on which default shall be so made and all payments thereon, and the same shall invest in and belong to the company and may be restored to the owner or owners by the board of directors, if they deem proper, by the payment of all arrears on such shares and legal interest thereon; or the directors may waive the forfeiture after thirty days' default and sue the stockholders for the instalments due, at their discretion.

SEC. 16. The stock of said company may be transferred in such mannner and form as may be directed by the by-laws of said corporation.

SEC. 17. The said company may at any time increase its capital to a sum sufficient to complete the said road, and stock it with every thing necessary to give it full Increased capital operation and effect, either by opening books for new stock, or by selling such new stock, or by borrowing money on the credit of the company, and on the mortgage of its charter and books, and the manner in which the same shall be done, in either case, shall be prescribed by the stockholders, at a general meeting, and any State or any citizen, corporation or company of this or any other State or country, may subscribe for and hold stock in said company, with all the rights, and subject to all the liabilities, of any other stockholder.

annually.

SEC. 18. The board of directors shall once in every year, at least, make a full report on the stock of the company and its effects to a general meeting of the stock-Board to report holders, and oftener if directed by a by-law; and shall have power to call a general meeting of the stockholders when the board may deem it necessary.

SEC. 19. Stockholders may vote by proxy or in person, and shall in all elections be entitled to one vote for each share he may own: Provided, He has owned the same for three months previous to the election at which he proposed to vote.

Votes.

SEC. 20. The said company may purchase and hold, and have in fee or for a term of years, any lands, tenements, or hereditaments which may be necessary for said road and appurtenances, or for the erection of depositories, store houses, houses for the officers, servants, or agents of the company, or for work-shops or foundries to be used for the company, or for procuring timber, stone or other material necessary for the construction of the road or its appurtenances, or for effecting transportation thereon.

Hold Real Estate.

SEC. 21. The said company shall have the right, when necessary, to construct said road across or along any public road or water course.

May buy bridges

roads.

SEC. 22. The said company may have and hold any Fonds, turnpike bridge or turnpike road over which it may be necessary to carry the said railroad, and, when such purchase is made, to hold the said bridge or turnpike road on the same terms and with all the rights which belong to the individuals or corporation from which such purchase may be made: Provided, the said company shall not obstruct any public road without constructing another as convenient as may be.

Damages.

SEC. 23. When any land or rights of way may be required by said company for the purpose of constructing their road, and for want of agreement as to the value thereof or from any other cause, the same cannot be purchased from the owner or owners, the same may be taken at a valuation, to be made by five commissioners or a majority of them, to be appointed by the circuit court of the county where some part of the land or right of way is situated, 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 said valuation the commissioners shall take into consideration the loss or damage which may occur to the owner or owners in consequence of the land being taken or the right of way surrendered, and also the benefit and advantage he, she or they may receive from the erection or establishment of the said road or works, 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 said commissioners, accompanied by a full description of said land or right of way, shall be returned under the hands and seals of the commissioners to the court from which the commission issued, there to remain of record. In case either party to the proceeding shall appeal from the valuation to the next session of the court granting the commission, and give reasonable notice to the opposite party of such appeal, the court shall order a new valuation to be made by a jury, who shall be charged, therewith, in the same term or as soon as practicable, and their verdict shall be final and conclusive between the parties, unless a new trial shall be granted, and the lands or right of way so valued by the commissioners or jury, shall vest in the company in fee simple so soon as the valuation may be paid, or when refused may be tendered. When there may be an appeal, as aforesaid, from the valuation of the commissioners by either of the parties, the same shall not prevent the works intended to be constructed from proceeding; but

when the appeal is by the company, requiring the surrender, they shall proceed in their works only on consideration of giving the opposite party a bond with good security, to be approved of by the clerk of the court to which the valuation is returned, in a penalty equal to double the valuation, conditioned for the payment of said valuation and interest, in case the same be sustained, and in case it be reversed, for the payment of the valuation thereafter to be made by the jury and confirmed by the court: Provided, That when the land cannot be had by gift or purchase, the operations of the work are not to be hindered or delayed during the pendency of any proceeding to assess its value as aforesaid, nor shall any injunction or supersedeas be awarded by any judge or court to delay the progress of said work.

SEC. 24. In the absence of any contract with the company in relation to the lands through which the road may pass, signed by the owner thereof or by his agent, or any claimant or person in possession thereof, which may be confirmed by the owner, it shall be presumed that the land upon which the said road may be constructed together with a space of one hundred feet on each side of the centre of said road, has been granted to the company by the owner thereof, and the said company shall have good title thereto; and shall have, hold and enjoy the same, as long as the same may be used only for the purposes of the road, and no longer, unless the person or persons owning the same at the time that part of the road which may be on said land was finished, or Right of Way those claiming under him, her or them shall apply for presumed, when. an assessment for the value of said lands as hereinbefore directed within one year next after that part of said road was finished, and in case the said owner or owners or those claiming under him, her or them shall not apply for such assessment within one year next after the said part was finished, he, she or they shall be forever barred from recovering the said land or having any assessment or compensation therefor: Provided, Nothing herein contained shall effect the rights of femes covert or infants until two years after the removal of their disabilities.

SEC. 25. The said company shall have all the rights of storage, that storage merchants have, and may build store storage. houses and fix rates of storage at their store houses, which shall be published; but rates different from those published may be fixed by private contract with the company or its agents.

SEC. 26. The profits of the company or so much thereof Profits. as the board of directors may deem advisable, shall, when

Additional Pow

ers.

the affairs of the company will permit, be semi-annually divided among the stockholders in proportion to the stock each may hold.

SEC. 27. Whenever said railroad shall pass across any public road, it shall be so constructed as not to prevent the passage of persons and property over such public road.

SEC. 23. Said company shall possess such additional powers as may be convenient for the due and successful execution of the powers granted in this charter and for the successful construction and management of the work. SEC. 29. This charter shall be amendable by the Legislature whenever the president and directors shall unanimously petition for the same, specifying what amendments are desired.

SEC. 30. When the road hereby chartered shall be finished, and the Nashville and Henderson Railroad is finished up to the road hereby chartered, and connected with the same, this road shall be merged into the Nashville and Henderson Railroad; this charter shall then expire by limitation, and the road hereby chartered shall become part and parcel of the Nashville and Henderson Railroad; the stockholders in this road shall become stockholders in the Nashville and Henderson Railroad, and shall be subject to all the provisions of the charter of said

road.

SEC. 31. Be it enacted, That the counties through which said road may pass, may take stock therein and levy a property and poll tax for the purpose of raising the amount so subscribed: Provided, That before the county court shall levy any tax or take any stock, they shall appoint a day for a general election to be held at all the precincts of said county, at which time and places the qualified voters of said county shall vote; those voting for the subscription and tax, shall mark upon their tickets -"For the subscription;" and those voting against it shall have marked on their tickets-"Against the subCounties may be scription;" and if a majority of those voting shall cast their votes in favor of the subscription, the county court shall proceed to take stock in said road, and levy the tax aforesaid: Provided further, The amount subscribed shall not exceed the amount of the county revenue levied for county purposes for the three preceding years: And provided further, That the levies made to pay the same, shall not exceed the amount of the county levy for the year in which said tax is levied.

LANDON C. HAYNES,

Speaker of the House of Representatives.

JOHN F. HENRY,

Passed January 28, 1850.

Speaker of the Senate.

CHAPTER XL.

An Act to incorporate a Company to be called the Double Spring Manufacturing
Company, and for other purposes.

SECTION 1. Be it enacted by the General Assembly of the State of Tennessee, That there be established a spinning and manufacturing company, that the subscribers thereto, their associates and successors, shall be and they are hereby incorporated and made a body politic and corporate, in fact and in name, by the name and style of Corporation. the Double Spring Manufacturing Company, for the purpose of spinning cotton and manufacturing cotton goods, at or near the mouth of Roane's Creek, in the county of Johnson, in this State, and by that name and style they and their successors shall be and are made capable, in law, of suing and being sued, pleading and being impleaded, answering and being answered unto, in all courts and places whatsoever, and to make and use a common seal and the same to alter and renew at pleasure, and they and their successors and assigns, in their corporate name, shall be and they are hereby made capable in law to purchase and hold any lands or tenements, goods or chattles necessary or convenient for carrying on the spinning and manufacturing purposes as aforesaid, and the same to use and employ, grant and dispose of as they shall deem proper, and to have all the rights and privileges pertaining to corporate bodies necessary for the purposes of their incorporation, and that the books for the subscription of stock in said company shall be opened in the town of Taylorsville, in the county aforesaid, under the superintendence of the following named commissioners, to wit: John Shull, Philip D. Gentry, and Jacob F. Per- Commissionen. kins, of the county of Johnson; and Samson W. Hampton and John W. Taylor, of the county of Carter; a majority of whom shall have power to perform the duties of their appointment. That said commissioners shall, at such times as may meet their convenience and as to them may seem most proper, give twenty days' notice of the time and place of opening said books at three public places in the county of Johnson, and which books shall remain open for the period of ten days.

SEC. 2. Be it enacted, That the capital stock of said company shall be ten thousand dollars with power to Capital Stock. increase the same to fifty thousand dollars, which shall be divided into shares of one hundred dollars, each, and as soon as fifty shares of the stock shall be subscribed the commissioners above named or a majority of them shall, upon like notice, call a meeting of the stockholders of said company, who shall proceed to elect five directors.