

seal.

Power to construct and use Rail Road.

SEC. 3. Said corporation hereby created shall have power to construct a single or double Rail Road,commencing at the head of ship navigation on the River Raisin; and said corporation are hereby required to make or construct a single

or double track in each bank of said river at the starting point, and to unite the same at any point above the limits of the village of Monroe, to the rapids of Grand River, or to such point below on said river as said corporation shall see fit, passing through the villages of Tecumseh, Clinton, and Marshall, on or near the route recently surveyed from Monroe to Marshall by Licut. J. M. Berrien, with power to transport, take and carry property or persons upon the same, by the power and force of steam, of animals, or of any mechanical or other power, or of any combination of them.

parts and the

road to be fin

SEC. 4. If said corporation shall not, within When certain two years from the passage of this act,commence whole of said the construction of said railroad, and shall not, ished. within six years from the passage of this act, construct, finish and put in operation thirty miles in distance of said Rail Road,and shall not, within fifteen years from the passage of this act, construct, finish, complete and put in operation, one half of the said Rail Road, and shall not, within thirty years from the passage of this act, complete and put in operation the whole of said Rail Road,or in the event of a failure of the company to construct the parts of the said RailRoad within either of the times above mentioned, then the rights, privileges and powers of the said corporation under this act, shall be null and void; as to when to be said parts of the said road which are not finished within the times limited by this act, and to them

void.

Company to

to the gover. nor &c.

If dividend ex. ceed 14 per

cent.

only the said company shall make return to the make returns governor, to be laid before the legislature annually by the president, and on the oath of the president or treasurers, with the statement of the receipts and expenditures upon the said Railroad together with the costs thereof; and if at any time on such return the amount divided from the part of said Rail Road completed, over and above all repairs, shall exceed fourteen per cent. on the capital stock paid in, and equal interest from the time of payment, then it shall be the duty of said company to complete the next adjoining section within five years after making such return, or on failure thercof, to pay all surplus moneys arising from the road so completed, over and above the fourteen per cent., into the treasury of the territory.

When nine directors to be chosen.

Election of pre sident.

SEC. 5. Whenever one thousand shares of the aforesaid stock shall have been subsribed, if within two years after the passage of this act, the commissioners shall call a general meeting of the subscribers, to such time and place as they may appoint, by giving sixty days public notice of such meeting; and at such meeting the commissioners shall lay the subscription books before the subscribers then and there present, and thereupon the subrcribers or stockholders, or a majority of them, shall elect nine directors by ballot, a majority of whom shall be competent to manage the affairs of said company; they shall have the power of electing a

president of said company, either from amongst the directors, or the stockholders; and in said election, and on every occasion wherein a vote of the stockholders is to be taken, every share shall entitle the holder thereof to one vote, and every stockholder may vote himself or by proxy.

dent and dire..

chosen.

SEC. 6. To continue the succession of the When presi. president and directors of said company, nine tors to be directors shall be chosen annually on the first Monday of October, at such place as may be appointed by the directors; and if any vacancy shall occur by death, resignation or otherwise, of any president or director before the year for which he was elected shall have expired, a person to fill such vacant place for the residue of the year, may be appointed by the directors of said company or a majority of them. The directors of said cnmpany shall hold and exercise their offices until a new election of president and directors. All elections which are by this If elections be act, or by the by-laws of the company to be made on any particular day, if not made on such day, may be made at any time within thirty days thereafter.

not held on the

day appointed.

SEC. 7. A general meeting of the stockhold- Meetings to be held annually. ers of said company shall be held annually at the time and place appointed for the appointment of president and directors; and a meeting of extra meetmay be called at any time during the interval inge. between said annual meetings by the president

and directors, or by the stockholders owning

B

ing disolved.

not less than one fourth of the whole stock, by giving thirty days public notice of the time and place of meeting: and when any such meetings. are called by the stockholders, the notice shall When meet specify the particular object of the call; and if at any meetings thus called, a majority in value of the stockholders are not present in person, or by proxy, such meeting shall be adjourned from day to day not exceeding three days, without transacting any business; and if within said three days, stockholders having a majority of the stock do not attend such meeting, then the same shall be dissolved

When president and di

count.

SEC. 8. At the regular annual meetings of the rectors to ac. stockholders of said company, it shall be the duty of the president and directors in office for the preceding year, to exhibit a clear and distinct statement of the affairs of the company and at any called meeting of the stockholders, a majority of those present in person or by proxy, may require similar statements from the president and directors, whose duty it shall be to furnish them when thus required: and at all When presi- general meetings of the stockholders, a majority in value of all the stockholders in said com

dent and direc

tors may be removed.

Oath of presi.

pany, may remove from office any president or any of the directors of said company, and may appoint others in their stead.

SEC. 9. Any president or director of said dent and direc- company, before he acts as such shall swear or affirm that he will well and truly discharge the

tors.