The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1855-02-27


clare his stock and all previous payments there
on forfeited for the use of the company hrl
they Shall not declare it so forfeited until they
shall have caused n notice In writing 10 be
served on him personally, or bydeposiiing, The
same in the post-ofiicc, properly directed 10 him
at the post Office nearest his usual place OF resi-
dence stating that he is required 10 make such
payment al The lime and place specified in said
notice, and that If he fails 10 make the same, his
stock and and al his previous payments thereon
will be forfeited for the use of The company,
which notice shall be serysd as aforesaid at
least six,y days previous TO The day on which
such payment Is required TO be made "a
| SEC TO- The directors shall have power 10
make bylaws for the management and deposi
tion of the stock property, and business affairs
] of2ach company, not Inconsistent with the laws
OF this State, and prescribing the duties OF oin-
GERS ariifcels and servants that may be en-
ploye6 and forthe appointment OF all ohcers
for carrying on the business within the objects
/ and purposes OF such company.
SEC II. The stock Of such company shall be
deemed personal estate, and sh.ll bciransferable
in the manner and under such restrictions and
conditions as may be provided by the bylaws,
but no shares shall be Transferable until all pre-
vious calls theron shall have been fully paid In,
or said shares shall have been forfeited.
SEC ~. All the stockholders ofany such COM
pany shall be seveIaly Individually liable 10
the crediters OF said company, to an amount
equal 10 the amount OF stock held by them, re-
spectively for all debts and contracts made by
such company, until the whole amount OF stock
held by them shall have been paid in, and a
certificate thereof have been made and recorded,
as prescribed in the following section bat all
The stockholders of any such company shall De
indy duaIly liable for all tabor performed for
any such company, but shall not he llabl. 10
an action there or before an execution shall be
returned unSaiisfed In who'c or In par. against
the corporation, and the amount due on such
execution shall be the amount recoverable with
costs against any such slockholder; and every
! such slockholdcr against whom any such re
coyery for any such labor shall have been had,
shall have right 10 recover The same OF the
other stockholders In said cooperation In raiea.
bic proportion 10 The amount Of the sicci, th,y
shall respectively holj with himself
Sac. l3 The president and majority Of di.
reclors within thirty days after the payment OF
the last ins almenl upon any shares OF the cap
| tai ock shall make a certificate stating The
amour. Of slocs. so paid in full and by whom
il Is held and paid, and he number Of such
share or shares so paid in, which certificate shall
be signed by the president and majority ol
The directors, and swoi 10 by The president ard
secretary and they shalt within The said Ihiiiy
days Ale and record tac same in The office ol
the Secretary oil State.
SEC Ia If The directors Of any corporation,
organzed und ,r this act shall declare and pay
any dividend, when The company is irsolvent,
or the payment OF which would render II iHsul-
vent, they shall be severally Halle 10 penalty
OF FIVE hundred dollars.
Src. Is X any certificate or report made or
public Loice given, by tho offers OF any such
company in pursuance Of the provisions Of
this ac, Shall be wiliully fal.e in any lna'erial
representations. al The oflcers who shall have
signed the same. knowing ii 10 be lalse, shall be
ljoinuy.api srreiaug liaLle.tJ q p.naly 4oI i've
hundred dollars e1ch,
SEc. Is Every such company proceeding 70
construct n part OF their road fnto or through
ANY cog PANIED IL rheir certificate OF aSsocia,
lion. Shall n Ike inlp nf th' ron'e intended TO
De adoyled by such conplny. which shall DC
certified hf majority 81 he directors. and filed
| in lhe office ot The rtgis;cr ui deeds OF such
county, for insncc ion and examinaiiCn oi all
persois interested therein.
SIC. H. Every such corporation shall posses
he general powers. and be subject 10 the iabil
ties and restrictions following thal Is TO say:
l. 10 cause such exalnif alton and surveys
TOR the pTuposed railroads to be made. as may
be sccessary 10 the selection OF The lnoS advan-
iageous route fr The road, and for such pnr-
poses by their officers, agents, and servants, Ia
enter upon lands or waicrs OF any person or
comrany, al subject to liability iof ali Dana
ges which they sla 10 thereto:
2. To receive, holt AMI take surh voluntary
grants and donations oil real esia.e and o,hli
properly, as shall b. made 10 II to aid IN The
construction, maintenance. and accommodation
of scch road but lhs real estate thus received
by voluntary grant shan be h!ld anl used loi
the purposes OF such grant only:
3 rs purchase and tY voun nry grants anc
I donations receive and lake and by It's officers
engineers, surveyors and agents, enter upon
and iaSe possession OF, hold and use all sucl
lands aud real estate, and o;her properly. as
may be necessary for the construction an
mainainance OF lis railroad and stations, dtpols
and other ccOmodaiiuns, hut not uuiil The
compensation 10 he made therefor, as agreed
upon by the parties, or ascertained as hereinaf-
Ter prescribed be paid to the owners thereof, or
deposited as hereinafter directed, unless tn.
consent of such owner be given therefore
A To-Day out such road not exceeding six rods
wide, aud 10 construct the same; AMI for lhe
!. purpose OF cuiing em5aukmenis, aud procuring
stone and gravel may take as much more lands
within the limits OF It's charter, in the inanncl
hereinafter provided. as may be necessary for
the proper construction and security OF tht
road >lf7 .h-
} 5. To construct rhcir road across any stream
OF water, waiercourse, private road highway
plank road railroad or canal a hch The route
OF ils road shall inerseei but The corporation
shall restore the stream, or walcrcourse, pri
; vate road, highway, plank road, railroad, o.
canal, TO its former state as near as may be.
6. To cross, intersect, Join aud unite iis rail
road with any o,hcr railroad now or herealte
; constructed, whether the same be so const ucteC
under this act, or under any charter now o.
heraalter granted, at any point ON It's route, ant
upon the grounds OF such other railroad compa
ny with the necessary lurn-ouis, sidings an,
switches and oihcr conveniences, in further
, anc, Of The object Of It's connections; and L
: make all such running and business arrange
} menis as said companies may agree upon
2 and every company, whose railroad shall be IN
Iersecled by any Lew railroad, shall unite with
( the owners OF such new railroad in io:min;
such intersections and CONNECTIONS, and gran
The facilities aforesaid and il the Two CORPORA
= lions cannot agree upon the amSunt oi com
: pensaiion TO. be male for such crossirgs anI
connections, or lhe points or MANNER 70 'reoi
the same shall be aSceftained nj .termined b]
commissioners TO be appointed by the court o.
lis provided hereinafter for The taking of land
| aud other properly, and 10 purchase cr TO tax,
lands, Il fianchises or other property as hereinai
: Ter provided, which shall be necessary for III
, construction Of is road; anl may change Ih
e lnr OF It's road whenever majority OF its direc
b tors shall so delermj ne; ban no such ching
: shall vary the original route OF such road 10 ex
\ ceed 1--WE miles ialcraly without the consent o
{ the stockholders; eaQ 10 L4e4eH 1ai
r y To AXE. transport, carry, and convey poF
4 sons and property on their said road, by IN
4 force and power T steam, of animals, or ar
: mechanical powers, or by any combination O
n hsn and receivac iuI : nd con, DcnSltOl there