Capital stock. Route. and duties. CHAPTER LXXXIV. An Act to incorporate the Taylorsville Turnpike Company, and also the SECTION 1. Be it enacted by the General Assembly of the Commissioners. State of Tennessee, That Green Moore, Alfred L. Wilson, Samuel E. McQueen, Richard Donnelly, Alexander D. Smith, Joseph Johnson and M. M. Wagner, of the county of Johnson, are hereby appointed commissioners to open books to receive subscriptions to the amount of fifteen thousand dollars for the purpose of opening a turnpike road, to be called the Taylorsville turnpike, to run from a point on the North Carolina line, at or near where the main road from the town of Taylorsville, up the south fork of Roanes creek, intersects said line; and near the head waters of Cove creek, and running thence by the said town of Taylorsville, the nearest and best route to the Virginia line on the Laurel fork of Holston river, in the direction of Abingdon. The said sum of fifteen thousand dollars shall be General powers divided into shares of twenty dollars each, and the subscription shall be made in person or by attorney regularly authorized; but if a smaller sum be sufficient to build said road, then the capital may be reduced to any sum which may be sufficient for said purpose. The commissioners heretofore appointed, shall open books in Taylorsville, in the county of Johnson, on the first Monday in May next, and as soon as one thousand dollars are subscribed, a meeting of the stockholders shall be held at Taylorsville, in the county aforesaid, of which meetings the managers of the subscription shall give twenty days notice at four public places in said county, after which first meeting the stockholders shall be and are hereby constituted a body politic and corporate, by the name and style of the Taylorsville turnpike company, and together with those who may afterwards subscribe for and purchase stocks, shall be constituted and may own, sell and buy property, sue and be sued, in their corporate name and character, and possess all the rights, privileges and powers, appertaining to bodies corporate and politic by law, and shall have succession for ninety-nine years. The subscribers or a majority of them being present at the first meeting either in person or by proxy, shall elect seven directors who shall be stockholders, who shall elect one of their number president of the board of directors, and the president and directors thus chosen, shall continue in office two year, and until another election shall Elections. take place to fill their places, of which notice shall be given in four public places in said county. The president and directors thus chosen, shall have power to open books and receive subscriptions to the amount of capital stock hereby granted, or to any amount sufficient to build said road; they shall lay out the road along the best, nearest and most practicable route, and shall have power to make contracts for the opening and constructing said road, and may from time to time, call such payments on the stock subscribed, as the debts of the company may require, but no more than two dollars and fifty cents on each share shall be called for at any one time, of which twenty days notice shall be given; said president and directors may also appoint a clerk and treasurer, and such other officers as may be necessary; and transact all the business of said company, and prescribe the duties and fix the pay of its officers and agents. holders. SEC. 2. Be it enacted, That in respect to subscribers Delinquent stockwho fail to pay in any call as aforesaid, the said president and directors, shall have the same right and power that are granted the Knoxville and Virginia turnpike company, in the second section of their charter. work. SEC. 3. Be it enacted, That any subscriber as afore- Stock payable in said, shall have the privilege to discharge the shares he may have subscribed in said road, in work and labor thereon, to be valued at the cash value by three disinterested men, chosen jointly by the said subscribers and the president and directors, if not agreed upon by the said parties. road. SEC. 4. Be it enacted, That said road shall be made To be first class equal to a first class road, according to the laws of Tennessee, at all places where the ground over which said road passes will admit of it to be done, and shall erect bridges and cause-ways where necessary. SEC. 5. Be it enacted, That said road shall be con- Style of Road. structed in the same manner; and that said company shall be governed by the same rules and restrictions, and have the same privileges, and be subject to the same liabilities as are prescribed in the 3d, 4th, 5th, 6th, 7th and 8th sections of the act of 1846, chapter 81, incorporating William C. Story a corporate sole, to open and keep in repair a turnpike road in Cocke county, not inconsistent with the foregoing provisions of this act, but the said company shall have the time of four year to open and complete said road after the passage of this act. Blountsville and Elizabethton, Cranberry Iron Works turn SEC. 6. Be it enacted, That the formation of a company to be called the Blountsville and Elizabethton, pike company. Capital Stock. Commissioners. leges. Cranberry Iron Works turnpike company, is hereby authorized, which when formed shall be a body corporate by the name and style aforesaid, and capable to do all lawful acts properly incident to a corporation. SEC. 7. Be it enacted, That books for subscription of fifteen thousand dollars to be divided into shares of twenty dollars each, shall be opened on the first Monday in May, 1850, and to be kept open in the same manner as provided for in the foregoing act in respect to the Taylorsville turnpike company. SEC. 8. Be it enacted, That the said books shall be opened by the following commissioners and at the following places, to wit: at Blountsville, by Andrew Shell, F. D. Massingill, George Pill, J. K. Snapp, and Henry Anderson; at Elizabethton, by M. N. Fulsome, T. J. Powel, John Jobe, John Singletory, Isaac Tipton, James Smith and Benjamin F. Dyre, of Carter county. SEC. 9. Be it enacted, That said commissioners shall Powers and privi- proceed in the same manner, have all the rights, powers and privileges, and subject to the same restrictions as are provided in the foregoing sections, in respect to the Taylorsville turnpike company. Route of road SED. 10. Be it enacted, That said company shall construct a turnpike road to run from a point opposite or near Mocasin Gap on the Virginia line, passing through Blountsville and Elizabethton, up Doe river and striking the North Carolina line at a point at or near where the main road running from Cranberry Iron Works to Elizabethton intersects said North Carolina line in the direction of said Cranberry Iron Works. SEC. 11. Be it enacted, That said road shall be constructed in the same manner, and that said company shall be governed by the same rules and restrictions, and have the same privileges, and be subject to the same liabilities as are prescribed in the foregoing act to incorporate the Taylorsville turnpike company. LANDON C. HAYNES, Speaker of the House of Representatives. Speaker of the Senate. Passed, January 30, 1850. CHAPTER LXXXV. An Act to incorporate a company to reclaim lands submerged by back water from the WHEREAS: J. Peabody, Orville Ewing, John Nichol, and other owners of real estate within and near the city of Nashville, on the northwest side thereof, which lands are submerged by backwater from the Cumberland river, have petitioned this General Assembly to incorporate a company, with authority to reclaim said lands; and to authorize a majority of the owners of said lands to elect thrée trustees, with authority to contract with the said company, to reclaim the said lands aforesaid; therefore, rated. SECTION 1. Be it enacted by the General Assembly of the State of Tennessee, That Return J. Meigs and Robert Lick Branch Com Farquharson, be and they are hereby appointed commis- pany Incorposioners, at such times and places as they may deem expedient, to open books of subscription; and that the owners of the shares herein authorized, be and they are hereby made a body corporate, by the name and style of the Lick Branch Company, and by that name may contract and be contracted with, and may sue and be sued, plead and be impleaded, and prosecute to final judgment in any court or elsewhere; and may have a common seal, and change the same at pleasure; and may purchase, receive in donation or otherwise acquire lands and estate real, personal and mixed; and the same may rent, lease, let, use, possess, enjoy, sell, transfer, and convey, or otherwise dispose of; and may do and perform all such acts, and have all such powers and privileges as may be necessary and proper for them to do or to have, as a body corporate. SEC. 2. The capital stock of the company shall con- Capital Bock. sist of two thousand five hundred shares, of one hundred dollars each; which shall be deemed personal property, and transferable only on the books of the company in such manner as the by-laws direct. SEC. 3. The management of the business and property Organization. of the company, shall be under the control of three directors, who, when two hundred shares shall have been subscribed, may be elected by the stockholders; each share, having one vote, and these directors shall appoint one of their body as president, and may also appoint such other officers and agents and employ such other persons as they may deem expedient, and may define their duties, and fix their compensation. They shall also have power to make by-laws, rules and regulations, and change the same at will; the same being consistent with the constitution and laws of this State, and of the United States. SEC. 4. Whenever the said company shall be organized, Capital Stock. Commissioners. leges. Cranberry Iron Works turnpike company, is hereby authorized, which when formed shall be a body corporate by the name and style aforesaid, and capable to do all lawful acts properly incident to a corporation. SEC. 7. Be it enacted, That books for subscription of fifteen thousand dollars to be divided into shares of twenty dollars each, shall be opened on the first Monday in May, 1850, and to be kept open in the same manner as provided for in the foregoing act in respect to the Taylorsville turnpike company. SEC. 8. Be it enacted, That the said books shall be opened by the following commissioners and at the following places, to wit: at Blountsville, by Andrew Shell, F. D. Massingill, George Pill, J. K. Snapp, and Henry Anderson; at Elizabethton, by M. N. Fulsome, T. J. Powel, John Jobe, John Singletory, Isaac Tipton, James Smith and Benjamin F. Dyre, of Carter county. SEC. 9. Be it enacted, That said commissioners shall Powers and privi- proceed in the same manner, have all the rights, powers and privileges, and subject to the same restrictions as are provided in the foregoing sections, in respect to the Taylorsville turnpike company. Route of road SED. 10. Be it enacted, That said company shall construct a turnpike road to run from a point opposite or near Mocasin Gap on the Virginia line, passing through Blountsville and Elizabethton, up Doe river and striking the North Carolina line at a point at or near where the main road running from Cranberry Iron Works to Elizabethton intersects said North Carolina line in the direction of said Cranberry Iron Works. SEC. 11. Be it enacted, That said road shall be constructed in the same manner, and that said company shall be governed by the same rules and restrictions, and have the same privileges, and be subject to the same liabilities as are prescribed in the foregoing act to incorporate the Taylorsville turnpike company. LANDON C. HAYNES, Speaker of the House of Representatives. Passed, January 30, 1850. Speaker of the Senate. |
