Certificate from the Marshall and Ionia Plank Road Company
issued in 1853. This item has the signature of the Company's Treasurer and is over 162 years old.
March 20, 1850 - Michigan
AN ACT to incorporate the Marshall and Ionia Plank Road Company.
Section 1. Be it enacted by the Senate and House of Representatives of the State of Michigan, That Isaac E. Crary, Horatio J. Lawrence,John C. Ball, James M. Kidd and Wm. Babcock, be and they are hereby appointed commissioners, under the direction of a majority of whom subscriptions may be received to the capital stock of the Marshall and Ionia Plank Road Company; and the subscribers thereto, with such other persons as they shall associate with them for that purpose, their successors and assigns, shall be and they are hereby created a body politic and corporate, by the name and style of the Marshall and Ionia Plank Road Company, with corporate succession.
Sec. 2. Said company hereby created shall have the power to lay out, establish and construct a plank road, and all necessary building* and appurtenances, commencing at or near the rail road depot in the village of Marshall, county of Calhoun, and terminating in or near the flouring mill in the village of Ionia in the county of Ionia, with the privilege of uniting said road at any point with the road of any other company.
Sec. 3 The capital stock of said company shall be one hundred thousand dollars, divided into four thousand shares of twenty-five dollars each.
Sec. 4. The directors of said company may commute with any of the stockholders thereof for any installments upon their stock, by allowing them instead of paying their subscription in money, to take contracts, on giving satisfactory security for the fulfillment of the same, by furnishing any part of the materials, or executing any part of the construction of said road.
Sec. 5. This act shall be and remain in force for the term of sixty years from and after its passage; but the Legislature may at any time alter, amend or repeal this act by a vote of two-thirds of each branch thereof; but such alteration, amendment or repeal shall not be made within thirty years from the passage of this act, unless it shall be made to appear to the Legislature that there, has been a violation by the company of some of the provisions of this act: Provided, That after said thirty years, no alteration or reduction of the tolls of said company shall be made during its existence, unless the yearly nett profits of said company, over and above all expenses, exceed ten per cent. on the capital stock invested.
The provisions of all general laws now in force relative to plank roads, shall be and are made a part of this act.
Sec. 7. This act shall take effect and be in force from and after its passage.
Approved March 20, 1850.