No. 147.

AN ACT to incorporate the Algonquin Mining Company.

Incorporat'n

Section 1. Be it enacted by the Senate and House of Representa hives of the State of Michigan, That William Hickok, Benjamin L. Webb, Charles Richmond, Asher S. Kellogg and H. Norton Strong, and others who shall become associated with them, are hereby constituted a body corporate, by the name of the Algonquin Mining Company, for the purpose of mining, smelting and manufacturing ores, minerals and metals in the upper peninsula of the state of Michigan. Sec. 2. The said company shall have corporate succession; its capital stock shall be one hundred and fifty thousand dollars, divi- Capital and ded into shares of fifty dollars each, and said company may ac quire and hold such real and personal estate in the upper peninsula of Michigan, as the business of the company may require, to an amount not exceeding the capital stock of said company.

real estate.

Assessments on stock.

Sec. 3. The officers of said company shall consist of a president, a officers. board of five directors, of whom the president shall be one; a secretary and treasurer, who may, at the pleasure of the company, be one and the same person; and the said company may levy assessments on the shares of its stock, and forfeit and sell the same for non-payment of any such assessment, in such manner as said company may by its bylaws prescribe: Provided, That one of the directors of said company shall at all times be a citizen and resident of the state of Michigan, upon whom service of all process against said company may be made, and the same shall be deemed a valid service thereof upon said Algonquin Mining Company.

State tax.

Sec. 4. The said company shall pay to the Treasurer of the state of Michigan an annual tax of one per cent. on the whole amount of capital actually paid in upon the capital stock of said company, and also upon all sums of money borrowed by said company, which tax shall be paid on the first Monday of July in each year, and shall be assessed on the last preceding report of said company; and for that purpose port, the president and secretary thereof shall, on the first day of January in each year, or within fifteen days previous thereto, make under their hands a return to the State Treasurer, verified by their several oaths, stating the amount which has been actually paid in on the capital stock.

Annual re

of said company, and also the whole amount of money which at any time has been borrowed by said company, and said tax shall be in lieu of all other taxes on the personal property of said company, and in lieu of all other state taxes on the real estate of said company, and any investment of any portion of the nett profits of said company in the business of said company, shall be considered as so much capital paid in, and shall be included in the returns to the State Treasurer hereinbefore required and such tax may be collected according to the provisions of law in such cases made and provided.

Sec. 5. The first meeting of said company shall be held at such 1st meeting time and place as the persons named in the first section, or any two of them shall appoint, by a notice to be published in one or more newspapers in the city of Detroit, at least thirty days before the time of such meeting.

Lien of inhabitants.

General pro.

visions.

fice.

Sec. 6. Any inhabitant of this state shall have a lien upon the stock, appurtenances and entire property of said company, for all claims and demands against said company to the amount of one hundred dollars or under, originally contracted within this state, which shall take precedence of all other claims or demands, judgments or decrees, liens or mortgages against said company.

Sec. 7. Said company shall be subject to the provisions of chapter fifty-five of the revised statutes of eighteen hundred and forty-six, so far as the same may be applicable.

Sec. 8. The said company shall, within six months after the first Business of election of the officers thereof, by a vote of the board of directors, locate a business office of said company within the territorial limits of the state of Michigan, and file in the office of the Secretary of State, a certificate specifying the place of such location, and all annual and other meetings of said company shall be held at such place as the by-laws of the company may designate and direct.

Duration of Sec. 9. This act shall take effect from and after its passage, and

charter.

shall continue for thirty years: Provided, That nothing in this act contained shall be so construed as to confer on said company any banking powers or banking privileges, or authorize them to deal in brokerage, or to give any powers whatever, except for the purpose herein specified.

Approved March 30, 1848.

No. 148.

AN ACT to incorporate the Michigan Mining Company.

Section 1. Be it enacted by the Senate and House of Representa- Incorporat'n tives of the State of Michigan, That Gideon O. Whittemore, Alfred J. Boss, Henry Pratt, Joseph R. Bowman and Don C. Buckland, and such persons as may become associated with them, be and are hereby constituted and declared to be a body politic and corporate, with corporate succession, capable in law of suing and being sued in any of the courts of this state, by the name of the Michigan Mining Company, for the purpose of mining, smelting and manufacturing ores and metals.

Sec. 2. The capital stock of said company shall consist of three hun- Capital stock dred thousand dollars, to be divided into six thousand shares of fifty dollars each.

Sec. 3. The officers of said company shall consist of a board of five directors, one of whom shall be president, and one of whom shall Officers. be a citizen and resident of this state, and upon whom all process against said company may be served, and which shall be deemed a sufficient service upon the said Michigan Mining Company; and such other officers as said board may appoint, pursuant to the by-laws of said company.

rectors.

By-laws.

Sec. 4. Said board of directors shall hold their offices for one year, Board of diand until their successors shall be elected or appointed. Said board of directors shall be elected or appointed at such time and in such manner as the by-laws of the company shall prescribe. Any member of said board may be removed from his office, and his place may be filled in such manner as the by-laws shall prescribe, and the said company may make such rules, regulations and by-laws for the government of the company and the control of its officers and agents and for the conducting the business of the company, not inconsistent with the laws of this state, at any meeting of the stockholders thereof, as shall be deemed proper. All annual and other meetings of the company shall ting. be called and held at such time, place and manner as the said company shall from time to time appoint, or as shall be prescribed by its bylaws. Said company shall have power to call in assessments upon the capital stock, and forfeit the said stock to the company for the non- Assessments

Annual mee

on shares.

Business of

fice.

1st officers.

payment of any such assessment, and to sell such shares as may be forfeited, in such manner as may be directed by its by-laws. Each share of stock in said company shall be entitled to one vote, and the holders thereof may vote by proxy.

Sec. 5. The said company shall keep an office within this state for business, the location of which may be changed at the pleasure of the company, and when said office shall be established at any place, the president of said company shall, within one month thereafter, give notice thereof to the Secretary of State.

Sec. 6. The five persons named in the first section of this act shall 1st meeting, constitute the first board of directors, and Gideon O. Whittemore shall be the first president. The first meeting of said company shall be at such time in the village of Pontiac as any three of said board shall appoint, giving first two month's notice thereof in one or more newspapers printed in the county of Oakland.

State tax.

Annual re

port,

Sec. 7. The said company shall pay to the treasurer of the state of Michigan an annual tax of one per cent. on the whole amount of capital actually paid in upon the capital stock of said company, and also upon all sums of money borrowed by said company, which tax shall be paid on the first Monday of July in each year, and shall be assessed upon the last preceding report of said company, and for that purpose, the president and secretary thereof, shall, on the first day of January in each year, or within fifteen days previous thereto, make under their hands a return to the State Treasurer, verified by their several oaths, stating the amount which has been actually paid in on the capital stock of said company, and also the whole amount of money which at any time has been borrowed by said company; which tax shall be in lieu of all the state taxes on the real estate of said company, and said tax shall be in lieu of all other taxes on the personal property of said company; and any investment of any portion of the nett profits of said company in the business of said company shall be considered as so much capital paid in, and shall be included in the returns to the State Treasurer hereinbefore required.

Sec. 8. Any inhabitant of this state shall have a lien upon the stock, appurtenances and entire property of said company, for all claims and Lien af indi- demands against said company to the amount of one hundred dollars or under, originally contracted within this state, which shall take pre

viduals.

cedence of all other claims or demands, judgments or decrees, liens or mortgages against said company.

Duration of

Sec. 9. This act shall continue in force for thirty years from and after its passage and nothing in this act shall be construed to confer on said company any banking powers or banking privileges, or for charter, &c. any transaction in brokerage or exchange, in dealing in money or bank notes, or in the purchase of any stock of any bank, or in the purchase of any public stock whatever, or for any other purposes than those particularly specified in this act; and the said company shall be subject to the provisions of chapter fifty-five of the revised statutes of eighteen hundred and forty-six.

Approved March 30, 1848.

No. 149.

AN ACT authorizing and requiring the Commissioner of the State Land Office to issue new certificates for school and university lands in certain cases.

sue new cer

tificates in

certain cases

Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That the commissioner of the state Com'r to island office be, and he hereby is authorized and required, upon being satisfied that no injury can result to the particular trust fund to be affected thereby, whether the same be the university or school fund; and upon the surrender of any original certificate of purchase of any university land, to issue one or more new certificates in lieu of said original ones, to the persons who shall exhibit to such commissioner satisfactory evidence of being entitled thereto, and upon receiving from any such person or persons the full amount of interest due upon such original certificate up to and including the last preceding annual payment required thereby.

ments on

new certifi

cates, &c.

Sec. 2. At the time of issuing any such new certificates, the said commissioner shall endorse thereon the proper credits, pro rata, and Endorseof their proper dates for all payments of principal' and interest moneys theretofore made upon the original certificate thus surrendered, and the interest upon such new certificate shall be computed from the last annual payment due on the original certificate.

Sec. 3. The persons desirous of procuring such new certificate,