which report shall be signed by the president and a majority of the directors, and shall be verified by the oath of the president and secretary of such corporation, and filed in the office of the clerk of the county in which any portion of such bridge is situated. And if any such company shall fail so to do, all the directors Liability for negthereof shall be jointly and severally liable for all the debts of the company then existing, and that shall be contracted before such report shall be made.

lect.

taxation.

taken while tax

(2654.) SEC. 10. The capital stock of such company shall not be Assessment for taxed as such; but the bridge, with its appurtenances, gates, and toll-houses, shall be assessed at its true cash value to the company by their corporate name, as personal property in the township in which the toll shall be received; and in case such tax shall not No toll to be be paid before the collecting officer shall be bound to make return unpaid. of the same, no toll shall be taken after such default of payment, until the same, with interest at twenty-five per cent, shall have Forfeiture for been duly paid. For any violation of this provision, any such provision. company shall forfeit its corporate franchises.

violation of this

deemed personal estate, and how

transferable.

(2655.) SEC. 11. The stock of any such corporation shall be stock to be deemed personal estate, and shall be transferable in such manner as shall be prescribed by the by-laws of the company; but no transfer shall be valid for any purpose whatever, except to render the person to whom it shall be transferred liable for the debts of such company, according to the provisions of this act, until the same shall have been entered upon the books of the corporation, so as to show the names of the parties by and to whom transferred, the number and designation of the shares, and the date of the transfer; and no shares shall be transferable until all previous calls of assessment thereon shall have been fully paid in, or shall have been declared forfeited for the non-payment of calls thereon. It shall Restriction upon not be lawful for any such corporation to use any of their funds funds. in the purchase of, or in any manner to purchase, stock in any other corporation.

use of corporate

how served upon company.

(2656.) SEC. 12. Service of any legal process against any such Legal process; corporation may be made on the president or secretary, or if neither of them can be found in the county, then upon any one of the directors of such company; and in case none of the above named officers can be found in the county, then such service may be made by leaving a copy of such process with the person receiving tolls at such bridge.

(2657.) SEc. 13. It shall be the duty of the directors of every Books to be such corporation or company to cause books to be kept by the

kept.

Liability of off

cers and agents

with respect to

books.

Duty of board

of supervisors

out of repair.

treasurer, secretary, or other officers thereof, containing the names of all persons, alphabetically arranged, who are, or shall within six years have been stockholders of such company, and showing their places of residence, the number of shares of stock held .by them, respectively, and the time when they respectively became owners of such shares, and the amount of stock actually paid in; which book shall be kept open in the office of the receiver of tolls at the bridge, for the inspection of stockholders and creditors of such company and their personal representatives; and any and every such person shall have a right to make extracts from such book. Such books shall be presumptive evidence of the facts therein stated, in favor of the plaintiff, in any suit or proceeding against such company, or against any one or more stockholders. Every officer or agent of such company, who shall fail or neglect to make any proper [entry] in any such book, or shall neglect or refuse to exhibit the same, or allow the same to be inspected and extracts to be taken therefrom as provided by this section, shall be deemed guilty of a misdemeanor, and the company shall forfeit and pay to the party injured a penalty of fifty dollars for every such neglect or refusal, or for neglecting to keep such books open for inspection as aforesaid.

(2658.) SEC. 14. If any person shall at any time make complaint when bridge is in writing, to any board of supervisors, and deliver the same to the clerk of such board, in any county in which any such bridge or any part thereof is situated, that such bridge is out of repair, such board, or the clerk thereof, shall cause notice to be given to the gate-keeper or receiver of tolls, of the time at which said board will hear such complaint; and at the time specified in such notice, unless the board shall be satisfied that such bridge has been since repaired, they shall proceed to hear the evidence that may be produced touching the matter aforesaid; and they may order such bridge to be repaired within such reasonable time as they may think proper; and shall cause notice thereof to be given to some director, or the receiver of tolls; and if the same shall not be repaired within the time so fixed, or within ten days thereafter, such board may declare the [said] bridge forfeited to the township in which the same is situated; and the said bridge, and all its appurtenances, shall thereupon become vested in such township as a free bridge.

Act may be amended.

(2659.) SEC. 15. The Legislature may at any time alter or amend Company sub- this act, and all companies formed under this act shall at all times be subject to all general laws in force relative to bridge companies. SEC. 16. This act shall take effect immediately.

ject to general

laws.

lay of travelers.

(2660.) SEC. 17. Every toll-gatherer at any such bridge, who shall Penalty for deunreasonably hinder, detain, or delay any traveler or passenger, shall, for each offense, forfeit the sum of five dollars to the party aggrieved, and shall be further liable to the party aggrieved for all damages, to be sued for in the name of the party, in an action of debt or assumpsit. And when execution shall have been issued on Recovery therea judgment so recovered, and the same cannot be collected for want of goods and chattels of the person against whom the same was rendered, the amount of such judgment unsatisfied, with costs, may be recovered of such incorporation. 1

1

of.

paying toll.

(2661.) SEC. 18. Any person who shall forcibly or fraudulently Penalty for not pass the toll-gate or toll-house of any bridge erected pursuant to the provisions of this act, not having paid the legal toll, shall, for each offense, be liable to a fine not exceeding ten dollars, to be sued for and recovered by such company in an action of debt or assumpsit: Provided, Nothing in this section shall be so construed Proviso. as to authorize the taking of tolls on any such bridge contrary to the provisions of section six of the act to which this is an amendment.

CHAPTER LXXXII.

FERRY COMPANIES.

An Act to provide for the incorporation of ferry companies.

[Approved April 13, 1871. Laws of 1871, p. 143.]

(2662.) SECTION 1. The People of the State of Michigan enact, That corporations may be formed for the purpose of owning and operating ferries duly licensed in the manner following:

1 These sections added by Act 24 of the Laws of 1861, p. 20, approved and took effect February 2, 1861.

Five persons

may execute ar

(2663.) SEC. 2. Any five or more persons desirous of organizing

ticles of associa- such a corporation may execute articles of association which

tion.

Contents of same.

Execution of articles.

Affidavit of directors.

Articles filed

with Secretary of State.

Register of stock.

Annual statement.

(amongst other things) prescribe

First. The name of the corporation;

Second. The ferry which (license being obtained) it is the purpose of the association to own and operate;

Third. The amount of the capital stock of the company, and the number of shares thereof;

Fourth. The time and place of holding the first and other annual meetings;

Fifth. The number of directors, and the names of those who shall manage the affairs of the corporation for the first year and until others are elected.

(2664.) SEC. 3. Each of the associates shall execute the articles by subscribing his name thereto, either in person or by attorney, with the addition of his place of residence, and the number of shares taken by him in the company.

(2665.) SEC. 4. When the whole number of shares shall have been subscribed, at least two of the directors named in the articles shall, by their affidavit indorsed thereon or annexed thereto, verify the due execution of the articles by the persons whose names are thereto subscribed.

(2666.) SEC. 5. The articles of association, with the affidavit of the directors verifying the execution thereof, shall be filed with the Secretary of State, and thereupon the persons who have subscribed the same, and all other persons who shall thereafter become stockholders in such company, shall be a body corporate, by the name specified in the articles, and, on such, capable of receiving a license from the proper board of supervisors or municipal authorities of the ferry contemplated by the articles, of operating said ferry, and receiving fares or tolls authorized by the license, and of acquiring, conveying, or mortgaging any real property, including rights of way, easements, or rights of wharfage, or any personal property which may be requisite and proper for the purposes for which the corporation was organized.

(2667.) SEC. 6. Such corporation shall keep a register of the names of the shareholders for the time being, with the number of shares held by each, which register shall be open to the inspection of all persons desiring to examine the same.

(2668.) SEC. 7. Such corporation shall annually make out a statement and furnish the same to the board of supervisors or municipal authorities by whom its ferry license was granted, at their regular

annual meeting in each year, a statement showing the amount of the capital stock of the company paid in, the value of its real and personal property, and the receipts and expenditures of the company during the year preceding the date of the report; which statement shall be signed by the president and a majority of the directors, and verified by the secretary, agent, or officer making the same. (2669.) SEC. 8. The stockholders of the company shall be liable Liability of for the debts of the company in the same manner and to the same extent, and each shall have the same right to contributions from others, as is provided for in the case of stockholders in tram-railway companies by articles two thousand and eighty-four, two thousand and eighty-five, and two thousand and eighty-six of the Compiled Laws.

stockholders.

evidence in court

(2670.) SEC. 9. A copy of any articles of association, filed in pur- Copy of articles suance of this act, with a copy of the affidavit verifying the execution thereof indorsed thereon or annexed thereto, and certified by the Secretary of State to be a true copy of said articles and of said affidavit, shall be in all courts and places presumptive evidence of the incorporation of such company and of the facts therein stated. SEC. 10. This act shall take immediate effect.

CHAPTER LXXXIII.

MARITIME COMMERCE OR NAVIGATION.

An Act to authorize the formation of corporations for the purpose of engaging in commerce or navigation.

[Approved February 21, 1867. Laws of 1867, p. 26.]

(2671.) SECTION 1. The People of the State of Michigan enact, Their capabiliThat all corporations organized under this act shall be capable of ties and powers. suing and being sued in any court; may have a common seal; may elect or appoint, in such manner and for so long as they may determine, all necessary officers, agents, and employes; may make,