Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1836-09-07
LAWS OF MICHIGAN.
AN ACT to incorporate the Constantine and
Niles Canal or Rail Road Company.

AN ACT to incorporate the Constantine and
Niles Canal or Rail Road Company.
81. BE il enacted By the Senate and House
81 Representatives. Of the State of Michigan,
That William Meek, George w. Hoffman, Will
lis Il. House, Watson Sumner, John q Cathcart.
Edward N. Bridges, j. G.. Larrimore, Jacob Bee.
son and Vincent l.. Bradford, DO and they are
hereby appointed commissioners, under the d.
rection of a majority of whom subscriptions shall
be received to the capital stock of the Constan-
tine and Niles Canal or Rail Road Company,
hereby incorporated and they shall cause books
to be opened, at such times and places as they
shall direct, for the purpose Of receiving sub
scriptions to the capital stock Of said Company,
first giving thirty days notice Of the times and
places oftaking said subscriptions, in two news
papers having general circulation, i'm the coun.
ties through which said road or canal may run.
~. That the capital stock of said company
shall be TWO HUNDRED AND FIFTY
THOUSAND DOLLARS, in shares of fifty
dollars each; and as soon as one hundred shares
OF said stock shall be subscribed, the subscribers
thereto, with such other persons rs shall associ.
ate with them for that purpose, their successors
and assigns, shall be, and they are hereby Gre
ated body corporate and polite, by the name of
the Constantine and Niles canal or rail road
company, with perpetual succession; and by
that name shall be capable in law of purchasing,
holding, selling, leasing and conveying estate,
either real or personal, or mixed, SO far as the
same may DO necessary for purposes hereinafter
mentioned, and no further and in their corporate
name may sue and bc sued, may have a common
seal which they may alter and renew at pleasure,
and shall have, enjoy, and may exercise all the
powers, rights and privileges, which a~ppertain to
corporate bodies, for the purposes mentioned in
this act.
90. Said corporation hereby created, shall
nave power to construct n canal or rail road from
Constantine, in the county of st. Joseph, to
Niles, in the county of Berrion, with power to
transport, take and carry property and persons
upon the same, by the power and force of steam,
or animals, or ofany mechanical or other power,
or any combination of them.
"a. If said corporation shall not, within two
years after the passage of this act, m tho
construction of said canal or rail road, and shall
not, within eight years complete and put in ope-
ration the whole of said canal or rail road, then
the rights, privileges and powers of said corpora
ton shall be null and void, as far as regards such
parts of said canal or rail road as shall not be
finished within the periods limited by this act.
SIS. Whenever one hundred shares ofthe CAPT.
tai stock shall have been subscribed, if within two
years from the passage of this act, the commits
sioners shall call a meeting of the subscribers, at
such time and place as they may appoint, by
giving thirty days public notice of such meeting
in the mode specified in the first section of this
act, and at such meeting shall lay tho books Of
subscription before the subscribers then present,
and thereupon tho stockholders may elect seven
directors by ballot, a majority of whom shall be
competent to manage the affairs of said compa-
ny and said directors are empowered to elect
one of their own number President, and on all &C.
casions wherein a vote of the stockholders is to
be taken, each and every share shall entitlo the
holder thereof to one vote, either by himself in
person, or by proxy.
n W. a. tho ,,,nnoe,.a, nf Dra..Jo..
and directors of said company, seven directors
shall be chosen annually, on the first Monday in
October, at such place as may BIO appointed by the
directors; and if any vacancy shall occur by
death, resignation, or otherwise of any Presi-
dent or director, before the year for which he
was elected shall have expired, such vacancy
may be filled by the directors of said company, or
a majority of them. The President and directors
of said company shalt hold their off ccs for n
year, and until others are chosen and qualified in
their stead. All elections which are, by this act
or by the bye-laws ofthe company, to be made on
any particular day, if not made on such day may
be made at any time thereafter; provided the no.
tice contemplated in the first section shall have
been given.
81. A general meeting of tho stockholders of
said company shall be held annually, at the time
and place appointed, for the election of President
and directors and a meeting may be called at any
time during the interval between said annual
meetings, by the President and directors, or by
the stockholders owning not less than one eighth
of the stock, by giving thirty days public notice
ofthe time and place of meeting, in the manner
prescribed in said first section and when any
such meetings are called by the stockholders, the
notice shall specify the particular object Of such
call and if, at any meetings thus called, a ma.
jority in value ofthe stockholders are not present
in person or by proxy, such meeting shall be ad.
journed from day to day, not exceeding three
days, without transacting any business and if
within three days, stockholders having a majority
of the stock do not attend such meetings, then
the same shall be dissolved.
6 8. At the regular annual meeting of the
stockholders o said company, it shall be the duty
of the President and directors in Office for the
preceding year, to exhibit a clear and distinct
statement of the affairs of tho company. And
at any meeting called of tho stockholders, a ma
, jority ofthosc present or by proxy, may require
' similar statements from the President and di
~rcctors, whose duty it shall be to furnish then
when thus required and at all general meetings
> Of the stockholders, a majority in value of all thu
stockholders in said company may remove from
Office any President or any of the directors o.
said company, and appoint others in their stead.
80. Every president, director, secretary, ant
treasurer of sand company, before he acts Al
such, shall swear or affirm that he will well ant
truly discharge the duties of his office to the bes
Of his skill and judgment.
3 10. The said president and directors, or
G majority of them, shall have power to appoint
= a~so.sssiav- dao -..--r~HS~
: of all such officers, engineers, agents and ser
!, wants whatsoever, as they may deem nocessar.
for the transaction of the business of the compa
NY, and remove them at pleasure; and the san
r. president and directors, or a majority Of them
shall have power to determine the manner OF I'D
) %justing and settling all accounts against tn
company, also the manner and evidence of trans
fers Of stock in said company and they sha
have power to pass all byc-laws which they ma
e deem necessary for carrying into execution a
. the power vested in tho company, hereby incol
porated Propidid, such ~byo-laws shall not b
@ contrary to the constitution and laws Of the Un
ted States, or of this State.
IL. The president and directors of said con
pany shall be, and they are hereby invested wit
~ ali tho privilegcs. rights. and poWers necessaI