accepted in writing. Extension of road, and conditions. designated and granted from time to time for that purpose, in the ordinance or ordinances granting such consent; but no such railConditions to be way company shall construct any railway in the streets of any city or village until the company shall have accepted in writing the terms and conditions upon which they are permitted to use said. streets; and any such company may extend, construct, use, and maintain their road, in and along the streets or highways of any township, adjacent to said city or village, upon such terms and conditions as may be agreed upon by the company and the township board of the township, which agreement and the acceptance by the company of the terms thereof, shall be recorded by the township clerk, in the records of his township. Accepted grants of rights cannot be revoked. Authorized to purchase other their rights, (2515.) SEC. 14. After any city, village, or township shall have consented, as in this act provided, to the construction and maintenance of any street railways therein, or granted any rights and privileges to any such company, and such consent and grant have been accepted by the company, such township, city, or village shall not revoke such consent, nor deprive the company of the rights and privileges so conferred. (2516.) SEC. 15. Any street railway company may also purchase roads, and enjoy and acquire, either åt public or private sale, whether judicial or otherwise, or may hire any street railway in any city, village, or township, owned by any other corporation or company, together with all the real and personal estate belonging thereto, and the rights, privileges, and franchises thereof, and may use, maintain, and complete such road, and may use and enjoy the rights, privileges, and franchises of such company, the same and upon the same terms as the company whose road and franchises were so acquired might have done. Every street railway company may also purchase, hold, own, or take upon lease such real estate, barns, stables, buildings, fixtures, and property as may be necessary for the use and business of their road; and the whole or any part thereof, together with their railway, fixtures, property, and appurtenances, rights, privileges, and franchises, may sell, lease, dispose of, pledge, or mortgage, whenever the corporation shall deem it expedient so to do. Authorized to purchase real estate, etc. May borrow money and issue gage their prop erty. (2517.) SEC. 16. Every street railway company may borrow money bonds, and mort- and issue their bonds therefor, and for any indebtedness incurred may mortgage their corporate property and franchises, and any property which they shall at any time acquire, to secure the payment of their bonds, money borrowed, and any and all debts and liabilities which they may at any time incur. conform to the (2518.) SEC. 17. In constructing their railways every such com- Company must pany shall conform to the grades established or which may be grades. established by the common council or other corporate authorities of the city or village, for the street traversed by said railways, nor shall the company at any time alter or change the grade or line of any street; without the consent of the common council or other corporate authorities of the city or village, first had and obtained. (2519.) SEC. 18. Every street railway company is hereby required Manner of laying to lay the track of their road or railway in such way or mode and with such kind of rail, and to keep their railway and that part of the street and pavement within and adjacent to the track of such road or railway, in such condition and state of repair as shall be prescribed and provided in the consent, grant, or agreement of the municipal authorities permitting the construction and location of such road or railway. track. authorities may concerning (2520.) SEC. 19. The common council or other corporate author- City or village ities of the city or village in which any street railway shall be establish rules located, may from time to time, by ordinance or otherwise, estab- grade, etc. lish and prescribe such rules and regulations in regard to said railway as may be required for the grading, paving, and repairing the street, and the construction of sewers, drains, reservoirs, and crossings, and the laying of gas and water-pipes, upon, in, and along the streets traversed by such road, and to prevent obstructions thereon. agreed upon. (2521.) SEC. 20. The rates of toll or fare which any street rail- Tolls to be way company may charge for the transportation of persons or passengers over their road, shall be established by agreement between such company and the corporate authorities of the city or village where the road is located, and shall not be increased without consent of such authorities. mons, etc., may (2522.) SEC. 21. Service of every summons, notice, declaration, How a sumor other legal process may be made on any street railway company be served. by leaving a copy thereof at the business office of the company, with any person in charge thereof, or by leaving such copy with any director or officer of the company in the county where the road of such company is located. stockholders. (2523.) SEC. 22. The stockholders of every company incorpo- Liabilities of rated under this act, shall be jointly and severally liable, in their individual capacity, for all labor performed for such company; and shall also be liable for the debts of such company, for an amount equal to the amount of any unpaid stock in such company held by them, Fictitious dividends. Individuals not liable till after tained against the company.. (2524.) SEC. 23. If the directors of any company formed under this act shall declare or pay any dividend when the company is insolvent, or the payment of which would render it insolvent, or which would diminish the amount of its capital stock, they, and all stockholders who shall knowingly accept or receive such dividend, shall be jointly and severally individually liable for all the debts of such company then existing, and for all that shall be thereafter contracted while they shall respectively continue stockholders or in office. (2525.) SEC. 24. But no suit shall be brought against any indijudgment is ob- vidual stockholder or stockholders for any debt of such company, as provided in the last two preceding sections, until judgment on the demand shall have been obtained against the company, and execution thereon returned unsatisfied in whole or in part, or until the company shall have been dissolved; and any stockholder who may have paid any debt of such company, either voluntarily or by compulsion, shall have a right to sue and recover of such company the full amount thereof, with interests, costs, and expenses; and Right of stock any such stockholder who may have paid as aforesaid, shall have a right to bring an action against and recover of the rest of the stockholders, or any one or more of them, the due proportion thereof which such stockholder or stockholders ought to pay; and if such action for contribution shall be brought against more than one stockholder, the judgment and the execution thereon shall specify the amount to be recovered and collected from each defendant. holder to sue the company, or other stockholders. Annual report. Annual tax. (2526.) SEc. 25. On or before the second Monday in January in each year, it shall be the duty of the directors of every company formed under this act to report to the Secretary of State, under the oath of at least two of such directors First. The amount of capital paid in; Second. The amount of the indebtedness of the company; Third. The length of road completed; Fourth. Cost of construction and equipment; Fifth. Gross receipts and earnings of the company for the past year; Sixth. Cost of operating the road for the past year; Seventh. Amount of dividends for the past year; Eighth. A list of stockholders, their name, and residence. (2527.) SEC. 26. Each and every railway company formed under this act shall pay to the Treasurer of the State of Michigan an annual tax, at the rate of one-half of one per cent on the whole amount of capital paid in upon the capital stock of said company, and when paid. which said tax shall be estimated upon the last preceding report How estimated of said company, and shall be paid to the said Treasurer on the first Monday of July in each year, and shall be in lieu of all other taxes upon all the property of said company. porated body 80. (2528.) SEC. 27. Every company incorporated under this act for When an incorthe purposes of constructing a railway, shall cease to be a body shall cease to be corporate, if within one year from the time of filing their articles of association with the Secretary of State, they shall not have commenced the construction of their railway, and expended therein at least ten per cent of their capital stock. structing, etc. (2529.) SEC. 28. If any person shall willfully obstruct, break, Penalty of obinjure, or destroy any railway constructed or operated under the provisions of this act, or any part thereof, or any work, cars, building, or fixtures attached to or in use upon the same, belonging to or in the possession of any street railway company, such person or persons so offending shall be deemed guilty of a misdemeanor, and shall be punished by a fine not exceeding five hundred dollars, or by imprisonment in the county jail not more than one year. panies hereto (2530.) SEC. 29. All companies and corporations heretofore Power of comorganized in this State for the purpose of building and operating fore organized. street railways under the statutes then in force, shall have the same powers, rights, protection, and privileges, and shall be subject to all the liabilities as are hereby provided for companies and corporations organized under the provisions of this act. panies hereto (2531.) SEC. 30. All companies and corporations hereafter formed Power of comfor the purpose of constructing, owning, or using any street rail- fore formed. way for the transportation of persons and passengers, in any city or village, shall be organized under the provisions of this act, and shall be subject to the provisions of chapter seventy-three of the Compiled Laws of this State, and to all other general laws of this State relating to corporations, so far as the same may be applicable to corporations formed under this act; and the Legislature may alter and amend or repeal this act at any time. SEC. 31. This act shall take immediate effect. CHAPTER LXXVIII. PLANK ROAD COMPANIES. Plank road com panies incorpo An Act relative to plank roads. Approved March 13, 1848. Laws of 1848, p. 59.] (2532.) SECTION 1. Be it enacted by the Senate and House of Reprated, to be sub-resentatives of the State of Michigan, That all corporations hereions of this act. after created for the purpose of constructing plank roads, shall be subject to the provisions hereinafter contained. ject to provis What acts of incorporation to specify. Powers of plank road companies. (2533.) SEC. 2. All acts incorporating companies for the purpose aforesaid, shall contain the names of not less than three persons, as commissioners, to receive subscriptions to the capital stock of said corporation, and shall specify the point or place from which and to which said road is to be constructed, the capital stock of such company, and the number of shares into which the stock is to be divided, and the duration of such corporation. (2534.) SEC. 3. All such corporations shall be deemed persons in law, and as such shall be capable of suing and being sued in all courts and in all manner of actions, and may have a common seal, and be capable of purchasing and acquiring from any person or persons by gift, grant, or otherwise, and holding any lands, tenements, and hereditaments necessary to be used in the construction, repair, and preservation of any such road, and may establish by-laws and regulations necessary for the construction, preservation, and repair of any such road or roads, and the erection of tollgates and houses thereon; and may by such by-laws prescribe the manner of calling and conducting the meetings of the stockholders |