sessor to all the immunities which, by usage or statute, are allowed to possessors of similar diplomas, granted by any similar institution in the United States. of trustees Sec. 5. The trustees of any academy incorporated under the provis- Powers, &00ions of this act, besides the general powers and privileges of a corpora- of academy. tion, shall have power: perty. 1st. To take and hold, by gift, grant, subscription, bequest or devise, Hold proany property, personal or real, the annual income or revenue of which shall not exceed four thousand dollars; 2d. To sell, mortgage, let, or otherwise use and dispose of such prop-sell, &0. erty, for the benefit of such academy; 3. To direct and prescribe the course of study and discipline, in such academy; To appoint 4th. To appoint a treasurer, clerk, principal, and such other officers and agents as they shall deem necessary, who shall hold their offices during officers and the pleasure of the trustees; 5th. To ascertain and fix the salaries of all the officers of the academy; agouts. Fix salaries laws. 6th. To make all ordinances and by-laws necessary to carry into effect Mako bythe foregoing powers. Institution to be sub Sec. 6. Any institution incorporated under the provisions of this aet, shall be always subject to the visitation and examination of the Su- ject to vial perintendent of Public Instruction, and also to a board of visitors, [three in number,] to be annually appointed by said Superintendent; and said visitors shall report to said Superintendent as soon after an examination as practicable. to be Sec. 7. The trustees of any institution incorporated under the provis- Funda, how ions of this act, shall apply all funds and property belonging thereto, phod according to their best judgment, to the promotion of its objects and interests: Provided, That any gift, bequest or donation to such institution for any specific object, shall be faithfully applied to the object specified by such donor. be required to give b'da Sec. 8. The trustees of any institution incorporated under the pro- officers may visions of this act, may require the treasurer, and all other officers and agents, before entering upon the duties of their respective offices, to give bonds and securities in such sums as they may deem proper and sufficient. &c. 4 Trustees to make re port. Sec. 9. Such trustees shall be required, on or before the first day of December annually, to report to the Superintendent of Public Instruction, a statement of the name of each trustee, officer, teacher and student of such institution, with a statement of its property, the amount of stock subscribed, donated and bequeathed, and the amount actually paid in, and such other information as will tend to exhibit its condition Liability of and operations. And said trustees shall be severally and jointly liable labor per- for all the labor performed for the corporation; but no execution shall issue against any trustee, till an execution against the corporation shall have been returned unsatisfied, in whole or in part; and no such trustee shall be thus liable, unless suit for the collection of such debt shall have been brought against said corporation within one year after such debt shall have become due. trustees lor formed. Service of process on Sec. 10. Service of legal process on any such corporation, may be corporation. made on any one of the trustees thereof, if such trustee be in the county in which the institution is located; but if not, then by leaving a copy of such process with any officer in the employ thereof, at its principal place of business. Bxisting institutions may become incorpora 1 this act. powers of such new incorporation. Sec. 11. Any institution of learning now in existence in this State, whether incorporated or not, shall be entitled to all the benefits of this ted under act, by complying with the provisions of this act; and may by a vote of the majority of such corporation or unincorporated company or association, to be taken according to the act of incorporation, by-laws, or other legal regulations thereof, determine to avail itself of the provisions of Rights and this act, and to take and assume corporate name and powers thereunder, and may by a like vote transfer to such corporation, formed under this act, all its property, both real, personal and mixed; and thereupon said corporation, to which such property is so transferred, shall take the same in the same manner, to the same extent, and with the like effect as the same was previously owned and held by the corporation, company, or association so transfering the same, and may, in its own corporate name sue for and collect all debts, dues, demands, subscriptions, devises, and Liabilities of bequests thereof. The said corporation so taking such property as aforesaid, shell take the same subject to all liens, trusts, and limitations, both legal and equitable, to which the same was subject before such transfer, and shall also be liable for all the debts and obligations of such previ ib. ous corporation, company or association, and shall pay the same to the full extent of the value of such property at the time of so taking the same. powers pro Sec. 12. Nothing in this act shall be construed as granting banking Banking powers, or as allowing the business of brokerage, or any other powers hibited." not usually granted to, or exercised by institutions for educational purposes. This act shall take effect immediately. Approved February 9, 1855. AN ACT to provide for the ving, booming and rafting ting the floatage thereof. [ No. 40. ] formation of companies for running, dri- SECTION 1. The People of the State of Michigan enact, That Corporata, how formed, any number of persons, not less than five, may be formed into a corpo- notice, &o. ration for the purpose of running, driving, booming and rafting logs, timber and lumber, on any of the streams or waters within this State, by complying with the following requirements: Notice shall be given in at least one newspaper printed in the county, or in some one of the counties in which said stream or waters may be, and if there be no newspaper printed in such county or counties, then such notice shall be printed in some newspaper of some adjoining county, having circulation in said county or counties, of the time and place where all persons Contents of desirous of forming such company, may meet and subscribe articles of notice. association, and elect directors of such company; in which articles of association shall be set forth the name of the company, the number of years the same is to be continued, which shall not exceed thirty years from the date of said articles, the rand names of the directors, who shall manage the concerns of Business association Sec. 2. Each subscriber to such articles of association shall subscribe Articles of thereto his name and place of residence. The said articles of asso- to be sub scribed. ciation may be filed in the office of the Secretary of State, and thereupon the persons who have so subscribed, and all persons who shall Body eorpe- from time to time associate with them, shall be a body corporate, by the name specified in such articles, and as such, shall be capable of suing and being sued in all courts, and in all manner of actions, and may have a common seal, and be capable of purchasing and acquiring, by gift, grant, lease, or otherwise, and holding any lands, tenements or he reditaments, necessary to be used in the prosecution of said business, or for the erection of offices, houses, or other buildings, necessary and proCopy of ar- per for carrying on the business of said corporation. A copy of any articles of association, filed in pursuance of this section, with a copy of Becretary of an affidavit made by at least two of the directors named therein, setting forth that all prior proceedings of said association had been in strict conformity with all the provisions of this act, endorsed thereon or annexed copy of arti- thereto, and certified by the Secretary of State to be a true copy of the davit make whole of such articles of association and of such affidavit, shall be in gradense. all courts and places presumptive evidence of the incorporation of such company, and the facts therein stated. ticles, with ath lavit, to be filed with State. Certified eles and ali Board of di election thereof. Sec. 3. The business and property of such company shall be under rectors, and the management and direction of a board of directors, composed of not less than three nor more than seven, who, after the first year, shall be elected annually at such time and place, ard such notice of the election as the by-laws shall prescribe, not less than thirty days previous to said election, and who shall hold their office until their successors are President, elected. The said board may elect from their number a president, and Breasurer, secretary, appoint a treasurer, who shall give such bonds as the board of directors may be elected, &c. how alied may require, and a secretary; and in case any vacancy shall occur in said board, the remaining directors may elect any member of said company to fill said vacancy, as director for the remainder of the term, and until their successors are elected; and in case said annual election of directors, from any cause, shall not be held at the time appointed, it shall be proper to hold the same at any time thereafter, upon giving like noAuthority tice. The said board of directors shall have full power and authority to direct appoint all agents and attorneys needful and proper, in the prosecution of the business or affairs of the company; to assess and collect all rates, dues, and sums of money of the members of said company, by demand, of bars of smit, or otherwise, in any place, court or jurisdiction, according to law and the provisions of the articles of association, rules and by-laws of said association, or the directors thereof. struct roll Sec. 4. Such corporations shall have authority to make and construct May conall proper and necessary roll-ways, booms, piers, and other constructions waja, dec. along said stream or waters, for the running, driving, booming, rafting riparian obtained. or securing said logs, timber or lumber: Provided, That in all cases the Consent of consent of the riparian owner or occupants of any lands whereon such owner to be roll-ways, booms, piers, or other constructions are intended to be made, shall first have been obtained: And provided also, That no such roll- Not to ob way, boom, pier, or other construction, shall interrupt or hinder the free gaion. use, navigation, or floatage upon such stream or waters, by the public or any person interested in the same, to be so constructed as to infringe upon the rights of individuals. struct navi Person own ing logs, &c. member. own logs, &c. Sec. 5. Any person owning logs, timber or lumber, intended to be run or driven upon sail stream or waters, or interested in running, driving, may become booming or rafting the same, may become a member of this corporation, upon application, by signing the articles of said company, and paying his just proportion of the expense of managing and conducting its affairs: Provided, Nothing in this act contained shall be so construed as in any Any person manner to prevent or hinder any person or persons from running, dri-run his ving, booming or rafting their own logs, timber or lumber, at such time and in such manner as their interest may require: Provided also, That all persons owning, running, driving, rafting or booming any logs, tim- navigation. ber or lumber, in or upon such stream or waters, shall not leave them in such a situation as to obstruct the floatage or navigation, or clearing the banks of such stream or waters, [or] in any manner thereby deprive individuals or the public of their natural privileges. Not obstruct Roll-ways & be broken, cleared, &c. Sec. 6. If any person or persons shall put or cause to be put into said stream or waters any logs, timber or lumber, and shall not make jabe must adequate provision, and put on sufficient force for breaking roll-ways an anks and jambs of such logs, timber or lumber, in or upon such stream or waters, or for running, driving, booming, rafting, securing or clearing the banks of the same, and thereby obstruct the floatage, or navigation, or clearing the banks of such stream or waters, it shall be lawful for such company to cause such roll-ways or jambs to be broken, and such logs, timber or lumber, to be rum, driven, boomed, rafted, scoured or cleared |