same, and who shall comply with the provisions of this act, Property, (1759.) SEC. 3. Every such Corporation shall, by their name, Power to acquire have power to acquire and hold all such real and personal estate as shall be necessary for carrying on the business of said Corporation. ciation to be filed (1760.) SEC. 4. Before any Corporation formed under this Articles of Assoact shall commence business, the President or Directors shall and Recorded. cause their articles of association to be filed with the Secretary of State, and also shall cause said articles of association to be recorded at length in the County Register's office (where said Company is located), in the book of miscellaneous records, and it is hereby made the duty of the Register to record the said article upon the payment of the usual recording fees. acknowledged. Articles (1761.) SEC. 5. The articles of every such Association shall To be signed and be signed by the persons so associating in the first instance, and acknowledged before some person authorized by law to take the acknowledgment of deeds; shall state the name of Contents of said Company by which it shall be known; the object for which such Company shall be formed; the amount of capital stock of said Company; the number of shares of which said stock shall consist, and the name of the town, city or village, and county, in which the operations of said Company are to be carried on; the name of the stockholders, their respective residences, and the number of shares held by each person. (1762) SEC. 6. The amount of capital stock in every such Capital Stock. Corporation shall be fixed by the stockholders, in their articles be increased. of association, but shall in no case be less than ten thousand dollars, nor more than five hundred thousand dollars. Said How Stock may stock may be increased from time to time, as may be directed by the stockholders, subject to the foregoing restriction; and when the same is so increased, the same record shall be made of the fact, with the name of the stockholders, as required by section four of this act, and all the stock of said Company shall be divided into shares of fifty dollars each. Officers. (1763.) SEC. 7. The officers shall be elected by the stock-Election of holders, when fifty per cent. of the stock shall be subscribed, and ten per cent. of the amount subscribed paid in, and after a notice of at least two weeks has been given in some news paper printed in the place where the said business is to be located, said notice to be signed by at least three stockholders; Term of Office. and the officers elected shall hold their office one year, and until their successors are elected; said officers shall have the general superintendence of the affairs of the Company, and the management of the business, and may call special meetings of the stockholders, and a majority of the stockholders shall How Stock constitute a quorum at all meetings, and at all meetings each share shall be entitled to one vote. holders to vote at Meetings. General Powers of Corporation. Stock to be deemed Per (1764.) SEC. 8. Any Corporation formed under this act, shall have full power to manufacture and sell, and to furnish such quantities of gas as may be required in the city, town or village where said Corporation is located, for public or private buildings, or for other purposes; and such Corporation shall have power to lay conductors for conducting gas through the streets, lands or squares of any city, town or village where said Corporation is located, with the consent of the municipal authorities of said city, town or village, under such reasonable regulations as they may prescribe, and to make all ordinances and by-laws necessary and proper to carry into effect the foregoing powers. (1765.) SEC. 9. The stock of every such Corporation shall be onal Property. deemed personal property, and certificates of stock shall be issued to each stockholder, on the full amount of his subscripHow Transfer- tion being paid in; the said certificates of stock may be able. tions to Stock Called in. transferable, but the transfer shall not be valid unless a record shall be made of the same in the books of the Company, in such form as the Director shall prescribe; and it shall be the duty of the Directors to make out a written statement of all the stockholders and the amount of stock held by each, when legally called upon by the proper assessing officer. How Subscrip- (1766.) SEC. 10. The Directors may call in subscriptions to the capital stock of such Corporation by instalment, in such portions as they deem best, by giving notice thereof as provided by the by-laws; and in case any stockholder refuses or neglects to pay any such instalment for the space of sixty Forfeiture and days after the same shall have become due and payable, and after he shall have been notified thereof, the stock of any such delinquent stockholder may be sold by order of the Directors, at public auction at the office of said Company, after thirty days' notice, published in some newspaper in the county where Sale of Stock for non-payment. the Corporation is located; and the proceeds of said sale shall be first applied in payment of the instalment called for, and the expense on the same, and the residue shall be refunded to the former owner thereof, and such sale shall entitle the purchaser to all the privileges of a stockholder, to the extent of the shares so bought. liability of Stock Sec. 7. (1767.) SEC. 11. The stockholders of all Corporations organ- Individual ized under this act, shall be individually liable for debts holders. contracted by said Corporation during the time they were Const, Art. 15, stockholders as aforesaid; which said liability may be enforced against any stockholder founded on this Statute, at any time. after an execution shall be returned not satisfied against said Company: Provided, always, That if any stockholder shall be How contribution compelled by any such action to pay the debts of any creditor ed. or any part thereof, he shall have the right to call upon all the stockholders to contribute their part of the sum so paid by him as aforesaid, and may sue them jointly or severally, or any number of them, and recover in such action the ratable amount due from the person or persons so sued. may be compell panies may this Act. 1768.) SEC. 12. Any Gas Light Company organized and Chartered Comdoing business under any special charter, may at any time, by organize under a vote of two-thirds in interest of its stockholders, dissolve its organization, and organize under this act; and any Company so organizing under this act, shall have the right in preference to any other Company, to assume the name by which it was known in its former charter: Provided, It perfects its organ ization within sixty days after dissolving and throwing up its special charter; and after perfecting its organization under the provisions of this act, it shall be entitled to all the rights, privileges, and immunities therein contained. ties of such New (1769.) SEC. 13. All rights of creditors, and all liens upon Rights and liabilithe property of said Company so dissolving its organization, Corporation. shall be, and hereby are preserved unimpaired; and said Company shall continue to exist so far as may be necessary to enforce the same. And all debts, liabilities and duties of said Company, shall thenceforth attach to such new Corporation, and be enforced against it to the same extent, and in the same manner, as if such debts, liabilities and duties had been originally incurred by it. How may be Incorporated. An Act to Provide for the Incorporation of Institutions of Learning. (Approved February 9, 1855. Laws of 1855, p. 51.) (1770.) SECTION 1. The People of the State of Michigan enact, That any number of persons not less than five, may become a Corporation for the purpose of founding and establishing a College, Seminary, Academy, or other Institution of Learning, by complying with the provisions of this act. When stock, legacies, bequests or donations, to the amount of thirty thousand dollars for any such College, or five thousand dollars for any such Seminary, Academy, or other Institution of Learning, so intended to be founded and established, shall be in good faith subscribed or given, and twenty per cent. thereon actually paid in, as herein required, such persons may elect Trustees for such College, Seminary, Academy, or other Articles of As- Institution of Learning; and thereupon said Trustees shall set forth and severally subscribe articles of association, in which shall be set forth the name, character, and object of the Corporation, the amount of capital stock so subscribed, bequeathed, Bociation, what to where to be filed. donated or given, and the amount paid in; the names and place of residence of the Trustees; the length of time they shall continue in office, not to exceed thirty years; the manner in which their successors shall be elected, who shall not be less than five, nor more than thirty-five, and the place where such College or other Institution is to be located. Said articles of association, when subscribed as aforesaid, may be filed in the office of the Secretary of State; but such articles shall not be so filed until there is annexed thereto an affidavit, made by at least three of such Trustees, that the amount of stock required by this section has been in good faith subscribed, and that twenty per cent. thereon has been paid in; and thereupon the persons who have subscribed said articles, with such other persons as may from time to time become donors to such Institution, or if said articles of association so declare, the Trustees elected as herein provided, shall be a Powers of Corpebody corporate and politic, capable of suing and being sued, and may have a common seal, which they may make and alter at pleasure, and be capable in law of receiving by gift, subscription, bequest, will, donation or devise, and of purchasing, holding and conveying any real estate or personal property whatever, for the purpose of founding, establishing and conducting any such College, Seminary, Academy, or other Institution of Learning. ration. Articles and affi evidence. (1771.) SEC. 2. A copy of any such articles of association, Certified copy of filed in pursuance of this act, with a copy of the affidavit davit made 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 institution, and of all the facts therein stated. powers of College (1772.) SEC. 3. The Trustees of any College or Seminary, Additional incorporated under the provisions of this act, besides the or Seminary Ingeneral powers and privileges of a Corporation, shall have this Act. power: 1. To elect their own chairman or clerk; 2. Upon the death, resignation, or other vacancy in the office of any Trustee, to elect another in his place; 3. To declare vacant the seat of any Trustee who shall absent himself from five successive meetings of the board; 4. To take and hold, by gift, grant, or devise, any real or personal property, the annual income or revenue of which shall not exceed twenty-five thousand dollars; 5. To sell, mortgage, let, or otherwise use such property, corporated under |