Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1837-06-21
LA VS. OF MICHIGAN.
ny GRITTY.
AN ACT TO incorporate the Gibralter and Clin-
ton Rail Road Company

Michigan, That Benjamin b. Kercheval,
Harry Conant, Ira Payne, Thaddeus Clark,
Charles Noble, Thomas Harrington, and
Alonzo Cressey, be and they are hereby
appointed Commissioners, under the direc.
ton Of a majority of whom, subscriptions
may be received to the capital stock of the
Gibralter and Clinton Rail Road Company
hereby Incorporated; and they shall cause
books to be opened at the villages Of Glib
ralter and Clinton, for the space of three
days in each village, at such time 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 newspapers printed in this state,
of the times of taking subscriptions in said
villages.
Sec. 2. The capital stock of said COM
pany shall be four hundred thousand dol
lars, in shares of 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 Gibralter
and Clinton Rail Road Company" with
perpetual succession, and by that name
shall be1capable 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, for the
purposes mentioned in this act.
Sec. 8. Said corporation hereby created
shall have power TO construct a rail road,
with a single or double track, from Gibral.
ter, Wayne county, passing through the
village of Lisbon, on or near the line be-
tween section number six and seven, in the
town of London, county of Monroe; thence
westerly to Clinton, in the county of Len.
awee; 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. 4. If said corporation shall not
within one year commence the construc.
ton of said rail road, and shall not within
four years from the passage of this act,
construct, and finish and put into opera.
ton twenty-five miles in distance of said
road, and shall not within six years com.
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. 5. Whenever five hundred shares
of the capital stock shall have been SUBJ
scribed, if within two years 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 to be taken, each and every share shall
| entitle the holder to one vote, either by him.
self in person or by proxy.
Sec. 6. To continue the succession of
president and directors of said company,
seven directors shall be chosen annually
on the first Monday in June, 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 filed by the directors of said company,
or 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, 70 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 fol
the election of the president and directors
and a 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
tenth of the stock, by giving thirty days
public notice of the time Of meeting anc
the place, in the manner herein before pre-
scribed and when such meeting is called
by the stockholders, the particular object o
such call shall be stated; and if at any
meeting thus called majority in value o
the 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 bust
ness; and il within said three days stock
holders having majority of the stock dt
not attend such meeting, then said meeting
shall be dissolved.
Sec. 8. At the regular meeting OF the
stockholders Of said company, It shall b
the duty of the president and directors il
Office the proceeding year to exhibit
clear and distinct statement Of the affair
of said company; and at any meeting o
the stockholders a majority ef ihose present
: or by proxy, may require similar state