Page images
PDF
EPUB

pass, and its length, as near as may be, and the name of Length. five commissioners to open books of subscription to the commissioners. stock; and in the case of such bridge or tunnel, the locality in which it is intended to construct the same;

each subscriber to such articles of association shall sub- How subscribed. scribe thereto his name, place of residence, and the number of shares of stock taken by him in such company;

raid in before fi ing.

the articles of association may be filed in the office of the Articles filed. Secretary of State: Provided, That such articles of as- Provis. sociation shall not be filed in the office of the Secretary of State, as aforesaid, until five per cent. of the amount of stock subscribed thereto shall have been actually paid in cash to the directors named in such articles, nor until there is annexed thereto an affidavit made by at least one-half of the directors named in said articles, that the amount of stock required by this section, to wit: one thousand dollars per inile for any such railroad, or one- Amount of steck half of the estimated cost of any such railroad bridge or tunnel has been subscribed, and that five per cent. on the amount has actually been paid in; and thereupon the persons who have subscribed, and all persons who shall, from time to time, become stockholders in such company shall be a body corporate, by the name specified in such Body corporate. articles, and shall be capable of suing and being sued, and may have a common seal, and may make and alter the same at pleasure, and be capable in law of purchasing, holding and conveying any real and personal property whatever, necessary for the construction of such road, bridge or tunnel, and for the erection of all necessary buildings, yards and appurtenances for the use of the same, and shall have power annually thereafter, or May elect Directo ́s at such other time as the stockholders owning not less tion 6. than one-fourth of the stock shall determine, and in the same manner as provided in section 1950 of the compiled laws, to call a meeting of the stockholders, and thereat to choose not less than seven nor more than thirteen direc

as provided in Sec

Provito.

tors, who shall be members of said body corporate; and all the provisions of section four of this act shall apply to the election of such directors; and any railroad bridge or railroad tunnel company shall for all the purposes of this act, be deemed and taken to be a railroad company, and shall be entitled to all the benefits of all the provisions of this act, and subject to all its restrictions: And provided further, That any railroad bridge company or railroad tunnel company, which may be organized under this act to bridge or tunnel the Detroit river or the River St. Clair, or any of the waters in the jurisdiction of this State, shall have the right to consoliRight to consolidate the stock, property and assets of said company with the stock, property and assets of any company organized or to be organized under the laws of this State, or which may be created under the laws of any adjacent State or country, to construct any such bridge or tunnel to connect therewith, upon such terms, conditions and agreements as may by the said two companies be deemed just and equitable: Provided, That every such bridge or tunnel shall be so constructed as not to be a material obstruction to navigation.

date.

Original ection.

[SEC. 2. A copy of any articles of Association, filed in pursuance of this act, with a copy of the affidavit annexed thereto, and certified by the Secretary of State to be a copy, shall, in all Courts and places, be presumptive evidence of the incorporation of such Company, and of all the facts therein stated. And all articles of Association filed in pursuance of this act, together with all subsequent alterations and amendments thereof, and also the affidavit annexed thereto, shall be forthwith recorded in the office of the Secretary of State in a book to be provided by him for that purpose: said record to be Amendment, Feb. made at the expense of the Company filing the same; and as soon as the copy of 1857, S. L. 1857, p. the articles of Association are filed as above provided, the company filing the same may at once proceed to construct, operate and maintain their said railroad.]

187.

Amendment, Mar. 15, 1861, S. L. 1&1, p. 277.

[SEC. 2. A copy of any articles of association, filed in pursuance of this act, with a copy of the affidavit annexed thereto, as well as of any articles amendatory thereto, and certified by the Secretary of State, under the seal of the State, to be a copy, shall, in all courts and places, be presumptive evidence of the incorporation of said company, as well as of the articles amendatory thereto; and

« PreviousContinue »