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twice the amount of its capital actually paid in, in coin, and constantly

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Circulation not to exceed

twice the a'mt of coin paid in,

in the vaults of said corporation; nor shall said corporation pay out, or put in circulation for any purpose, the notes of any other corpo- not to pay out ration whatever.

notes of other corporations.

individual ca

SEC. 4. For all notes or other evidences of debt, now issued or Directors and stockholders that may hereafter be issued by said Michigan Insurance Company, liable in their upon a refusal to pay the same by said Michigan Insurance Company, pacity. on demand at its office, or banking house, in business hours, or in case of its insolvency, the directors and stockholders thereof, or any person who may have been a director or stockholder within two years previous to such refusal to pay, or insolvency, their heirs, executors and administrators, shall be jointly and severally liable in their individual capacities, and such directors and stockholders may be sued upon any such liability of said corporation, jointly or severally and judgment may be recovered against them or either of them for all such sum or sums as they may fail to pay on such demand, whenever the payment of the same shall have been refused by said corporation on such demand, and any refusal of payment by said corporation of any such evidences of debt due by it, shall be presumptive evidence of insolvency. And any person or persons who may hold such evidences of debt against said corporation may upon refusal of payment of the same, by the said corporation upon demand, made during usual business hours, sue for the same, either the said corporation, or the directors, or stockholders, jointly or severally.

SEC. 5. It shall be the duty of the directors, annually, or whenever required by the legislature, to furnish a statement, under oath or affirmation, of the condition of the company, stating the amount of deposits, the amount of bills in circulation, the amount of debts due from the directors, the amount of debts due from stockholders, the amount of debts due from all other persons or corporations, (not, however, naming them,) the amount of specie on hand, the amount of bills of other banks, the amount of their deposits in other banks, the amount of their real and other property not herein specified, the

May be sued.

Directors to

furnish state

ment.

Statement to be published once in six months.

amount of capital actually paid in, and containing a faithful and true exhibit of the state of said company, which statement they shall also cause to be published in some newspaper at the seat of government: and the books, papers and vaults of said company shall be at all times open to the inspection of any committee of the legislature appointed for the purpose of examining into its condition, and of visitation and examination by the acting bank commissioner for the time being.

SEC. 6. The said corporation shall once in six months, cause a statement to be published in the state paper, which statement shall contain the following particulars:

First. The names of the bona fide stockholders and the amount of

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Second. All elections of directors and officers, stating precisely the time of election, and the name of each director and officer so elected.

Third. Every transfer of stock, the time of such transfer, from whom and to whom made.

Such statements shall be accompanied with the following oath or affirmation, of the president and secretary of the institution, “I do solemnly swear (or affirm as the case may be,) that the foregoing statements are true "

SEC. 7. No transfer of any share or shares of said stock shall be made except in the office of said corporation, during the usual business hours of said corporation, and with the consent of a majority of the directors therof.

SEC. 8. This act shall take effect and be in force from and after its passage; but it shall not be operative unless the whole of the stockholders of said Michigan Insurance Company shall, at a meeting of them called for that purpose, and of which, and its object, at least ten days notice shall be given, assent to the provisions of this act, and accept the same, which acceptance shall be certified under the seal of the corperation, and deposited in the office of the secretary of stato.

SEC. 9. This act and the act to which this act is amendatory, may at anytime be altered, modified or repealed by the legislature, Approved March 9, 1843.

[No. 95.]

AN ACT relative to crimes, and the punishment thereof.

revised stat

SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That section fifteen of chapter three Section 15 chap. 3, title and title one of part four of the revised statutes, be, and the same is 1, part 4, of the hereby amended by adding to said section, "or by imprisonment for utes amended. any specified number of years not less than ten, in the discretion of the court."

Section 1 & 5

SEC. 2. Section one and five of chapter eight, title one, of part of chap. 8, tifour, of the revised statutes, and all laws contravening the provis- tle 1, part 4, ons of this act, are hereby repealed.

Approved March 9, 1843.

revised statutes repealed.

[No. 96.]

AN ACT to amend an act to incorporate the borough of Michilimackinac.

Borough of

SECTION 1. Be it enacted by the Senate and House of Representaitives of the State of Michigan, That section four [4] of an act enti- Mackinac tled an act for incorporating the borough of Michilimackinac, adopted April 6th, 1817, be, and the same is hereby amended by inserting in the third line of said section, the words following, "and on transient traders," so that the section as amended will read "Section 4. And be it further enacted, That said borough in legal meeting assembled, shall have power to levy taxes on the polls and estate within

the limits of said borough and on transient traders, for such purposes as such borough shall think proper, not inconsistent with the provisions of the act incorporating the borough of Michilimackinac, passed April sixth, eighteen hundred and seventeen."

Approved March 9, 1843.

James P. Lee.

[No. 97.]

AN ACT to change the name of Peter J. Lee.

SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That from and after the passage of this act, it shall be lawful for Peter J. Lee to take and assume the name of James P. Lee, and by that name he shall be hereafter known and designated.

Approved March 9, 1843.

David Porter

[No. 98.]

AN ACT to authorize the erection of certain Dams in
Ingham, and other counties of this state.

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

and Lucinda tives of the State of Michigan, That David Porter and Lucinda Lock

Lockwood au

thorized to wood, their heirs and assigns, be, and they are hereby authorized and

build a dam on

Grand river. empowered to build a dam across Grand river, in Ingham county, on section number twenty-eight, in township number one north, of

range number two west, nine feet in height, if they or either of them own the necessary land: Provided, That they, their heirs or assigns, shall construct the same therein or therewith, and keep the same in repair, a convenient and suitable lock for the passage of boats, rafts, canoes and other water craft, whenever the said lock shall, in the

opinion of the associate judges of the circuit court of said county, be deemed necessary.

John W. Bur.

zed to build

a dam across

Grand river.

SEC. 2. That John W. Burchard, his heirs and assigns, be, and they are hereby authorized and empowered to build a dam across the chard authoriGrand river, in Ingham county, on section number nine, in township number four north, of range number two west, not exceeding eight feet in height: Provided, Said John W. Burchard, his heirs and assigns, shall construct therein or therewith and keep in repair, a convenient lock for the passage of boats, rafts, canoes, and other water craft, whenever the associate judges of the circuit court of said county shall deem necessary; and provided also, that the said judges shall determine the place and dimensions of said locks.

SEC. 3. That Jesse Millerd, his heirs and assigns, be and they are hereby authorized and empowered to build a dam across the Huron river, in the county of Washtenaw, on section number thirty-one, in township number one south, of range number five east, not exceeding six feet in height above common low water mark, if he owns the necessary land on said section: Provided, that a convenient lock of not less than sixty feet in length and twelve feet in width shall be constructed therein or therewith, by him, his heirs or assigns, for the passage of boats, canoes, rafts and other craft, whenever the circuit court of said county shall so order upon good cause shown.

Jesse Millerd authorized to

build a dam across Huron river.

SEC. 4. Any person or persons who shall destroy, or in any wise Penalty for de

injure either of said dams or locks, shall be deemed to have committed a trespass on the owner or owners thereof, and shall be liable accordingly.

stroying locks,

SEC. 5. Nothing herein contained shall authorize the person or No authority persons above mentioned, or their heirs or assigns, to enter upon or to flow land, flow, or injure the lands of any other person, without the consent of such person, and the legislature may at any time alter, amend or repeal this act: Provided, if at any time hereafter the water of any of said rivers should be required for the purpose of internal improvement or navigation, it shall not be lawful for any of the per

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