and accountability, and correct conduct of the officers, agents or servants, so appointed, and their punctually surrendering up all monies and property, on their being removed or displaced, or resigning, or the term of their appointment expiring.

Sec. 16. And be it further enacted by the authority aforesaid, That the President and Directors, by an order signed by the President, shall have power to draw from all and every one of the Banks (and the several boards of commissioners shall, and are hereby directed to co-operate with, and aid the direction in so doing, if need be,) all such monies as may have been received by the different sets of commissioners, for the first payments by subscribers on their subscriptions of stock as before provided, except the sums for such shares, if any, as may be cancelled and thrown out by the reducing of the whole number of shares subscribed, in the event of over subscriptions as aforesaid, the money on which shares thrown out, shall be paid to the subscribers by the commissioners, in whose books such persons subscribed, immediately on the surplus shares being ascertained and notified to the commissioners; who shall advertise for such subscribers to call and receive their money..

Sec. 17. And be it further enacted by the aforesaid authority, That every person who shall be a subscriber to or holder of stock in the said company, shall pay [to] the company the instalment of ten dollars on each and every share in such periods of not less than sixty days, as shall be subscribed [prescribed] and called for by the directors, until one half or fifty dollars on each share shall be paid up after which the directors may call for the further moiety of each share, in payments not exceeding fifteen dollars per share, in periods of not less than sixty-days; of which periods of payment by instalments on the shares, and the sums required, the board of directors shall cause public notice to be given for at least four weeks previously to the day of payment, by advertising the same in one or more of the public gazettes in Milledgeville and Augusta, and failure to pay up any one of the instalments so called for, as aforesaid, shall induce a forfeiture of share and shares, upon which default shall be so made, and all past payments made thereon, and the same shall vest in and belong to the company, and may be appropriated as they shall see fit: Provided, That no instrument [instalment] shall be called for at any time between the first day of July and the first day of November, of any year. It shall be the duty of the company, as soon as may be, after they are organized, or of the board of directors, to issue scrip to each

subscriber for the shares he holds, and deliver the same at the time of the second payment: on which if convenient and practicable, receipts for the instalments paid, and that may successively be paid, may be endorsed; and the scrip issued may be made assignable and transferable in person or by attorney, at the office and on the books of the company; and the said corporation shall and may, in and by their by-laws, rules and regulations, prescribe the mode of issuing the evidences of shares of stock, and the terms and conditions, as also the times and manner in which shares in the company may be transferred; which by-laws, rules and regulations, the said company shall make known by publication for three weeks, in one or more of the public gazettes in Milledgeville and Augusta.

Sec. 18. And be it further enacted by the authority aforesaid, That whensoever the said company shall find occasion hereafter to increase their capital by additional assessments on the original shares, as before mentioned in the second section of this act, within the limits therein mentioned, the said further sum on each share shall not be called for in less than three instalments, at similar periods, and with like notices as are mentioned and provided in the immediately preceding section; nor shail the said further sum on each share be called for at any time between the first day of July, and the first day of October, of any year, and failure to pay up such additioned assessments, shall, as in like manner therein provided, induce a forfeiture to the company, of the share or shares of stock on which default shall be so made.

Sec. 19. The President and Directors shall be styled the 'Direction of the Corporation,' and shall make all contracts and agreements in behalf thereof, and have power to call for all instalments, declars all dividend of profits, and to do and perform all other ful acts and. deeds, which by the bylaws of the corporation they may [be] empowered or required to do and perform: and the acts of the direction or their contracts, authenticated by the signatures of the President and Secretary, shall be binding on the corporation, without seal-Regular minutes shall be kept for all meetings of the direction, and of the acts there done; and the direction shall not exceed in their contracts the amount of the capital of the corporation; and in case they shall do so, the President and Directors who are present at the meeting at which the contract or contracts so exceeding the capital, shall be made, shall be jointly and severally liable for the amount of the excess, both to the contractor or contractors, and to the corporation: Provided, That any one may discharge himself from

such liability by voting against such contract or contracts, and causing such vote to be rendered [recorded] on the min utes of the direction, and giving such notice thereof to the next general meeting of the stockholders. The direction: shall and in every year at least, make a full report on the state of the corporation and of its affairs, to a general meeting of the stockholders, [and oftener if so directed by the bylaws and shall have power to call a general meeting of the stockholders] when the direction shall deem it expedient ; and the corporation may provide in their by-laws for occasional meetings being called, and prescribe the mode thereof.

Sec. 20. And be it further enacted by the authority aforesaid, That in all or any case, where lands or private rights of way, may be required by the said company for the purposes aforesaid mentioned, and the same cannot for want of the agreement of the parties as to price, or for any other cause, be purchased from the owner or owners, the same may be taken at a valuation, to be made by commissioners or a majority of them, to be appointed by the Superior Court of the county where any part of the land, or right of way, may be situ ated. And the said commissioners, before they act, shall severally take an oath before some justice of the peace, faithfully and impartially to discharge the duty assigned them. In making the said valuation, the commissioners shall take into consideration the loss or damage which may accrue to the owner or owners in consequence of the land being taken, or the right of way obstructed, and also the benefit and advantage he, she, or they, may receive from the establishment of said [the rail] road or turnpike; and shall state particularly, the nature and amount of each: and the excess of loss and damage over and above the benefit and advantage, shall form the measure of valuation of the said land, or right of way. The proceedings of the said commissioners, accompanied with a full description and plat of the said land, shall be returned under the hands and seals of a majority of the commissioners, to the court from which the commission issued, there to remain of record. In case either party to the proceedings shall appeal from the said valuation to the next session of the court granting the commission, and give ten days notice to the opposite party of said appeal, the court, upon satisfactory proof that the appellant has been injured by the said valuation, shall order a new valuation to be made by a jury of twelve men, who shall be charged therewith in the same term, and their verdict shall be fixed and conclusive between the parties, unless a new trial shall be granted; and the land or rights of way, so valued by the commissioners or jury, shall vest in the said company in fee simple, so soon as the

valuation thereof may be paid, or when refused, may be tendered. Where there shall be an appeal as aforesaid, from the valuation of commissioners, by either of the parties, the same shall not prevent the works intended to be constructed from proceeding: but where the appeal is made by the company requiring the surrender, they shall be at liberty to proceed in their work, only on condition of giving to the opposite party a bond with good security, to be approved of by the clerk of the court, where the valuation is returned, in a penalty equal to double the said valuation, conditioned for the payment of the said valuation and interest, in ease the same be sustained: and in case it be reversed for the payment of the valuation to be made by the jury, and confirmed by the court.

Sec. 21. And be it further enacted, That nothing in this act shall prevent the State from uniting to the said rail road, any road or canal or other public work which may be necessary for the benefit of the citizens thereof, but it shall at all times be in the power of the Legislature to open any other rail road or canal, or pass any public work to, or across the said rail road or roads, whenever it shall be deemed necessary for the general good: Provided, the same does not obstruct or impede the free use of the said rail road or roads.

Sec. 22. And be it further enacted by the authority aforesaid, That nothing in this act contained, shall be so construed as in any degree to interfere with the rights and powers of the constituted authorities of this State, or any county thereof, appertaining to the public high-ways which are or hereafter may be established or sanctioned by legal authority.

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Sec. 23. And be it further enacted, That nothing in this act shall be so construed, as to prevent the alteration or repeal of any part of this act, should any subsequent General Assembly deem such alteration or repeal expedient.

ASBURY HULL,'

Speaker of the House of Representatives.

THOMAS STOCKS,

Assented to, Dec. 27, 1831.

President of the Senate.

WILSON LUMPKIN, Governor.

AN ACT to repeal the several acts passed, granting and extending the charter of incorporation to the Ogechee Navigation Company.

Whereas, the conditions of the aforesaid charter, have not been complied with, and the persons to whom said charter was granted, have forfeited all rights under said charter, by neglecting to improve the navigation of the river Ogechee.

.Sec. 1. Be it enacted by the Senate and House of Representatives of the State of Georgia, in General Assembly met, and it is hereby enacted by the authority of the same, That from and after the passage of this act, that the act passed December the fifth, eighteen hundred and one, granting a charter of incorporation to a company known as the Ogechee Navigation Company, together with all acts subsequently passed in renewal or extension of the privileges of said company, be, and the same are hereby repealed.

Sec. 2. And be it further enacted by the authority aforesaid, That the charter of incorporation, granted to said company, together with all powers conferred by the same, or by any subsequent act, passed for that purpose, be, and the same are hereby declared to be rescinded and made null from the passage of this act; any law to the contrary notwithstanding.

ASBURY HULL,

Speaker of the House of Representatives.

THOMAS STOCKS,

Assented to, Dec 26, 1831.

President of the Senate.

WILSON LUMPKIN, Governor.