Imágenes de páginas
PDF
EPUB

[No. 72.]

AN ACT to authorize the Farmers and Mechanics Bank of Michigan to have an agency at Niles, in Berrien county.

SECTION 1. Be it enacted by the Senate and House of Represent

Farmers and Mechanics' bank may es

atives of the State of Michigan, That it shall be deemed lawful for the Farmers' and Mechanics' Bank of Michigan, to have an agency tablish an at Niles, in Berrien county, for the purpose of redeeming their notes Niles. agency at and making discounts: Provided the agency hereby authorized shall be subject to all the restrictions and requirements imposed in the charter of the Farmers' and Mechanics' Bank of Michigan, and the branch at St. Joseph, and the said bank and branch shall be responsible for all the debts of the said agency, and for the official conduct of its officers; and the said agency shall not make or issue any notes or other evidences of debt of its own.

ject to certain

SEC. 2. The said Farmers' and Mechanics' Bank, its branch at Agency subSt. Joseph, and the agency hereby authorized at Niles, shall be sub- laws. ject to all laws providing for an examination by the attorney general into their condition and affairs, as contemplated by the act entitled "an act to abolish the office of bank commissioners and for other purposes," approved March twenty-fifth, eighteen hundred and forty, and the establishment of said agency shall be considered as an assent of said Farmers' and Mechanics' bank and branch to submit to such examination as provided in the act aforesaid.

SEC. 3. This act shall be in force from and after the fifteenth day of May next, provided the stockholders of said bank at a meeting called for that purpose, shall assent to the provisions of this act. Approved March 8, 1943.

sue bonds in

certain eases.

[No. 73.]

AN ACT to liquidate the public debt, and to provide for the payment of the interest thereon, and for other purposes.

Whereas, the interest is in arrear, and unpaid on certain bonds, issued by the State, for part of the five million loan, so called, which bonds the state has received the full consideration for, and is legally and equitably, bound to provide for the payment of the principal and interest thereof, according to the terms of said bonds respectively, and which bonds are specified in the first section of this act; and whereas, the holders of said bonds have expressed a willingness to receive the bonds of the state, in payment of the interest which has accrued thereon, and which may accrue thereon up to the first day of July, which will be in the year eighteen hundred and forty-five, and to surrender the coupons attached to said bonds up to the said first day of July, eighteen hundred and forty-five: therefore,

SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That the Governor be and is hereby Governor authorized to is authorized to issue and deliver on the surrender of the coupons for the corresponding period, the bonds of the state for the interest which has accrued on the bonds hereafter specified in this section, since the first day of July, in the year eighteen hundred and forty-one, and the interest that will accrue up to the first of July, eighteen hundred and forty-five, and interest on such interest after the same became due, and which shall become due and payable hereafter agreeable to the stipulation for the payment of interest' on the bonds of this state issued as a part of the five million loan up to the first day of July, in the year eighteen hundred and forty-five, to the holders for the time being, of any of the following bonds, issued for part of the five million loan, so called, that is to say-bonds for the sum of one thousand dollars each, numbers one hundred and one to one hundred and eighty-eight, (101 to 188,) inclusive-four hundred and ninety-six to five hundred, (496 to 500,) inclusive-five hundred and fifty-two

and five hundred and fifty-three, (552 and 553,) six hundred and one to eight hundred, (601 to 800,) inclusive-and bonds for the sum of three thousand dollars each, numbers one to three hundred fifty six, each, (1 to 356) inclusive-three hundred and ninety-nine and four hundred, (399 and 400,) four hundred and thirty-four to four hundred and thirty-nine, (434 to 439,) inclusive-being in all, two hundred and ninety-five bonds of the denomination of one thousand dollars each, and three hundred and sixty-four bonds of the denomination of three thousand dollars each, amounting in all to the principal sum of one million three hundred and eighty-seven thousand dollars, (1,387,000,) which said bonds for the interest shall be in the same form as the bonds heretofore issued for said loan, and shall be made payable on the first day of January, which will be in the year one thousand eight hundred and fity, with interest thereon at the rate of six per centum per annum from and after the first day of July, one thousand eight hundred and forty-five, to be paid semi-annually, on the first days of July and January, in each year, at such place in the city of New York as the Governor shall designate, and for the payment of which bonds according to the terms thereof, the faith of the state is hereby pledged.

SEC. 2. For the payment of interest accruing after the first of July, eighteen hundred and forty-five, on the bonds specified in the

first section of this act, and on the bonds which may be issued unde

the sixth section of this act, the net proceeds of all the public works

of the state, shall be and they are hereby pledged, except so far as the same have been, or may be, appropriated by law, for the completion of the Central and Southern railroads to Marshall and Hillsdale, and so far as the same may be necessary for the purchase of locomotive engines, cars for said road, &c., for the redemption of state scrip now outstanding with interest thereon; and also for the payment of interest on warrants heretofore drawn on the internal improvement fund

SEC. 3. The bonds which may be issued for the interest accord

For payment

of interest net

proceeds of all public works pledged with exceptions.

Bonds issued ing to any provision in this act contained, shall be receivable in pay

for interest re-
ceivable in

payment for

ment for the public lands of the state, University and school lands

certain public excepted. Provided,, this section shall not go into effect before the
lands, after 1st
July, 1845. first day of July A. D. eighteen hundred and forty-five.

In case of

deficiency aris

ing from pro

SEC. 4. In case of any deficiency arising from the proceeds of the public works, to pay the interest on the bonds specified in the first

ceeds of public section of this act, as the same shall become due and payable, or on

works, the

same to be

paid out of the the bonds which may be issued under the sixth section of this act, state treasury, after the first day of July, eighteen hundred and forty-five, the same there is no mo- shall be made up out of any monies in the treasury not otherwise ap

and in case

ney in treas.

levied and col

lected by tax.

the same to be propriated, and if there be no money in the treasury when such deficiency is ascertained, which may be used for sich purpose, then the same shall be provided for by tax as hereinafter provided.

Auditor gene-
ral to transmit
to proper au-
thorities of
each county
the am't to be
assessed by
them, &c.

Installment

SEC. 5. Upon ascertaining such deficiency, the auditor general shall be, and he is hereby authorized and required to transmit the

amount to be assessed in each county to the proper authorities of such

county, and the same shall be by them assessed, levied, collected and returned in the same manner as other state taxes are levied, collectel and returned.

And whereas a large amount of the bonds of this state, issued under the act authorizing said loan, were delivered to the United States Bank, and Morris Canal and Banking Company, in pursuance of a contract of sale made with them in the month of November, eighteen hundred and thirty-eight, which they neglected to fulfil, and upon which they advanced to this state only a small portion of the amount of said bonds, which said bonds it is understood the said bank has hypothecated as security for money borrowed by them, and the same remains outstanding; and whereas the said bank is bound to surrender the whole of said bonds to the state, to be cancelled on the liquidation of the amount actually due, and it is desirable that the same may be settled as speedily as practicable: therefore be it further enacted,

SEC. 6. That whenever the whole of said last mentioned bonds shall be surrendered to the state to be cancelled, the governor shall

S. bank snall

subject be returned

governor au

thorized to is

sue new bonds

for the am't of

money the state has rec'd.

The bonds to

and he is hereby authorized to execute and deliver to the holders there- When bonds held of hypoof, the bonds of this state for the money which has been actually thecated by U. received from the United States Bank upon the said bonds, however, to the deductions specified in the act relating to said bonds, passed seventeenth February, eighteen hundred and forty-two, and the proclamation of the governor, reference being thereto had: which said bonds so to be given, shall be in the same form as the original bonds issued for the five million loan, so called, and made payable at the same time and in the same manner; and for the interest which shall have accrued upon the amount thus ascertained to be due be thus issued plac'd on same up to the first day of July, in the year eighteen hundred and forty-footing as five,the bonds of this state shall be issued and delivered to the person sued under the or persons entitled to receive the same, in the same form and payable in the same manner as the bonds which may have been issued for the interest on the bonds specified in the first section of this act, and the bonds hereby authorized to be issued both for principal and interest shall be placed on the same footing precisely, and in every respect as the said bonds specified in the first section of this act, and the interest thereon shall be paid in the same manner.

SEC. 7. This act shall take effect and be in force from and after

its passage.

Approved March 8, 1843.

ponds to be is

1st section of

this act.

[No. 74.]

AN ACT providing for the final adjustment of all unsettled claims for damages growing out of the Internal Improvements of this State.

SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That the board of state auditors shall, within sixty days after the passage of this act, cause public notice to

« AnteriorContinuar »