purchaser, by entering in the proper book of such corporation a copy of the said execution or attachment, and a statement of the sale of such property by virtue thereof, which entry the officer serving such execution or attachment shall be permitted to make; and upon any execution or attachment being levied upon any shares in said bank, it shall be the duty of the cashier of said bank to expose the proper book of the corporation to the officer, and to furnish him a certificate, under his hand and in his official capacity, stating the number of shares the debtor holds in the said bank, and the amount of dividends thereon due.

rest on dis

Sec. 18. That the said corporation shall not take Rate of intemore than seven per cent. per annum in advance on counts. loans or discounts, and the directors shall make semiannual dividends, commencing on the first Monday of January, in the year one thousand eight hundred and thirty-seven.

No issues un

Sec. 19. That no note or bill shall be issued by said der 1 dollar. bank of a less denomination than one dollar.

Sec. 20. That the stock of the said corporation shall Stock assign. able, provided be assignable according to the rules prescribed in the debts due the by-laws of the said corporation, but no assignment shall corporation be first paid. be valid or effectual, until such assignment or transfer shall be entered or registered in a book to be kept for that purpose; nor shall any stockholder be capable of assigning or transferring his or her stock in the said bank, until all notes, dues and debts of whatsoever nature due to the said corporation from such stockholder either as drawer or endorser of any note, or otherwise, shall be first paid and discharged.

Stockholders

may increase

Sec. 21. That the stockholders may at any time augment the capital stock of the said bank, at any special the stock to $250,000. meeting called for that purpose, a majority of all the votes being given therefor, to any amount not exceeding two hundred and fifty thousand dollars: Provided, Proviso.

That the directors of the bank shall open books for the subscription of a number of shares of fifty dollars each, equal to the amount voted to be raised, and shall give notice of opening said books as provided in the first section of this act, and shall distribute the new stock subscribed as is provided in the second section of this act. Sec. 22. That the said bank shall pay to the treasurer of the state, for the use of the state, one half of one of 1 per cent. per cent. per annum on the amount of capital stock paid in, in semi-annual payments, on the third Monday of January, and third Monday of July in each and every year.

Bank to pay

the treasurer of the state

per annum.

Sec. 23. That the legislature may, by a vote of twothirds of each house, amend, alter or repeal this act. Sec. 24. That this act be, and the same is hereby declared to be a public act; and that the same be for the time hereinbefore mentioned, construed, in all courts and places, benignly and favorably for every beneficial purpose therein mentioned; and unless the sum of fif teen thousand dollars in specie be paid into said bank within two years, this act shall be void and of no effect. Approved March 28, 1836.

Commiss. ioners.

Capital stock.

AN ACT to incorporate the Oakland county bank.

Sec. 1. Be it enacted by the senate and house of representatives of the state of Michigan, That Calvin Hotchkiss, Seth Beach, George Hill, William Draper, Johnson Niles, Samuel Axford, O. D. Richardson, and William Poppleton, be, and they are hereby appointed commissioners to receive subscriptions to the capital stock of a bank to be located at such place in the county of Oakland, as a majority of the stockholders shall direct, the capital stock whereof, shall be One Hundred Thousand Dollars, to be divided into thousand shares of fifty dollars each; and books for subscription to said stock

shall be opened in said county, on the first Monday of Books opened. October next, and be kept open one week from ten A. next, and be kept open one week, from ten o'clock A. M. to 4 o'clock, P. M. of each day, at least thirty days notice being given by said commissioners, of the time and place of opening said subscriptions, in one or more newspapers published in each of the counties of Oakland and Wayne; said commissioners shall act as directors of the company hereby incorpora- First directors ted, until the first election of president and directors,

as provided for in this act; and they shall elect one of their own number president.

If subscription exceed the

stock shares to be appor

Sec. 2. That if at the expiration of one week the whole amount of capital stock shall not have been subscribed, the commissioners shall continue to keep the books open until the whole remaining shares are sub- tioned." scribed; and thereupon shall proceed to distribute the capital stock of said corporation among the subscribers thereto; and in case a greater number of shares than two thousand shall be subscribed, the commissioners shall apportion said two thousand shares among the subscribers in proportion to the number of shares which each person has subscribed for respectively; but no person shall upon such distribution receive less than five shares if he shall have subscribed for so many, unless the subscriptions for such number of shares shall exceed the whole amount of shares of said capital stock.

each share

directors re

Sec. 3. That one tenth part of the amount of each One tenth of share shall be paid to said commissioners, at the time of paid in specie, subscribing, in specie; and further instalments shall be balance when paid in such manner and at such times as the directors quire. for the time being may require, under the penalty of forfeiting to said corporation the amount of stock which each individual refusing or neglecting to pay such instalment, may have already paid in, and the shares on

Proviso.

Stockholders incorporated.

Style.

forfeiting to said corporation the amount of stock which each individual refusing or neglecting to pay such instalment, may have already paid in, and the shares on which such payments shall have been made: Provided, That whenever the payment of any instalment is required by the directors, they shall give at least thirty days previous notice thereof in a newspaper printed in either of the counties of Oakland and Wayne, but no instalment shall exceed five dollars on each share.

Sec. 4. That all such persons as shall become stockholders of said bank, shall be, and they are hereby ordained, constituted and declared to be, until the first day of March, in the year eighteen hundred and fifty seven, a body corporate and politic, in fact and in name, by the name of the "President Directors and Company of the Oakland county Bank;" and by that name, they and their successors shall and may have continual succession Privileges. tothe day and year aforesaid; and shall be persons in law capable of suing and being sued, pleading and being impleaded, answering and being answered unto, defending and being defended, in all courts and places whatsɔever, and in all manner of actions, suits, complaints, matters and causes whatsoever; and that they and their successors may have a common scal, and may change and alter the same at their pleasure; and that they and their successors, by the name of "The President, Directors and Company of the Oakland county Bank" shall be in law capable of purchasing, holding and conveying any estate, real or personal, for the use of the said when $20,000 corporation. That when twenty thousand dollars of the paid in, bank to be located. capital stock of said bank shall be paid in, the commissioners or directors shall procure a convenient place in the said county of Cakland, and commence operations.

Concerns of corporation

Sec. 5. That the stock, proverty, affairs and concerns of the said corporation, shall be managed and conducted how managed. by seven directors, who shall be stockholders and residents of this state, and who shall choose one of their

own number president, and shall hold their offices for one year, and until others are chosen and qualified, and shall be elected on the 2d Monday in January annually, at the banking house of said stockholders; and public notice shall be given thereof, at least sixty days previous to the day of election; and the said election shall be held and made by such of the stockholders of the said bank as shall attend for that purpose, either in person or by proxy, which proxies shall always be stockholders; and a plurality of votes shall be sufficient for a choice; and if it should happen at any election that two or more persons have an equal number of votes, then the directors in office at the time of such election, or a majority of them, shall proceed to ballot, and by a plurality of votes determine which of the said persons, so having an equal number of votes, shall be the director or directors, so as to complete the number of seven; and the said directors chosen at such election, as soon as may be thereafter, shall proceed to elect one of their number president; and if any director shall cease to be a stockholder, his office shall be considered vacant; and whenever any vacancy shall happen among the directors, by death, resignation removal or otherwise, such vacancy shall be filled, for the remainder of the year in which the same shall happen, by such person or persons as the remainder of the directors for the time being, or a majority of them shall appoint.

Elections.

tions are not

Sec. 6. That in case it shall at any time happen, that When elec an election of directors shall not be made on the day held on the when, pursuant to this act it ought to have been done, day fixed. the said corporation shall not for that cause be deemed to be dissolved, but it shall and may be lawful, on any other day, to hold an election for directors, provided thirty days previous notice shall be given of the time and place of meeting, as provided for in the first section of

this act.