Sec. 4. This act shall take effect and be in force from and after its passage. Approved March 18, 1848. No. 85. Corporation created. Capital stock Officers AN ACT to incorporate the Pittsburgh and Boston Mining Company of Pittsburgh. Section 1. Be it enacted by the Senate and House of Representa tives of the State of Michigan, That Charles Avery, Curtis G. Hussey, Thomas M. Howe and Thomas Bakewell and others who shall become associated with them, are hereby constituted a body corporate, by the name of the Pittsburgh and Boston Mining [Company,] of Pittsburgh, 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, divided into six thousand shares of twenty-five dollars each; and said company may acquire 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 sum of one hundred and fifty thousand dollars. Sec, 3. The officers of said company shall consist of a president, a board of five directors, each owning in his own right not less than twenty shares of stock, 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 by-laws 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 Pittsburgh and Boston Mining Company of Pittsburgh: Provided, That until the first annual meeting of the said company after its organization under this act, Charles Avery, Curtis G. Hussey, Thomas M. Howe and Thomas Bakewell, of Pittsburgh, Charles Scudder, of Bos ton, and George C. Bates, of Detroit, shall be and continue, and they and their successors are expressly constituted directors of said company, and shall have and exercise all the powers, and be subject to all duties and restrictions imposed on the directors to be chosen under this act. Sec. 4. The said company shall pay to the Treasurer of the state of state tax, &e Michigan an annual tax of one per centum 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; and said tax shall be in lieu of all other taxes on the personal property of said company, and in lieu of all 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. struct rail road. Sec. 5. It shall be lawful for the said corporation, whenever they may deem it expedient, to locate, lay down and construct a railroad Co.may confrom their mines to Eagle Harbor. or any other point on Lake Superior which they may deem most eligible as a place of deposite and shipment for their ores, metals and other commodities; and it shall be lawful for them to enter in and upon and occupy any intervening lands for that purpose, and to take and use, dig and carry away such stone and earth or other materials, as may be required for the construction of the said road: Provided, That such company shall first obtain the consent of the owner or owners of such lands which they may wish to use for that purpose: Provided, That said rail road may also be used for the sole purpose of transportation of metals, ores and supplies, by the North American Mining Company, and the Albion Mining Company, or any other incorporated mining company, on the payment 1st meeting. Llen of inhabitants of this state. Subject to general laws Office of co., to be desig. therefor of such tolls as shall be agreed upon, not exceeding the tolls now fixed by the Pontiac Rail Road Company. Sec. 6. The first meeting of said company shall be held at such 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. Sec. 7. Any inhabitant of the 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. 8. 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. 9. The said company shall, within six months after the first elecnated and re- tion of the officers thereof, by a vote of the board of directors, locate ported. 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 charter. Sec. 10. This act shall take effect and be in force for thirty years from and after its passage, and the legislature may at any time alter, amend or repeal this act, after the limitation thereof, by a two-thirds vote, or any time for any violation of the provisions thereof: Provided, That it shall not be lawful for said company to use their funds or any part thereof in any banking or brokerage or exchange, or in buying or selling money or bank-notes, or stocks of any kind, or in any other business, whatever, except that specially provided for by this act. Approved March 18, 1848. No. 86. AN ACT authorizing the laying out a state road from Thorn's Mills, in Lapeer county, to Axford's Mill, in Oakland county. Section 1. Be it enacted by the Senate and House of Representa- Com'rs to tives of the State of Michigan, That John K. Axford and Milton B. lay out road, Delano, of Oakland county, and Leonard Russell, of Lapeer county, are hereby constituted commissioners to lay out a state road from Thorn's Mills, in the town of Dryden, in Lapeer county, on the most eligible route, to a point at or near Axford's Mills, in the town of Orion, in Oakland county. Powers of Sec. 2. For the purpose of laying out and opening said road, said commissioners shall possess the power now conferred upon the high- commis're. way commissioners of the several townships through which the said road shall be laid, and for settling and adjusting all claims for damages by persons interested in the lands through which said road shall be laid, they may apply to a justice of the peace of the proper township, or adjoining township, for the appointment of three disinterested appraisers, and the same proceedings shall thereupon be had in all respects as are now provided for by law for the settlement of like cases by highway commissioners. Sec. 3. The said commissioners shall cause accurate field notes of Field notes the survey of said road, or so much thereof as passes through or may be within the limits of each township, to be filed in the office of the proper township clerk or clerks, who shall record the same in the manner now provided by law for recording public highways. to be filed. State not lia Sec. 4. That the state shall not be chargeable for laying out and establishing said road, nor for any expenses whatever connected there- le. with, and this act shall be void as to such road herein mentioned, if not surveyed and laid out within two years from and after the passage of this act. Sec. 5. This act shall take effect and be in force from and after its passage. Approved March 18, 1848. Act amend'd Bee. 4 as nended. Annual re No. 87. AN ACT to amend an act entitled an act to amend an act entitled an act to incorporate the Shelby and Detroit Railroad Company. Section 1. Be it enacted by the Senate and House of Represeniatives of the State of Michigan, That section three of an act entitled an act to amend an act to incorporate the Shelby and Detroit Railroad Company, approved May fourth, eighteen hundred and forty-six, be so amended that the same shall read as follows, to wit: Section three. Section four of said act is hereby so amended that said section shall read as follows, to wit: "If said company shall not, before the first day of January, one thousand eight hundred and fiftyfour, construct, finish and put in operation the entire line of said rail road, then the rights, privileges and powers of said company under this act shall be null and void as to such parts of said line of road as shall not before said time have been finished and put in operation." Sec. 2. On or before the first Tuesday of January in each year, it port of direc- shall be the duty of the board of directors of said company to report to the Secretary of State, verified by the oath of any two of such directors, the cost of their road, the amount of money borrowed, the amount of all money expended, the amount of their capital stock, and how much paid in, and how much expended; the whole amount of toll or earnings expended on such road, the amount received during the year for tolls, and from all other sources, stating each separately; the amount of dividends made, and the amount set apart for a reparation fund, and the amount of indebtedness of said company, specifying the object for which the indebtedness accrued. tate tax. Sec. 3. Said company shall pay to the Treasurer of the state of Michigan an annual tax at the rate of one per cent on the whole amount of capital 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 day of July in each year, and shall be estimated upon the last preceding report of such company, and said state tax shall be in lieu of all other taxes upon all the property of said company, and any investment of any portion of the net profits of said company in the business of said company, shall be considered as so much capital paid in, and shall be returned to the State Treasurer accordingly. Sec. 4. Section twenty-four is hereby so amended as to read as fol |