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or any of them, all the capital stock, money, property, and funds of the said company of every nature and kind whatsoever, keeping, rendering to the said stockholders at each annual meeting for the choice of directors, a particular account of all the stock, property, money and funds so received, expended, disposed of in the course of the year, the next preceding, and of all contracts, purchases and leases, sales and dispositions so made within the said period, which account so to be kept, shall at all times be subject to the inspection and examination of the stockholders, to provide for and pay out of the revenues and funds of the company, all such annual expenses as it may be necessary to incur for keeping, carrying on or promoting in any manner, the business of the company; to establish rules and regulations for the transfer of the stock of said company, and for the proof of the property and ownership therein; to call meetings of the stockholders, and from time to time, and at such times and for such purposes as they shall think proper, giving three weeks notice of the time, place and purpose of every such meeting respectively. Provided, That no such meeting shall be competent to the transaction of any business whatever, unless there be represented thereat a majority in value of the existing stock of said company, and generally to do and transact all things for said company, relative to the undertaking common stock and joint property aforesaid, in as full and complete a manner as the individual stockholders, or subscribers, or each or any of them might do, were the same their individual or separate property and they personally present.
SEC. 23. Be it enacted, That the president and directors, so soon as the progress of the work and the state of their funds will permit, shall make, declare and pay to the stockholders, their legal representatives, half yearly dividends, at certain stated times, to be fixed by them on the stock of the company out of the increase of the company's property, reserving such sums annually as they shall judge necessary for repairs, augmentations and contingencies.
SEC. 24. Be it enacted, That the assignees of any Assignment of one or more shares of the capital stock of this company, shall upon such assignment made and completed, according to the provisions of this act and the by-laws of said company, be entitled to all the rights and privileges, benefits and advantages of original subscribers or stockholders in said company; provided, no assignment or transfer of stock shall be valid unless made on the books of said company, and every person
or persons having so transfered or assigned the whole of his, her or their stock in said company, shall ipso facto cease to be a member or president or director of said company as the case may be.
they may mans ufacture.
SEC. 25. Be it enacted, That the company hereby in- In what countie corporated, shall not be construed to have power to establish mills or manufactories, or to carry on milling or manufacturing as herein before provided for, except within the limits of Obion, Gibson and Dyer counties. SEC. 26. Be it enacted, That nothing in this act con Not to bank. tained shall be construed to confer upon said company banking privilege, or the powers to issue any note in the form of a bank note or certificate payable to bearer.
SEC. 27. Be it enacted, That said company be and May hold real they are hereby authorized to purchase and hold real property in or near the town of Memphis in this State, sufficient for the purpose of a depot necessary for the business of the said company.
and others CCI
SEC. 28. Be it enacted, That Solomon Shaw, Allen Solomon Shaw McDougald, Jr., Richard A. Edwards, Chas. A. Edwards, Richard Hartsfield and George S. Brasfield, and all and every other person who shall become associated with them in the manner prescribed in the section 2d of this act, shall be and they are hereby constituted a body politic and corporate and shall have all the powers, privileges and immunities and shall be subject to all the liabilities of the Obion Lumber Company, as set forth in the preceding section of this act.
SEC. 29. Be it enacted, That the capital stock of said Capital Stock. company, shall consist of fifty thousand dollars in shares of one hundred dollars each, of which the lands of either individual of said company shall constitute a part of said capital stock, at such price as shall be agreed upon by said company.
SEC. 30. Be it further enacted, That the county surveyor of Coffee county, be and he is hereby authorized to survey and mark the dividing line between the county of Coffee and Cannon, and the county of Coffee shall pay said surveyor for his services.
LANDON C. HAYNES,
Line between Coffee and Can
Passed February 9, 1850.
Speaker of the Senate.
An Act to amend the laws relative to Hampden Sidney Academy, in the county of Knox.
SECTION 1. Be it enacted by the General Assembly of the State of Tennessee, That J. G. M. Ramsey, James C. Lutrell, James H. Cowan, Joseph L. King, and William Swan, be and they are hereby appointed Trustees of Hampden Sidney Academy, in the county of Knox, any three of whom shall constitute a board for the transaction of business.
SEC. 2. Be it enacted, That said Trustees, from their own body may appoint a Chairman, Secretary, and Treasurer, and take and receive from the Treasurer a bond with security, payable to the Chairman or his successor, conditioned for the faithful performance of his duties as Treasurer.
SEC. 3. Be it enacted, That the Trustees shall keep a record of their proceedings, or cause the same to be done by their Secretary; may meet when called by the Chairman, or as they may otherwise agree; may make appropriations of money to employ and compensate teachers, to repair, insure or preserve the property, and may sell, purchase or exchange property, in furtherance of the objects of the Institution, and may have and use a corporate seal, may contract, sue and be sued.
SEC. 4. Be it enacted, That by an order signed by the Chairman, addressed to the Comptroller, a warrant shall issue to the Treasurer of the State, for such funds as may from time to time be due the Academy in the distribution of the Academy fund.
SEC. 5. Be it enacted, That the Trustees may make such by-laws and regulations for the government of the Institution, as they may deem advisable and not inconsistent with the constitution and laws of the State; and may fill all vacancies occurring in their own body, by resignation or otherwise.
SEC. 6. Be it enacted, That in order to increase the May receive do- funds of the Academy, the Trustees may receive donations or contributions for its benefit, and may loan any of its funds, on good security, at a rate of interest not exceeding six per cent. per annum, which from time to time may unappropriated.
SEC. 7. Be it enacted, That this act shall be in force Former laws re- from and after its passage; and that all laws inconsistent with the same be repealed.
SEC. 8. Be it enacted, That Dr. James B. Owen, Ro
bert L. Currin, Lorenzo D. Primm, Robert Hill, John M. Winstead, and Thomas Holt, be and they are hereby constituted a body corporate and politic, under the name and style of the Beech Grove Male and Female Academy, by which name and style they may have succession, sue and be sued, plead and be impleaded, have a common seal, which they may alter or renew at pleasure, may receive and hold by purchase, grant, devise or otherwise, such lands and tenements as may be by them deemed necessary for the purposes of said corporation, and may transfer or dispose of the same for such purposes as may appear to them expedient. Said Academy shall be located in the sixteenth civil district of the county of Williamson, for the instruction of girls and boys in the various branches of English, Classics and Mathematics.
Beech Grove Academy.
SEC. 9. Be it enacted, A majority of the board of Powers of Board. Trustees shall constitute a quorum for the transaction of all ordinary business of said Academy. Said board shall have power to elect or appoint the teachers or professors of said Academy; to hold meetings at such times and places as they may deem expedient; to elect a President, Secretary, and Treasurer; to make and enact such ordinances and by-laws as they may deem necessary for an efficient regulation and government of said Academy; to increase the number of Trustees at their discretion; to fill vacancies in said board in such way and manner as they may deem expedient; and to do and transact all other matters and things which they may deem necessary for its prosperity, not inconsistent with the provisions of this act, or incompatible with the laws of this State.
SEC. 10. Be it enacted, That Wm. B. Reece be, and, East Tennessee he is hereby appointed a Trustee of the East Tennessee University, to have all the powers and privileges of other Trustees of said Institution, and to be subjected to the same rules and restrictions as if he had never resigned.
LANDON C. HAYNES,
Speaker of the House of Representatives.
Passed, February 2, 1850.
Speaker of the Senate.
Road to be of first class.
An Act to authorize Benj. Cole and others to open & Turnpike road in Carter and Johnson counties, and to authorize John Love to open a Turnpike road in Greene county, and for other purposes.
SECTION 1. Be it enacted by the General Assembly of the State of Tennessee, That Benjamin Cole, Thos. C. Johnson, Wm. Stover, Harvey Richardson, and Sam'l. Duffield, of the county of Carter, and Green Moore, Wm. Shown, E. L. Dugger, and Abraham Law, of Johnson county, be and they are hereby authorized to open and keep in repair a Turnpike road, beginning at Lewis Garland's on Stony Creek in Carter county, running thence up the South Fork of said Creek, the nearest and best route in the judgment of the Commissioners, hereafter to be appointed; crossing the Iron mountain, and intersecting the Taylorsville road, at or near Wm. Shown's, in Johnson county, supposed to be between ten and fifteen miles.
SEC. 2. That the said Benjamin Cole, Thomas C. Johnson, Wm. Stover, Harvey Richardson, and Sam'l. Duffield, of the county of Carter, and Green Moore, Wm. Shown, E. L. Dugger, and Abraham Law, of Johnson county, shall open, build and make said road, equal to a first class road according to the laws of this State, at all places where the ground over which said road passes, will admit of it to be done; and shall erect bridges or causeways where necessary and practi
SEC. 3. That the county court of Carter county, is Commissioners. hereby authorized to appoint three, and the county court of Johnson county two freeholders, citizens of said counties of Carter and Johnson, to act as Commissioners of said Turnpike road, who are vested with the same power and authority of the Commissioners appointed by an act to charter the Newport Turnpike road granted to William C. Story, passed January 20th, 1846, chapter 81.
SEC. 4. That the said Benjamin Cole, Thomas C. Tim of comple-Johnson, William Stover, Harvey Richardson, and Sam'l. Duffield, of the county of Carter, and Green Moore, William Shown, E. L. Dugger, and Abr. Law, of Johnson county, and their heirs and assigns, shall have the term of six years from the first day of January next, to complete said road, and shall have and enjoy the right and privilege of said road for ninetynine years from its completion.
SEC. 5. That the said Benjamin Cole, Thomas C.