conditioned that if the complainant obtain restitution of said [ No. 10. ] AN ACT to amend act number two hundred and twenty-seven, of the session laws of eighteen hundred and sixty-three, entitled "An act to amend sections one, two, four, five, six, and nine, of the revised statutes of eighteen hundred and forty-six, being sections five thousand three hundred and fifty, five thousand three hundred and fifty one, five thousand three hundred and fifty-three, five thousand three hundred and fifty-four, five thousand three hundred and fifty-five, and five thousand three hundred and fifty-eight, of the compiled laws, touching the limitation of actions relating to real property." amended. SECTION 1. The People of the State of Michigan enact, That Section section nine, of chapter one hundred and thirty-nine, of the revised statutes of eighteen hundred and forty-six, being section five thousand three hundred and fifty-eight of the compiled laws, as amended by act number two hundred and twentyseven, of the session laws of eighteen hundred and sixty-three, be and hereby is amended so that said section shall read as follows: crued beforo (5358.) Sec. 9. When the right of action or entry shall have Rights acaccrued before the time when these amendments shall take amendments effect as law, the same shall not be affected by these amendments; but all such actions and rights shall be governed and become law. determined according to the law under which the right accrued, in respect to the limitations of such actions or right of entry. Approved January 30, 1869. Interest may be collected due and unpaid. [ No. 11. ] AN ACT relating to interest upon installments falling due upon written contracts. SECTION 1. The People of the State of Michigan enact, That on interest when any installment of interest upon any note, bond, mortgage, or other written contract, shall have become due, and the same shall remain unpaid, interest may be computed and collected on any such installment so due and unpaid, from the time at which it became due, at the same rate as specified in any such note, bond, mortgage, or other written contract, not exceeding ten per cent.; and if no rate of interest be specified in such instrument, then at the rate of seven per centum per annum. Approved February 19, 1869. Number of corporators. incorporat [ No. 12. ] AN ACT to authorize and encourage the formation of coporations to establish rural cemeteries, and provide for the care and maintenance thereof. SECTION 1. The People of the State of Michigan enact, That any number of persons not less than ten, who shall, by articles of agreement in writing, associate themselves according to the Purpose of provisions of this act, under any name assumed by them, for the purpose of purchasing land for a cemetery in this State, and for fencing, laying out, improving, maintaining and establishing the same, and who shall comply with sections two and three of this act, shall, with their successors and assigns, constitute a body politic or corporate, under the name assumed by ing. them in their articles of association: Provided, however, That Proviso. no two corporations shall assume the same name. edged and Sec. 2. The articles of agreement of every such association Articles must be signed, shall be signed by the persons associating in the first instance, acknowl and acknowledged before some person authorized by the laws stateof this State to take the acknowledgment of deeds, and shall state land to be and situa tion. 1st. The amount of land which it is proposed to purchase Amount of for such cemetery, and the town and county in which it is purchased, situated. 2d. The amount of capital which it is estimated will be Amount of required to make such purchase, and to fence and improve the capital grounds, and the number of shares into which the same shall be divided. estimated 3d. The name by which such corporation shall be known. Name. 4th. The number of persons who shall constitute the board Number of of directors, being not less than five, nor more than thirteen. directors. 5th. The names of those who shall constitute the first board Names of of directors, and the name of the first treasurer. directors and treasurer. subscribers. 6th. The names of the subscribers to the articles of associa- Names of tion, and the number of shares subscribed by each, towards the required capital. duration. each to pay of amount 7th. The term of duration of such corporation, which shall Term of not exceed thirty years. Sec. 3. The subscribers to such articles of association shall, Subscribers at the time of subscription thereto, severally pay to the treas-20 per cent. urer named therein, at least twenty per cent. of the amount subscribed. subscribed by each, and when the whole amount of capital mentioned in said articles shall be subscribed, and said portion thereof actually paid in, the directors shall cause a copy of Articles filed their articles of association, together with an affidavit of such clerk. treasurer, that twenty per cent. of the amount of capital subscribed has actually been paid in, to be filed in the office of the county clerk of the county in which such association is formed: Provided, That no person shall be permitted to sub- Proviso. scribe to exceed one-tenth of the capital of such association, with county Annual meetings. board of directors. and no person shall hold, own, or represent scrip to exceed one-tenth of the capital thereof. Sec. 4. The annual meeting of every such corporation shall be held on the second Monday of May in each year, unless some other day shall be fixed by the by-laws thereof, and in Election of such case, it shall be held upon the day so fixed. Such meeting shall elect a board of directors, who shall serve for the ensuing year, and until their successors shall be chosen, and transact such other business, relating to the business of the corporation, Owners of as may properly come before it. At such meeting the owners one vote for of scrip, hereinafter provided for, shall have the right to vote, either in person or by proxy, in proportion to the amount of scrip held by them respectively, each owner thereof being entitled to one vote for each hundred dollars of scrip. Special meetings of any such corporation may be provided for by the by-laws thereof, and shall be held when called in accordance with such provision. scrip allowed each $100 owned. Special meetings. Choice of officers. Powers of board of Sec. 5. It shall be the duty of said board of directors to choose from their own number a president and vice president, and also to elect suitable persons as treasurer and secretary of such corporation, and from time to time to appoint a superintendent and such other subordinate officers as may be required by the by-laws. Sec. 6. The board of directors shall have the general mandirectors agement of such corporation, and shall have the power— To purchase land for the use of such association, but for no other purpose, and not exceeding in all three hundred acres; To purchase land. Levy assessments. Cause plans to be made. To levy assessments upon the subscribers to the articles of association, not exceeding the amount severally subscribed, by them, payable at such times as the directors shall determine, and to enforce the collection thereof, either by suit or forfeiture; To cause to be prepared a plan or design for laying out such lands so purchased by them for cemetery purposes; and when such plan or design is adopted by them, it shall be their duty to cause the same to be recorded in a book to be kept by them for that purpose; and it shall not thereafter be altered or modified, unless by a two-thirds vote of all the directors, after a special notice of such proposed change shall have been given, and after said proposition shall have been submitted in writing to the board at a meeting thereof, to be held prior to the one at which the vote upon such proposed change shall be taken: Provided, That no such alteration shall be made which shall interfere with rights of burial already granted; rights of To dispose of rights of burial, fix the prices thereof, make Dispose of conditions in relation to burials within the cemetery grounds, burial and guarantee to grantees of burial rights the care and preservation of the grounds; rules. To establish such rules and regulations for the control and Establish management of the grounds, and all matters and things incident thereto, as they shall deem for the best interests of the corporation; lands. To sell any part or portion of the lands owned by such cor- Dispose or poration, in case the same shall not be occupied or required for burial purposes, or for the uses of such cemetery; ments re To invest the moneys received from the sale of burial rights, Investand to prescribe, from time to time, the interest or dividends ceived. which shall be paid to holders of the scrip of such corporation, subject to the restrictions hereinafter named. ties of board Sec. 7. It shall be the duty of such board of directors to Further dupreserve good order in the grounds of such cemetery; to pro- of directors. vide for the laying out and embellishing of the same, and to see that they are well kept and in good condition; two-thirds of improve. When the payments for land purchased shall have been fully To apply made, to reserve at least two-thirds of all the receipts of such receipts for corporation which shall be derived from the sale of burial ments. rights, after the payment of the current expenses, for interest, improvements and embellishing, until the aggregate amount thereof shall, in the opinion of said board, be sufficient to constitue a permanent fund, which, when invested, shall produce an income large enough to meet the expense of keeping the grounds of such cemetery perpetually in good condition, after |