Investment Sec. 10. The capital stock, monies and personal estate, of said corporation, may be invested at the discretion of all the directors, of capital. either in loans upon bonds and mortgages on unincumbered real estate, of the value of at least fifty per cent. more than the amount loaned thereon, or in United States or state stock, or stocks created by any of the United States, or in stocks or bonds of any railroad company in the state of Michigan, or may be loaned upon endorsed promissory notes not having more than twelve months to run; and the same may be called in and reallowed on the like security, as occasion may require. Annual statement of dividend. Sec. 11. The directors of said corporation shall, on the first Mon. day of May, annually cause a statement to be made, and a balance officers and struck of the affairs of said corporation; and if there shall be any ascertained profits, after paying all the losses and expenses of the year preceding, and providing for outstanding risks, they shall first set apart from said profits, and divide among the stockholders a sum equal to six per cent. per annum, on the amount of capital stock actually paid in, if so much remain after paying said lossses and expenses, and providing for said risks; and in case of such dividend not being made in any one year, it may be made good at a subsequent period, when the net resources of the corporation shall be sufficient for the purpose. Dividend of fits over six per cent. per Sec. 12. After providing for risks, losses, incidental expenses and dividends, as specified in the preceding section, one half of the surplus proremaining profits, if any, shall be reserved by the directors and ap-annua plied towards the payment of the capital stock, which shall have been subscribed for before the striking of the balance of the affairs of said corporation, as aforesaid, and the other half of said remaining profits may be divided among the stockholders and the insured. Dividends after capital Sec. 13. After the whole capital stock authorized by this act shall be subscribed for and actually paid in, the stockholders shall be en- paid in. titled to an annual dividend of six per cent: Provided, The net surplus receipts of the corporation, over and above their losses and expenses, shall be sufficient for the purpose; and the residue of said surplus receipts, after paying losses and expenses, may be divided among the stockholders and the insured; but no interest shall be paid or dividends declared either to the stockholders or the insured, whereby the capital stock of said corporation shall be reduced or Liability of impaired; and if any loss shall happen whereby the capital stock shall be lessened, no subsequent dividend shall be made until a sum equal to such diminution shall have been added to said capital stock. Sec. 14. The stockholders of this corporation shall be individustockhold'rs ally liable for all debts incurred by said company: Provided, That the corporate property shall be first exhausted, before the pri vate property of any member of said company shall be taken. Subscribers urance. Sec. 15. The directors shall have power to require every person to effect in subscribing to the stock of said corporation to effect insurance herein, either upon his own health, or the health of some other person, for such length of time as they shall prescribe; and every person effecting insurance in said corporation shall have the privi lege of subscribing for one share of said stock until the whole number of shares authorized by this act, shall have been taken up; but insurance may be made, and risks taken by said corporation, at the requests of the parties insured, without their becoming stockholders or being entitled to any of the profits thereof. Suits by on insu. rance. Sec. 16. Suits at law may be maintained by any stockholder or stockhold'rs person insured, against said corporation, for loss or damages insured against, by them, if payment shall be withheld more than thirty days after the same shall be due and payable by the terms of the policy of insurance, and after the said corporation shall have been duly notified, and payment thereof demanded, of such loss or damage; and no stockholder or person insured, not being in his individual capacity a party to such suit, shall be deemed incompetent as a witness therein. Limitation ness of Co. Sec. 17. The indebtedness of said corporation shall not at any of indebted-time exceed the amount of capital stock authorized to be subscribed by this act. And in case of a failure to organize the said company within one year from the date of the passage of this act, the corporate rights hereby granted shall be deemed to be forfeited. General provisions. Sec. 18. Said company shall be subject to the provisions of chapter fifty-five of the revised statutes of eighteen hundred and fortysix, as far as the same may be applicable. Duration of Sec. 19. This act shall take effect and be in force from and after charter-its amendment, its passage, and continue in force twenty years therefrom. The repeal, &c. legislaturo may at any time alter, amend or repeal this act. Sec. 20. It shall not be lawful for said company to use their funds, or any part thereof, in any banking or brokerage, or in buying or selling money, or bank notes, or in any other business whatever, except that especially provided for by this act. Approved March 30, 1849. Restrictions [ No. 172. ] AN ACT to authorize Losina Wilson, widow of Daniel Wilson, to sell certain real estate. authorized cert'n lands. Section 1. Be it enacted by the Senate and House of Represen- L. Wilson tatives of the State of Michigan, That Losina Wilson, widow of to convey Daniel Wilson, late of the county of Oakland, deceased, be and is hereby empowered and authorized to sell at private sale or at public auction, the following lands, to wit: lot number two, (2) in village of Springfield; and a certain lot lying on the Saginaw turnpike in the county of Oakland, deeded by David B. Harrington to said Daniel Wilson the twenty-eighth day of July, eighteen hundred and forty-seven; and the south-west quarter of section fifteen in township number three (3) north of range number three (3) east, and containing one hundred and sixty acres according to the United States survey; and on such sale to make all necessary conveyance to any purchaser or purchasers of the same, which conveyance, after being duly acknowledged may be recorded in the registers' office of the counties where the same may be situated: Provided, Proviso. The judge of probate in the counties of Oakland and Livingston approve of the sale of said lands and endorse their approval of the sale on the deed conveying said lands. Sec. 2. This act shall take effect and be in force from and after AN ACT to amend an act entitled an act to amend an act entitled an act to incorporate the village of Marshall, and for other pur poses. Section 1. Be it enacted by the Senate and House of Represen- Boundaries tatives of the State of Michigan, That the boundaries of the village lage of Mar of the vil shall defin'd 1st and 2nd wards. Power of com. coun taxes re stricted. of Marshall, in the county of Calhoun, shall hereafter be as follows, viz: beginning at the south east corner of section twentyfive, in the township of Marshall and county of Calhoun, aforesaid, thence west to the Kalamazoo river, thence westerly along the north branch of said river to the west line of the east half of section twenty-six in said township; thence north along said last mentioned line to the quarter post on the north line of said section twenty six; thence east along said last mentioned line to the north line of section twenty-five of said township to the west line of the township of Marengo, and thence south to the place of beginning. Sec. 2. The first ward of said village shall hereafter embrace all of said village lying west of the east line of the west half of the west half of section twenty-five in said town, and so much of said village lying east of said line as is embraced between the north line of Monroe street, the west line of Marshall avenue and the Kalamazoo river. And the second ward of said village shall embrace all of said village lying east and north of said first ward. Sec. 3. The common council of said village shall have power cil to levy and authority to levy and collect taxes on all the real and persona! property within the limits of said village liable to taxation, neces sary to defray the expenses thereof, Provided, Said taxes so assessed and collected shall not exceed in any one year, one half of one per centum upon the valuation of said real and personal property. Duties of missioners. Sec. 4. Every street commissioner shall on or before the first street com- Monday of October, in each year, make out and deliver to the common council, a list of all lands of non-residents, and of persons unknown, which are taxed on his list, and upon which the labor assessed has not been paid, and the amount of labor unpaid. Village Sec. 5. The common council shall cause the amount of such arstreet taxes. rearages of labor, estimating the same at seventy-five cents per day, to be levied on the lands so returned, and to be collected in the same manner as other village taxes are collected. And the same, when collected, shall be paid into the treasury of the village, to be applied by the common council in the construction and improvement of the streets, highways and bridges in the ward, for the benefit of which the labor was originally assessed. Process to com. coun il. Sec. 6. All process to carry into effect any of the by-laws, ordinances, or regulations of said village, shall be directed to the be issued by marshal of the village of Marshall, or to any constable of the county of Calhoun, and may be executed anywhere within said county, and shall be served and returned in the same manner as similar process issued by a justice of the peace is served and returned, and the same fees shall be allowed and taxed as in like cases in a justice court. lage to use of Sec. 7. Said corporation shall be allowed the use of the common Right of viljail of the county of Calhoun for the imprisonment of all persons county jail. liable to imprisonment under the by-laws, ordinances and regulations of said corporation, and all persons committed to said jail, shall be under the charge of the sheriff. The costs and charges made in consequence of such imprisonment shall in no case become a county charge. mended. Sec. 8. Such portion of the act entitled an act to amend an act Charter ato incorporate the village of Marshall and for other purposes, and such portions of all other acts heretofore enacted in regard to said village, contravening the provisions of this act are hereby repealed; but such repeal shall not affect any act already done, right accrued, or proceedings had or commenced by virtue thereof. Sec. 5. This act shall take effect from and after the day of its passage. Approved March 30, 1849. [No. 174. ] AN ACT to authorize Charlotte Pratt, widow of John W. Pratt, deceased, to convey certain real estate. guardi's,&c to convey lands. Section 1. Be it enacted by the Senate and House of Representa- O. Prav, a tives of the State of Michigan, That Charlotte Pratt, widow of authorized the late John W. Pratt, of the county of Oakland, and the guardian or certain guardians of the minor heirs of the said John W. Pratt, be and they are hereby authorized to sell and convey the following described land, viz: the east half of the south east quarter of section number thirtyone, and the west half of the south west quarter of section number thirty-two, in town number five north of range number eight east; and any deed or deeds executed in accordance herewith, shall be valid and |