Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1837-06-14
LAWS OF MICHIGAN.
ny AUrHo GRITTY.
AN ACT TO incorporate the Saginaw and Gen.
eses Rail Road Company.


eses Rail Road Company.
Sec. i. BE IL enacted By The Senate and
House of Representatives. Of the State Of
Michigan, That Gardner ID. Williams, Nor
man Little, Robert Stage, Perry q. Gard
ner and Elijah N. Davenport, be and they
are hereby appointed commissioners, un-
der the direction of a majority of whom
subscriptions may be received to the capi-
tai stock Of the Saginaw and Genesee Rail
Road Company, hereby Incorporated; and
they shall cause books to be opened at the
village of Flint and Saginaw City, for the
space Of three days in said village and city,
at such times as they shall direct, for the
purpose Of receiving subscriptions to the
capital stock Of said company, first giving
thirty days notice in at least two newspa-
pers printed in this State Of the times ofta-
king subscription in said village and city.
Sec. 3. The capital stock of said COM
pany shall be four hundred thousand dol.
lars, in sharesof fifty dollars each; and
as soon as five hundred shares of said
stock shall be subscribed, the subscribers
thereto, with such other persons as shall
associate with them for that purpose, their
successors and assigns, shall be and they
are hereby created body polite and cor
porate, by the name of The Saginaw
and Genesee Rail Road Company" with
perpetual succession, and by that name
shall be capable in law Of purchasing, hold
ing, selling, leasing and conveying estate,
either real, or personal, or mixed, so far as
the same may be necessary for the pur-
poses hereinafter mentioned, and no fur
Their; and in their corporate name may
sue and be sued, may have common seal
which they may alter and renew at pleas
ure; and shall have. enjoy and may exer-
else all the powers, rights and privileges
which appertain to corporate bodies, tor the
purposes mentioned in this act.
Sec. s. Said corporation hereby created
shall have power 10 construct raul road,
with single or double track, from the Sag
NAV river at Saginaw City, to intersect the
Northern Rail Road, (from the St. Clair
river to Grand river,) at such point as they
may deem practicable, in the county OF
Genesee; with power to transport, take and
carry persons and property upon the same,
by the power and force of steam or AMI
mails, or Of any mechanical or other power,
or combination Of them.
Sec. a. If said corporation shall not
within one year commence the construc.
ton of said rail road, and shall not within
two and half years from the passage of
this act, construct, finish and put in opera
ton twenty-five miles in distance of said
road, and shall not within six years CON-
plete and put in operation the whole of said
road, or in the event of the failure of the
company to construct the parts of the said
rail road within either of the times above
specified, then the rights, privileges and
powers of said corporation shall be null
and void.
Sec. 8. Whenever five hundred shares
of the capital stock shall have been SUBJ
scribed, if within one year from the pas
sage of this act the commissioners shall
call meeting Of the subscribers, at such
time and place as they may appoint by
giving thirty days notice of such meeting,
in the manner prescribed by the first Sec
ton of this act; and at such meeting shall
lay the books of subscription before the
subscribers present. and thereupon the
stockholders may elect seven directors by
ballot, majority of whom shall be compe.
tent to manage the affairs Of said company |;
and said directors are empowered to elect
one Of their number president: and on all
occasions when vote of the stockholders
is 10 be taken, each and every share shall
eniitle the holder to one vote, either by him.
selfin person or by proxy.
Sec. 6. To continue tho succession Of
president and directors of said company,
seven directors shall be chosen annually
on the first Monday in October, at such
place as may be appointed by the directors;
and if any vacancy shall occur by death,
resignation or otherwise, of any president
or director before the year for which he
was elected shall have expired, such va.
cancy for the remainder of the year may
be filled by the directors Of said company,
or a majority of them; the directors Of
said company shall hold their office until a
new election Of president and directors |;
all elections which are by this act, or by the
bylaws of the company, 20 be made upon
a particular day, if not made on such day,
may be at any time within sixty days there
after, notice of such meeting being given
in the manner prescribed by the preceding
section of this act.
Sec. z. A general meeting Of the stock
holders of said company shall be held an
nually, at the time and place appointed for
the election of the president and directors !;
and meeting may be called at any time
Intervening said annual meetings, by the
said president and directors, or by the
stockholders owning not less than one
fourth Of the stock, by giving thirty days
public notice Of the time of meeting and
the place, in the manner herein before pre-
scribed; and when such meeting is called
by the stockholders, the particular object Of
such call shall be stated; and if at any
meeting thus called a majority in value of
the stockholders are not present, in person
or by proxy, such meeting shall be adj
journed from day to day, not exceeding
three days, without transacting any bust.
ness; and if within said three days stock.
holders having a majority Of the stock do
not attend such meeting, then said meeting
shall be dissolved. .t1stt
Sec. 8. AT the regular meeting of the
stockholders Of said company, it shall be
the duty of the president and directors in
Office the proceeding year to exhibit a
clear and distinct statement Of the affairs
sof said company aud at any meeting of
the stockholders majority ofthose present,