[ No. 109. ] AN ACT to organize the township of Cedar Creek, in the county of Muskegon. organized. SECTION 1. The People of the State of Michigan enact, That all of townships number eleven and twelve north, of range Township fifteen west, and now forming a portion of the townships of Dalton and Oceana, in the county of Muskegon, be and the same is hereby set off from the residue of said last named townships, and organized into a separate township by the name of Cedar Creek; and the first township meeting thereof shall be First busiheld at the house of William Merchant, in said township, on ing. the first Monday of April next. ness meet. spectors. Sec. 2. William Merchant, Richard Ryerson and Norman Board of inCunningham, are hereby made and constituted a board of inspectors for said township election. tion, notice Sec. 3. If, for any reason, the township election should not be Special elecheld at the time herein named, it shall and may be lawful to thereof. hold the same at any time thereafter, by giving at least ten days notice of the time and place of such meeting, by posting notices thereof in four of the most public places in said township, which the said board of inspectors are hereby authorized and required to do. Sec. 58. This act shall take effect immediately. [ No. 110. ] AN ACT to reduce the capital stock of the president, directors and company of the Peninsular bank, and to amend an act to incorporate the president, directors, and company of the Peninsular bank, approved March twenty-eighth, eighteen hundred and forty-nine. SECTION 1. The People of the State of Michigan enact, That with the consent in writing of a majority in amount of the Reduction of capital stockholders of said corporation, the board of directors thereof stock authobe and they are hereby authorized and empowered to reduce rized. violating its Penalty for they shall be liable to all the forfeitures, penalties and liabiliconditions. ties of a trespasser upon State lands, as now is or may hereafter Occupant may pur. chase. Occupant may purchase excess of frl subdivision. be provided by law; and it is further provided, that if such settler shall not file his certificate and oath of settlement and occupancy, as above provided, or if evidence of two witnesses, under oath, is furnished to the Commissioner of the State Land Office, that the clause above mentioned, to prevent waste of said land, has been violated, then his claim shall be deemed as void, and the Commissioner of the State Land Office shall, from and after said time, sell said lands the same as other swamp lands, and this provision shall be inserted in the license for said lands. Sec. 3. That two sections be added to said act numbered section five and section six, to read as follows: Sec. 5. Any occupant, under such license, may at any time pay for said land the minimum price fixed by law for the swamp lands, and receive from the commissioner a certificate entitling him, or his legal representatives, to a patent for the same from the State, in the same manner as though the said land had not been licensed. Sec. 6. Such settler or occupant may take any fractional legal subdivision of land, not exceeding one hundred and twenty acres, by paying for all over eighty acres, the minimum price for swamp lands fixed by law for such excess. He may also take an additional adjoining legal subdivision of eighty acres or less, by paying one-quarter of the purchase money down, according to the provisions of an act entitled "an act to provide for the sale of swamp lands, and the reclamation thereof, and to secure the pre-emption claims of settlers thereon, approved February fourth, eighteen hundred and fifty-eight, and the acts amendatory thereto," approved February eleventh, eighteen hundred and fifty-nine, for the sale of swamp lands, and reclamation thereof. Approved March 7, 1861. [ No. 109. ] AN ACT to organize the township of Cedar Creek, in the county of Muskegon. organized. SECTION 1. The People of the State of Michigan enact, That all of townships number eleven and twelve north, of range Township fifteen west, and now forming a portion of the townships of Dalton and Oceana, in the county of Muskegon, be and the same is hereby set off from the residue of said last named townships, and organized into a separate township by the name of Cedar Creek; and the first township meeting thereof shall be First busiheld at the house of William Merchant, in said township, on ing. the first Monday of April next. ness meet. spectors. Sec. 2. William Merchant, Richard Ryerson and Norman Board of inCunningham, are hereby made and constituted a board of inspectors for said township election. tion, notice thereof. Sec. 3. If, for any reason, the township election should not be Special elecheld at the time herein named, it shall and may be lawful to hold the same at any time thereafter, by giving at least ten days notice of the time and place of such meeting, by posting notices thereof in four of the most public places in said township, which the said board of inspectors are hereby authorized and required to do. Sec. 58. This act shall take effect immediately. [ No. 110. ] AN ACT to reduce the capital stock of the president, directors and company of the Peninsular bank, and to amend an act to incorporate the president, directors, and company of the Peninsular bank, approved March twenty-eighth, eighteen hundred and forty-nine. SECTION 1. The People of the State of Michigan enact, That with the consent in writing of a majority in amount of the Reduction of capital stockholders of said corporation, the board of directors thereof stock authobe and they are hereby authorized and empowered to reduce rized. of reduced stock. the capital stock thereof to a sum of not less than one hundred and six thousand six hundred dollars, and to issue therefor Certificates certificates of the reduced stock in proportion to the share of each stockholder in the former capital stock; on the acceptance of which certificates by the stockholders, or any of them, their heirs, executors, administrators or assigns, or on the tender thereof to the proper owner or holder of any former certificate of capital stock, such former certificate shall be held and Former cer-treated as canceled and annulled, and the certificate so accepted cancelled. or tendered, be held and treated as a substitute therefor, and the said capital stock shall thereupon be proportionally reduced: Provided, That nothing in this act shall affect the right of said corporation to increase its capital stock, as provided in the third section of its original act of incorporation, which right is hereby preserved to it. tificates Proviso. Report of board of directors. Sec. 2. It shall be the duty of the board of directors of said bank, within thirty days after this act shall go into effect, to make a report in writing to the State Treasurer, setting forth whether said corporation has or has not exercised the powers and privileges granted by this act;eand if it has, said report shall set forth the amount of capital stock fixed upon, and contain, moreover, a true copy of all the proceedings of the board of directors in effecting the reduction of capital stock contemHow verif'a plated by this act; such report shall be verified by the oath of two or more of the directors, and be under the seal of said corporation, and the State Treasurer shall receive and preserve Specific tax the same in his office. The payment of the specific tax due from said bank on the second Monday of January, eighteen hundred and sixty-one, is hereby suspended till the expiration of the said thirty days; and in case said bank shall then have reduced its capital stock as aforesaid, the amount of specific tax demandable shall be one per cent. upon the capital stock so fixed for such unpaid specific tax. suspended. Sec. 3. The fourth section of said original act of incorporation, act number one hundred and thirty-five, session laws of eighteen hundred and forty-nine, is hereby so altered and amended as to read as follows, viz.: ation re trade. Sec. 4. Said corporation shall not, directly or indirectly, deal The corporor trade in anything except gold or silver, bills of exchange, stricted in or promissory notes, or except in the sale of such goods and chattels, rights in action, or other personalties as may be really and truly pledged or hypothecated to the bank in security for money loaned, and which shall not be legally redeemed in due time; and said corporation shall not take or receive more in advance upon its loans and discounts, than is or shall be permitted to banking associations under the act entitled "an act to authorize the business of banking," approved February sixteenth, eighteen hundred and fifty-seven, or any amendment of said act. be canceled. Sec. 4. Whenever any stock of the bank, which may be Stock purchased by pledged or hypothecated to the bank, as security for money the bank to loaned, shall be taken in payment of such loan, or any of its stock shall be received by the bank in payment of debts due to the bank, it shall be the duty of the directors to charge the amount of the shares, so received, to capital stock, and such certificate shall be canceled, and cease to be a part of the capital stock: Provided, That nothing in this act shall affect the Proviso. right of the State to demand and receive from said corporation a specific tax upon not less than one hundred and sixty thousand six hundred dollars, or upon any other sum to which the capital stock may be increased: And provided further, That Proviso. this section shall not apply to any increase of capital stock beyond the present amount thereof, or beyond the amount to which it may be reduced, as herein provided. Sec. 5. This act shall take effect immediately. |