Imágenes de páginas
PDF
EPUB

Corporate powers, where vested.

Unissued

capital stock, disposition

of.

Quorum.

May issue bonds.

or operating any railroad, bridge or tunnel within this state," being sections eight thousand two hundred thirty-five and eight thousand two hundred seventy-two of the compiled laws of nineteen hundred fifteen, are hereby amended to read as follows:

SEC. 1. All of the corporate powers of any such corporation shall be and are hereby vested in the board of directors, except as may be herein otherwise provided. No person except a stockholder shall be a director of said corporation, and no stockholder shall be entitled to vote for directors, or for any other purpose, who shall be in arrears in the payment of any assessment made on his subscription to stock. The president of said corporation shall be elected by the directors from their own number. The board of directors are hereby authorized, upon such terms and restrictions as they shall impose, to provide by by-laws for the disposition of its unissued capital stock, and may provide and carry out a plan for the issue of any or all of its unissued stock to employes of the corporation, or to employes of subsidiary corporations who may desire to subscribe therefor, or to a trustee on their behalf, and for the payment for such stock in installments or at one time, and for the establishment of a special fund or funds in which employes purchasing stock pursuant to such plan and continuing in the ownership thereof and in the employment of the corporation during a definite period of time may be privileged to share upon such terms and conditions as may be imposed in respect thereof, and may provide for the election or appointment of agents or employes of said company, and may require of them security for the faithful performance of their duties, and for the general management of the business and affairs of said company. At all elections for directors and meetings of stockholders, each stockholder shall be entitled to cast, in person or by proxy, one vote upon each share of stock owned or held by him for ten days previous to such election or meeting, and a majority of all votes cast shall be requisite to an election, or for the determination of any question voted upon. A majority of the directors shall constitute a quorum for the transaction of business by the board of directors. In case of any vacancy in the board of directors, such vacancy may be filled by the remaining directors until the next election of directors.

SEC. 38. All companies organized under this act shall have power, from time to time, to borrow such sums of money as may be necessary for completing, finishing, equipping or operating their road, bridge or tunnel, or any part thereof, or for paying any indebtedness necessarily incurred for completing, finishing, or operating their road, bridge or tunnel, or any part thereof; and to issue and dispose of their bonds. or obligations for any amount necessarily borrowed for such purpose, for such sums and for such rate of interest, not exceeding ten per cent, as they may deem advisable, and to mortgage their corporate property and franchises and the in

In

increase.

come thereof, or any part thereof, to secure the payment of any debt contracted or to defray any expenditure by the company for the purpose aforesaid. And the directors of any such company may confer on any holder of any such bond or obligation the right to convert the same into the stock of said company at any time not exceeding ten years from the date of said bonds, on such terms and under such regulations as the company may see fit to adopt; and said company may sell their bonds or obligations, either within or without this state, at such rates and prices as they may deem proper. Any such company may at any time with the concurrence of Capital the stockholders representing a majority of the stock, a stock, may majority in value of stockholders, at any annual meeting, or at any special meeting of the stockholders called for that purpose, increase its capital stock, or provide for the issue of preferred or secured stock for the purpose aforesaid, upon such terms and conditions as to them may seem meet. case the capital stock of any such company or corporation organized under this act shall be found insufficient for constructing or operating its road, bridge or tunnel, or for building a double track, repairs or other improvements to facilitate the transportation of persons or property, such corporation may, with the concurrence of two-thirds in value of all its stock, increase its capital stock from time to time to any amount required for the purpose aforesaid; such increase shall be by a vote in person or by proxy of two-thirds in amount of all the stock of such corporation at a meeting of the stockholders called by the directors of the corporation for such purpose, by giving notice in writing to each stockholder, to be served personally, or by depositing the same in a post office, directed to the post office address of each of said stockholders severally, with necessary postage for the transmittal of the same prepaid, at least sixty days prior to the day appointed for such meeting, and by advertising the same in some newspaper published in each county through or into which the said road, bridge or tunnel shall run or be intended to run, or if a newspaper shall not be published therein, then such meeting shall be advertised in two newspapers published in the city of Detroit, at least sixty days prior to the day appointed for such meeting; and such notice shall state the time and place of the meeting, the object thereof, and the amount to which it is proposed to increase such capital stock, and at such meeting the corporate stock of such corporation may be so increased by a vote of twothirds in amount of the corporate stock of such corporation, to an amount not exceeding that mentioned in the notice so given. The increased capital stock so authorized may be disposed of by the board of directors as provided in section one of article two hereof.

Approved April 9, 1925.

Section amended.

Council proceedings, record of, etc.

Publication

of.

[No. 43.]

AN ACT to amend section five of chapter five of act number three of the public acts of eighteen hundred ninety-five, entitled "An act to provide for the incorporation of vil lages within the state of Michigan and defining their powers and duties," as amended, and being section two thousand six hundred twenty-three of the compiled laws of nineteen hundred fifteen.

The People of the State of Michigan enact:

SECTION 1. Section five of chapter five of act number three of the public acts of eighteen hundred ninety-five, entitled "An act to provide for the incorporation of villages within the state of Michigan and defining their powers and duties," as amended, and being section two thousand six hundred twenty-three of the compiled laws of nineteen hundred fif teen, is hereby amended as follows:

SEC. 5. The council shall prescribe the rules of its own proceedings, and shall keep a record thereof. All meetings and sessions of the council shall be public. A majority of the trustees shall be a quorum for the transaction of business; a less number may adjourn from time to time and compel the attendance of absent members in such manner as shall be prescribed by ordinance. But no office shall be created or abolished nor any tax or assessment be imposed; street, alley or public ground be vacated, real estate or any interest therein purchased, leased, sold, or disposed of, or any public improvement ordered, unless by a concurring vote of two-thirds of all the trustees elect, which vote shall be taken by yeas and nays, and entered upon the journal; no money shall be appropriated except by ordinance or resolution of the council, nor shall any such ordinance be passed, nor any resolution appropriating money be adopted, except by a concurring yea and nay vote of two-thirds of all the trustees elect. Within fifteen days after any meeting of the council, all the proceedings had or taken at such meeting, together with the vote of the various members of the board of trustees shall be published in a newspaper published in said village, if there be one therein.

Approved April 9, 1925.

[No. 44.]

AN ACT to amend section forty of chapter thirty-five of act number three hundred fourteen of the public acts of nineteen hundred fifteen, entitled "An act to revise and consolidate the statutes relating to the organization and jurisdiction of the courts of this state; the powers and duties of such courts, and of the judges and other officers thereof; the forms of civil actions; the time within which civil actions and proceedings may be brought in said courts; pleading, evidence, practice and procedure in civil actions and proceedings in said courts; to provide remedies and penalties for the violation of certain provisions of this act; and to repeal all acts and parts of acts inconsistent with, or contravening any of the provisions of this act," being section thirteen thousand four hundred thirty-two of the compiled laws of nineteen hundred fifteen, as amended by act number one hundred sixty-five of the public acts of nineteen hundred twenty-one.

The People of the State of Michigan enact:

amended.

SECTION 1. Section forty of chapter thirty-five of act Section number three hundred fourteen of the public acts of nineteen hundred fifteen, entitled "An act to revise and consolidate the statutes relating to the organization and jurisdiction of the courts of this state; the powers and duties of such courts, and of the judges and other officers thereof; the forms of civil actions; the time within which civil actions and proceedings may be brought in said courts; pleading, evidence, practice and procedure in civil actions and proceedings in said courts; to provide remedies and penalties for the violation of certain provisions of this act; and to repeal all acts and parts of acts inconsistent with, or contravening any of the provisions of this act," being section thirteen thousand four hundred thirty-two of the compiled laws of nineteen hundred fifteen, as amended by act number one hundred sixty-five of the public acts of nineteen hundred twenty-one, is hereby amended to read as follows:

account.

SEC. 40. Every county treasurer shall keep an accurate County treasaccount of all moneys paid to him on account of fines, penal- urer to keep ties, and forfeitures, and shall credit all fines for the violation of the penal laws to the library fund and all other fines, penalties and forfeitures to the general fund; and he shall account therefor to the board of supervisors at each annual meeting of such board. And in case of the sale of any real estate upon an execution upon judgment rendered for the breach of any recognizance in any criminal case it shall be the duty of the county treasurer, in case there are no bidders to the full amount of any such judgment or the value of the property advertised, to bid off the same; and in case the same shall not be redeemed within the time allowed by law for the re

Proviso,
"county law
library
fund.'

demption thereof, to sell the same for the best price he can
obtain therefor and place the money received in the general
fund: Provided, That in counties having a population of not
less than fifty thousand inhabitants and not exceeding five
hundred thousand inhabitants according to the last federal
census, the county treasurer shall credit annually all fines,
penalties and forfeitures, other than those for the violation of
the penal laws, to a fund to be known as the "county law li-
brary fund," up to but not exceeding the sum of fifteen hundred
dollars in any one year. All moneys so credited to the county
law library fund shall be paid out by the county treasurer
upon the order of the circuit or probate judge or judges
elected in said county for the purpose of establishing and
maintaining a law library for the use of the circuit and pro-
bate courts of such county and for the officers of such courts
and persons having business in such courts.
Approved April 9, 1925.

Section amended.

Township officers'

guide.

[No. 45.]

AN ACT to amend section two of act number three hundred five of the public acts of nineteen hundred fifteen, entitled "An act to prescribe the duties of the secretary of the senate and the clerk of the house of representatives during the interim of sessions of the legislature, to fix their compensation, and to make an appropriation therefor," being section eighteen of the compiled laws of nineteen hundred fifteen, as amended by act number three hundred sixtyseven of the public acts of nineteen hundred seventeen.

The People of the State of Michigan enact:

SECTION 1. Section two of act number three hundred five of the public acts of nineteen hundred fifteen, entitled "An act to prescribe the duties of the secretary of the senate and the clerk of the house of representatives during the interim of sessions of the legislature, to fix their compensation, and to make an appropriation therefor," being section eighteen of the compiled laws of nineteen hundred fifteen, as amended by act number three hundred sixty-seven of the public acts of nineteen hundred seventeen, is hereby amended to read as follows:

SEC. 2. The secretary of the senate and the clerk of the house of representatives shall, during the interim of the regular sessions of the legislature of nineteen hundred twentyfive and nineteen hundred twenty-seven, prepare and publish, in book form, all existing laws of this state concerning the powers and duties of township officers, with suitable forms. to be a guide for such township officers in the performance

« AnteriorContinuar »