Power to purchase machines, &c.

sport property

tolls.

shall have power to purchase with the funds of the company and place on any Rail Road constructed by them under this act, all machines, wagons, carriages or vehicles of any description, which they may deem necessary or proper for the purpose of transportation on said road; and Power to tran- that they shall have power to charge for tolls &c.and charge and transportation, such sums as shall be established by the by-laws of the company hereby incorporated, and it shall not be lawful for any other company or any person or persons to transport any passengers or property, of any description whatever, along said road, or any part of it, without license or permission of the said president and directors of said company; Property vest. and the said road, with all their improvements, ed in the com- works and profits, and all machinery used on said road for transportation, are hereby vested

pany.

in said company incorporated by this act, and their successors for ever; and the shares of the Shares consid- capital stock of said company shall be considered personal property and ered personal property, and shall be transferable agreeably to the by-laws of said company, and subject to be taken on execution agreeably to such laws as are or may thereafter be in force.

liable for debts

Of dividends.

SEC. 17. The said president and directors shall annually or semi-annually, declare and make such dividend as they may deem proper, of the nett profits from the resources of said company, deducting the necessary current expenses; and they shall make the dividend among

the stockholders of said company, in proper proportions to their respective shares.

ing the road,

ages and pun.

SEC. 18. If any person or persons shall wil- Persons injur fully and knowingly and maliciously, by any liable for dam. means whatever, injure, impair or destroy any ishment. part of the Rail Road constructed by said company, under this act, or any of the necessary works, buildings or machinery of said company, such person or persons so offending shall each of them for every such offence forfeit and pay to the said company, a sum not exceeding three times the amount of damages caused by such offence, which may be recovered in the name of said company, by an action of debt in any court having competent jurisdiction in the county wherein the offence shall be committed, and shall also be subject to an indictment; and upon conviction of such offence, shall be punished by fine and imprisonment, at the discretion of the court.

SEC. 19. The right and privilege are hereby Right reserved reserved to the territory or state, to connect to connect any

other rail road

with the Road hereby provided for, any other with this road. Rail Roads leading from the main route to any part or parts of the territory: Provided, that in forming such connection, no injury shall be done to the works of the company hereby incorporated: Provided further, that the said company or companies so connecting may have the free use of said Road by paying such a tariff of tolls as may be established by the Legisla

с

Proviso.

Right of terri

ture, and this shall be entitled to the same rights and privileges of any and all Roads hereafter connected.

SEC. 20. The territory or state shall have the purchase said right, at any time after the expiration of twenty

tory or state to

road.

years from the completion of said Rail Road, to purchase and hold the same for the use of the territory or state, at a price not exceeding the original cost of said Road, and fourteen per cent. thereon, of which cost an accurate ackept of cost. count shall be kept and submitted to the Legislature duly attested by the officers of said company, whenever, and as often as said Legislature shall require the same.

Account to be

Authority to establish a bank.

Capital stock

stock.

SEC. 21. The stockholders of the River Raisin and Grand River Rail Road company, be, and they are hereby authorized to establish a Bank at the village of Tecumseh; the capital stock to be $100,000. whereof, shall, for the present, be one hundred thousand dollars, to be divided into two thousand shares, each being fifty dollars; and the Of subscrip- subscriptions towards constituting said stock, shall be open at such times and places under the superintendence of the president and directors of said company as they may designate, giving at least, three weeks public notice thereof, in one or more newspapers published in said territory or state, and the subscription aforesaid shall continue open until the whole number of shares are subscribed, and if the subscriptions to said capital stock, shall, within six days after the same

are opened, exceed the amount authorized by this section, it shall be the duty of the directors to deduct such excess in a proportional manner from the largest number of shares subscribed, in such a manner that each person subscribing shall be entitled to at least five shares if he subscribe so many.

When and how

be paid.

SEC. 22. One tenth part of the amount of each share shall be paid to the said president instalments to and directors in specie at the time of subscribing, and the balance shall be paid in such instalments and at such time as the directors for the time being may require: Provided, That when- Notice to be ever the payment of any instalment is required given, &c. by the directors, they shall give at least sixty days notice thereof, in a newspaper printed in this territory or state, but no one instalment shall exceed five dollars on a share: Provided further, That no note or evidence of debt shall be discounted or received by the directors, in payment of any instalment called in or required to be paid, with intent of providing the means of furnishing such payment, or with intent of enabling any stockholder to withdraw any part of the money paid in by him on his stock.

Stockholders

corporate and

SEC. 23. All persons who shall become stockholders of said bank, shall be, and they are here- to be a body by constituted, ordained and declared, to be a politic. body corporate and politic, in fact and in name, by the name of "the president directors and company of the bank of Tecumseh;" that by

Their privile

corporate.

that name they and their successors, shall, and may have continual succession, and shall be ges as a body persons, in law capable of suing and being sued, pleading and being impleaded, answering and being answered, defending and being defended, in all courts and places whatsoever, and in all manner of actions, suits, complaints, matters and causes whatsoever; and that they and their successors may have a common seal, and may change and alter the same at their pleasure; and they and their successors by the name of "the president, directors and company of the bank of Tecumseh," shall be in law capable of purchasing, holding and conveying any estate, real or personal, for the use of said corporation.

Who shall be managers.

Powers of the

&c.

SEC. 24. The stock, property, affairs and concerns of the said bank shall be managed by the president and directors of said Rail Road company.

SEC. 25. The directors for the time, being or directors to a majority of them, shall have power to make make by-laws, and prescribe such by-laws, rules and regulations, as to them shall appear needful and proper touching the arrangement and disposition of the stock, property, estate and effects of said corporation; the duties and conduct of the officers, clerks, and servants employed therein, and all such other matters as appertain to the business of a bank; and shall also have power to appoint so many officers, clerks and ser