V OF CHAPTER LXV. PLANK ROAD COMPANIES. 1. UNDER THE ACT OF 1848. SECTION 1852. Plank Road Companies Incorporated, to be subject to provisions of this Act. 1853. What Acts of Incorporation to specify. 1854. Powers of Plank Road Companies; To issue Corporate Bonds; To dispose of Bonds; To issue Construction Stock. 1855. Duties of Commissioners in opening books, etc. 1856. When and how Commissioners to call First Meeting. 1857. What Officers to be chosen. 1858. Powers of Directors; How chosen after first year. 1859. Notice of payment of subscription to be given. 1860. Annual Report to be made to Auditor General. 1861. Office of Company how designated; Service of process on Company. 1862. Inhabitants of this State to have lien for claims. 1863. Directors shall cause Survey, etc., to be recorded. 1864. Powers of Directors in Construction of Road. 1865. When and how use of Highway to be obtained; Saving of Private Rights. 1866. Appraisal of Private Damages. 1867. Width of Road, Grade and other descrip tion. 1868. When and where Gates may be erected; Rates of Toll; Penalty for Illegally Passing Gates; Farmers exempt from Toll in certain cases. 1869. Annual State Tax, when to be paid, and how estimated. 1870. Exemption from Toll. 1871. Subscription to Capital Stock extended. 1872. Duties of Directors to keep Road in Repair; Forfeiture for neglect. 1873. Other Forfeitures. SECTION 1874. Power of Toll Gatherer to detain persons, etc., till Toll paid. 1875. Penalty for Obstructions, etc. 1876, 1877. Liability to pay Toll, etc., in certain cases. 1878. Penalties and Forfeitures, how recovered; Duty of Treasurer of Company. 1879 Company subject to certain provisions. 1880, 1881. Road may be constructed of Gravel or Stone, instead of Plank; Specifications. II. UNDER THE GENERAL INCORPORATION ACT OF 1851. 1882. Corporations, how formed; Articles of Association. 1883. Articles of Association to be Filed with Secretary of State; General powers and liabilities of Corporation. 1884. Five per cent. of Stock to be paid before Articles Filed; Affi avit to Articles; Stock. holders not to vote while Assessments unpaid. 1885. Copy of Articles and Affidavit made evidence. 1886. Board of Directors, and their Election; How vacancies filled. 1887. Proceedings when Regular Election not held. 1888. Board, how formed. 1889. President and Treasurer. 1890. By-Laws. 1891. May enter upon Lands to Survey and Locate Route; Where not to locate without consent of Owner; When may take possession of Lands. 1892. Not to hold Land except for use of Road. 1893. May take or purchase Lands for Road. 1894. How damages appraised, when compensa. tion not agreed upon. 1895. Commissioners to be appointed by Court; Petition therefor. 1896. Commissioners to be Sworn; Notice to SECTION Owners; Duties of Commissioners to ex- 1898. Commissioners to act in all cases arising in 1899. Like proceedings to be had in other Coun- 1900. Fees of Commissioners, Witnesses and Offi- 1901, 1902. Appraisal of Land of Married Wo- 1903. Subpoenas for Witnesses. 1904. Damages must be tendered before using 1905. Damages, how paid in case of non-resident 1906. How to obtain use of Street. 1907. Highway may be used by consent of cer 1908. Mode of Construction of Road. 1910. Exemptions from Toll. 1911. Application to Circuit Court to change 1912. Payments and Forfeiture of Stock. crease of Capital. 1914. Notice of location of office to be given. SECTION and exhibited; Penalty for neglect to keep 1916. Individual liability of Stockholders. cases. 1918. Judgment to be obtained against Company 1923. List of Rates to be Posted. 1924. Persons to pay before passing Gate. etc. 1926. Penalty for Injuring Road. 1929. Affairs subject to Legislative examination. GENERAL PROVISIONS. 1932. Company to keep Highway in Repair in certain cases; Forfeiture for neglect. 1933. If Plank Road not kept in repair, Toll not to be taken. 1934. Company may collect Toll when two miles of Road constructed. 1935. When Company shall cease to be body corporate. 1936. Certain Provisions Repealed. Plank Road om panies Incorpo An Act Relative to Plank Roads. [Approved March 13, 1848. Laws of 1848, p. 59.] (1852.) SECTION 1. Be it enacted by the Senate and House of rated to be sub- Representatives of the State of Michigan, That all Corporations hereafter created for the purpose of constructing Plank Roads, shall be subject to the provisions hereinafter contained. ject to Provisions of this Act. What Aots of Incorporation to specify. Powers of Plank Road Companies. (1853.) SEC. 2. All acts incorporating Companies for the purpose aforesaid, shall contain the names of not less than three persons, as Commissioners, to receive subscriptions to the capital stock of said Corporation, and shall specify the point or place from which, and to which said road is to be constructed, the capital stock of such Company, and the number of shares into which the stock is to be divided, and the duration of such Corporation. (1851.) SEC. 3. All such Corporations shall be deemed persons in law, 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 from any person or persons by gift, grant, or otherwise, and holding any lands, tenements and hereditaments. necessary to be used in the construction, repair and preservation of any such road, and may establish by-laws and regulations necessary for the construction, preservation, and repair of any such road or roads, and the erection of toll gates and houses thereon; and may by such by-laws prescribe the manner of calling and conducting the meetings of the stockholders in any such road; the number of shares of stock that shall entitle a stockholder to one or more votes; the mode of voting by proxy; the mode of selling shares of stock for the non-payment of assessments; the mode in which shares shall become forfeited to such Company; and may prescribe penalties for the violations of such by-laws, which penalty shall not exceed twenty-five dollars for each offence; and in addition to the powers in this act otherwise granted to such Companies, any such Company shall have the following powers, under the conditions herein prescribed: 1. For the purpose of providing means for the construction To issue Corpoand completion of any Plank Road authorized to be built by rate Bonds. any such Company, and its building and equipments, any such Company may issue its corporate bonds or obligations, not exceeding in the aggregate one half the capital stock of such Company, in such form as it may deem proper, payable at such time and places in this State, upon such terms and with such rates of interest (not exceeding ten per cent. per annum), as the Board of Directors of such Company may determine, with the approval of the owners of a majority of the stock of such Company; Provided, No such bond or obligation shall be issued for a less sum than one hundred dollars. Bonds. 2. Any such Company may sell, dispose of, or negotiate dispose of such bonds or obligations, either within or without this State, at such rates, for such prices and on such terms, as such Company may determine; and in case such bonds or obligations, or any of them, shall thus be sold, disposed of, or negotiated at a discount, such sale, disposal or negotiation shall be as valid and effectual as if such bonds or obligations had been sold, disposed of, or negotiated at their par value; and such bonds. or obligations shall be valid and binding, as a security for the whole sum payable by the terms thereof, in the same manner as if the same had been sold, disposed of, or negotiated at their par value: Provided, That none of such bonds or obligations To issue Construction Stock. missioners in etc. shall be sold at less than par, without the consent of the holders of three-fourths of the stock of such Company. 3. For all or any of the purposes aforesaid, any such Company may create and issue shares of guarantied stock, to be denominated "Construction Stock," to such an amount as it may determine, not to exceed (with the original stock subscribed to the capital of any such Company) the amount of the capital stock of such Company allowed by law, which construction stock shall be entitled to such dividends, and be payable at such place, and in such manner, and with such preferences, or priority, over the remaining stock of said Company, in the payment of dividends, as the Directors of such Company may determine, and as shall be approved by the holders of three-fourths of the stock of such Company, at their annual meeting, or any special meeting called for the purpose of taking into consideration the propriety of issuing such stock; and the holders of such construction stock, and their representatives, shall be entitled to vote and have an equal voice in the management of the affairs of said Company, with the holders of an equal amount of the original stock of such Company: Provided, That no such construction stock shall be authorized to be issued at any meeting of said Company, unless previous notice of such meeting, and the intention of submitting that question, shall have been published at least four consecutive weeks previous to such meeting, in some newspaper in each of the counties through which such road may pass, in which a newspaper is then published, and if no newspaper shall then be published in any of said counties, then in some newspaper published in the City of Detroit. (a) Duties of Com- (1855.) SEC. 4. Within eighteen months after the passage opening Books, of an act incorporating any such Company, the Commissioners named therein shall proceed to estimate the length of the proposed road, and cause books to be opened for the subscription of stock in any such Company, at such times and places as they may see fit, first giving at least thirty days' notice thereof, which said notice shall be published in some public newspaper printed in some county in which, or through which, (a) As amended by "An Act to Amend Section Three, Nine, Eighteen, Nineteen, and Twenty, of an Act entitled, An Act Relative to Plank Roads,' Approved March 13, 1848, and to add thereto six new Sections, to stand as Sections Twenty-Five, Twenty-Six, Twenty-Seven, Twenty-Eight, Twenty-Nine and Thirty." Approved February 9, 1853. Laws of 1853, p. 64. some part of the proposed road is to be constructed; and if there is no such paper, then in some daily paper in the City of Detroit, and in such other papers as such Commissioners may designate; and the said Commissioners, or a majority of them, shall attend at such times and places for the purpose of receiving such subscriptions. (b) Commissioners to (1856.) Sec. 5. Whenever, according to the length of the when and how road as estimated by the Commissioners, three hundred call first Meeting. dollars per mile of the capital stock of any such Company shall have been subscribed, the Commissioners shall proceed to call a meeting of the stockholders in any such Company, by giving notice of such meeting by publishing such call in some newspaper published in one of the counties in or through which the proposed road is to be constructed; if there is no paper published in any such counties, said notice may be published in a daily paper in the City of Detroit, and in any other paper in the State that said Commissioners may select; such notice shall be signed by such Commissioners, or by a majority of them, and shall specify the time and place at which said meeting will be held, and shall be published at least two weeks consecutively, next preceding the day of such meeting. be chosen. (1857.) SEC. 6. At the meeting so called, the stockholders what offers to present shall elect not less than three, nor more than five Directors, each share of the capital stock being entitled to one vote, who shall hold their office for one year from and after such election, and until their successors are elected; a majority of said Directors shall constitute a quorum for the transaction of business, and shall proceed forthwith to elect from their own number a President, Treasurer and Secretary, who shall respectively hold their offices for one year, and until their successors are elected. (1858.) SEC. 7. The business and property of such Companies Powers of Direc shall be managed and conducted by their respective Boards of after first year. of Directors. The Directors of all such Companies, after the first year, shall be elected at such time and place, and upon such notice, and in such manner as shall be directed by the by-laws of any such Company; and whenever a vacancy shall occur in any such Board of Directors, such vacancy shall be filled, for the remainder of the year, by an election to be made (b) As Amended by Act 110 of 1849. Laws of 1849, p. 108. |