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Certificates of paid in. The said certificates of stock may be transferable, but the transfer shall not be valid unless a record shall be made of must be recorded the same in the books of the company, in such form as the direct

issued to stockholders. Transfer of,

Subseriptions; how called in.

secure unpaid subscription.

ors shall prescribe; and it shall be the duty of the directors to make out a written statement of all the stockholders, and the amount of stock held by each, when legally called upon by the proper assessing officer.

(3364.) SEC. 10. The directors may call in subscriptions to the capital stock of such corporation, by installment, in such portions as they deem best, by giving notice thereof as provided by the by-laws; and in case any stockholder refuses or neglects to pay any such installment for the space of sixty days after the same shall Proceedings to have become due and payable, and after he shall have been notified thereof, the stock of any such delinquent stockholder may be sold by order of the directors, at public auction at the office of said company, after thirty days' notice published in some newspaper in the county where the corporation is located; and the proceeds of said sale shall be first applied in the payment of the installment called for, and the expense on the same, and the residue shall be refunded to the former owner thereof; and such sale shall entitle the purchaser to all the privileges of a stockholder to the extent of the share so bought.

Stockholders in

dividually liable

poration.

(3365.) SEC. 11. The stockholders of all corporations organized for debts of cor- under this act shall be individually liable for debts contracted by said corporation during the time they were stockholders as aforesaid, which said liability may be enforced against any stockholder, founded on this statute, at any time after an execution shall be returned not satisfied against such company: Provided always. That if any stockholder shall be compelled by any such action to pay the debts of any creditor, or any part thereof, he shall have the right to call upon all the stockholders to contribute their part of the sum so paid by him as aforesaid, and may sue them jointly or severally, or any number of them, and recover in such action the ratable amount due from the person or persons so sued.

Proviso.

Municipal authorities may

ply of water.

(3366.) SEC. 12. The municipal authorities of any city, village, contract for sup- or town into which water shall be introduced by a company under this act, may contract and agree with such company for the supply of water for public, municipal, or other purposes, and for the time and mode of payment, and may issue their obligations therefor.

Annual meetings

(3367.) SEC. 13. There shall be an annual meeting of the stockholders at such time and place as the by-laws of the corporation shall designate, for the election of directors and the transaction of

business of the corporation. Special meetings of the stockholders Special meetings may be called by the directors.

nated.

(3368.) SEC. 14. The officers of such company shall be a president, Officers desigwho also shall be a director, a secretary, a treasurer, and such other officers, agents, and servants as the board of directors shall deem necessary for the transaction of the business of the company. Such officers shall be elected annually, by the directors, and may Bonds of. be required to give bonds, with penalty and securities, to the approval of the board of directors.

to grant use of

limit company.

(3369.) SEC. 15. Whenever any such company shall have been Common council duly organized, it shall be the duty of the common council of any streets, etc. such city or village, or the proper authorities of any such town, by ordinance, to grant to such company such right to the use of the streets, alleys, wharves (if any), and public grounds of said city, village, or town, as shall be necessary to enable such company to construct the proper works for the supply of water for the use of such city, village, or town and its inhabitants; and the said com- May restrict and mon council may, in such ordinance, prescribe such just and reasonable terms, restrictions, and limitations upon such company, in reference to the manner of using streets, alleys, wharves, and public grounds; to the charging and collecting of tolls, waterrents, or other compensation for the supply of water to be furnished by such company to such city, town, or village, and its inhabitants, as it may deem proper; to guard against the improper use of such streets, alleys, wharves, and public grounds, and to protect said city, town, or village, and its inhabitants, from the imposition of undue or excessive rates or charges for the supply of water; but Company may no such restriction shall be imposed which shall prevent such com- on capital stock. pany realizing upon its capital stock an annual income or dividend of ten per cent, after paying the cost of all necessary repairs and expenses, interest on all moneys borrowed, and five per cent per annum into sinking funds, for the extinguishment of funded debts.

realize income

mon council

water-works.

(3370.) SEC. 16. From and after the expiration of twenty-five Time when comyears from the time of the organization of such company, the com- may purchase mon council of the city, town, or village for which the said company may have erected its works shall have the right and privilege of purchasing from such company all its buildings, reservoirs, fixtures, apparatus, and property of such company, with all its corporate rights and privileges, at such price as may be agreed upon; and in case of disagreement between the parties, the price Disagreement in to be ascertained and determined by five disinterested persons, not ded.

price; how set

How any city or village may

holder.

Who to subscribe.

residents of said city or village, two of whom shall be chosen by said common council, two by the board of directors of such company, and the fifth by the four so chosen, who, when thus chosen and assembled, shall have power to determine, finally and conclusively, the amount which such town, city, or village shall pay for the rights, property, and franchises of such company as aforesaid. (3371.) SEC. 17. Any such city, town, or village may become a become a stock- stockholder in any such company whenever the common council shall so direct, by resolution duly entered upon its minutes, after the question of so doing shall have been first submitted to the electors of said city, town, or village, in such manner as the common council may have prescribed, and the said electors shall have voted in favor thereof. Such resolution shall specify the number of shares to be taken, and shall require the mayor, president, or other municipal officer to carry out the directions by subscribing for the number of shares indicated upon the books of the comCertain corpora- pany. Any railroad, gas, manufacturing, or other corporation tions may subscribe stock. organized under any law of this State, and any insurance company organized under the laws of any State or country, doing business in this State, may subscribe for and own stock in such company, and be entitled to all the rights and privileges, and shall be subject to all the liabilities, of stockholders. It shall be lawful for any such city, town, or village to issue bonds, payable at such time as city or village; the common council shall direct, and bearing interest at a rate not exceeding eight per cent per annum, and to negotiate the same upon the best terms they can obtain. Such cities, towns, and vilTaxes may be lages shall have power, in addition to that given by their charters, to levy taxes not exceeding two per cent on the assessed valuation per annum, sufficient to meet the principal and interest falling due on such bonds.

Bonds may be issued by any

rate of interest.

levied.

When company

shall be deemed

money and issue bonds.

(3372.) SEC. 18. Any such company shall be deemed to be fully fully organized. Organized whenever half the capital stock named in its articles of association shall have been in good faith subscribed, and ten per cent thereof paid in, and may thereupon enter on the work of When may raise construction; and in order to raise moneys for that purpose, it shall have power to borrow money, to issue bonds, or other evidences of indebtedness, to execute mortgages or trust deeds, as may be deemed necessary for that purpose; and it may also issue a preWhen preferred ferred stock, if a majority of the stockholders of the company shall stock may be issued. vote that it is advisable so to do; but in the case that such city, town, or village is a stockholder, no such mortgage, trust deed, or issue of preferred stock shall be valid without the assent thereto of

contract debts in

the common council of said city or village, or the municipal authorities of such town; and in such case it shall be deemed a Directors not to misdemeanor for the directors of said company to contract debts excess of means. to any amount in excess of the means provided for by subscriptions to stock, and the estimated net receipts of the company from its rates for one year, in advance, except they shall have first obtained the assent thereto of the said common council.

SEC. 19. This act shall take immediate effect.

CHAPTER CXXIX.

BURYING-GROUNDS AND RURAL CEMETERIES.

An Act relating to burying-grounds. 1

[Approved February 12, 1855. Laws of 1855, p. 187.]

tion may be orgalized.

(3373.) SECTION 1. The People of the State of Michigan enact, How corporaThat any five or more persons of lawful age may organize themselves into a corporation, by such name as they shall adopt, for the purpose of acquiring land for a burial-ground for the dead, to dispose of rights of burial therein, and to fence, improve, ornament, and keep the same in suitable condition, in the manner hereinafter provided.

estate.

(3374.) SEC. 2. Such corporation shall have power to acquire Authorized to and hold in fee, or for a term of years, so much land as may be acquire and hold necessary for their burying-ground: Provided, That no land thus proviso. held shall be in any way incumbered by such corporation: And pro- Further proviso. vided further, That the purchase price thereof, and interest thereon, or the rent reserved therefor, and the costs of fencing, improving,

1 For prior enactments on the same subject, see Laws of 1840, p. 155; Revised Statutes of 1846, p. 210.

Conditions of lease.

What a right of burial shall be.

Transfer of rights of burial.

Burial lot hold ers deemed stockholders.

Who to be deemed stockholders.

Call of meeting to incorporate society.

and platting the same, shall be paid out of the funds first realized from the sale of rights of burial: And provided further, That any lease of land to such corporations shall contain a covenant on the part of the lessor, that the lands thus leased shall never be used by him, his heirs or assigns, for any other than burial purposes, and that all rights of burial acquired under such corporation shall remain unimpaired, although such lease may expire, or such corporation may forfeit the rights acquired under such lease, by reason of non-compliance with the conditions thereof.1

(3375.) SEC. 3. A right of burial under this act shall be, in respect to any corporation organized under this act, the right to bury the dead in and upon a parcel of land of the size specified in the by-laws of any corporation organized under this act.

(3376.) SEC. 4. Any stockholder in any corporation organized under this act, wishing to dispose of any right of burial owned by him, shall procure for the purchaser a grant of such right from said corporation; and at the same time such stockholder shall also relinquish to such corporation all claim he may have to such right of burial.

(3377.) SEC. 5. Any person owning a lot or right of burial in ground controlled by a corporation organized under this act, and having the right to use the same, shall be deemed a stockholder, and shall have the right to vote at all meetings of the stockholders of such corporation, unless in arrears for assessment.'

(3378.) SEC. 5. Any person owning a right of burial derived from any corporation organized under this act, and having the right to use the same, shall be deemed a stockholder, and shall have the right to vote at all meetings of the stockholders of such corporation.

(3379.) SEC. 6. Upon application in writing of any three of the persons aforesaid, to any justice of the peace of the county in which such burying-ground is to be situated, he shall issue his warrant to either one of said applicants, directing him to call a meeting of the persons wishing to become incorporated, which warrant shall contain the substance of the application, and shall state the time and place of holding the meeting; and such meeting shall be called in obedience to such warrant, by posting up notice thereof, containing the substance of the warrant, in at least two public places in the township, city, or village in which such

1 As amended by Act 282 of the Laws of 1865, p. 577, approved and took effect March 20, 1865.

2 As amended by Act 99 of the Laws of 1867, p. 186, approved March 25, 1867.

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