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business as shall properly come before the board of Mayor and Aldermen.

SEC. 20. Be it enacted, That this act shall take effect from and after its passage, and that all laws inconsistent with the same are hereby repealed.

LANDON C. HAYNES,

Speaker of the House of Representatives.

JOHN F. HENRY,

Passed, January 1st, 1850.

Speaker of the Senate.

Incorporation.

Capital stoek.

CHAPTER XVI.

An Act to incorporate the Nashville and Farmer's Manufacturing Companies

SECTION 1. Be it enacted by the General Assembly of the State of Tennessee, That a body corporate and politic, by the name and style of the Nashville Manufacturing Company, for the purpose of manufacturing goods and articles from cotton, wool, and other textile materials; and for constructing engines, locomotives, machinery and implements, is hereby constituted and established, to continue and have succession for the term of ninetynine years; to make and use a common seal, the same to alter at pleasure; to make such by-laws, not inconsistent with the laws of the State or of the United States, as it may deem useful or necessary for its government; to sue and be sued; to plead and be impleaded; to hold by purchase or otherwise, and to dispose of the same, any real and personal property which may be useful or necessary for carrying on its operations or which it may become possessed of in payment of debts due to it in whole or in part; Provided, the cost of such real estate, at any one time so held, shall not exceed the maximum amount of its capital stock hereinafter provided for.

SEC. 2. The capital stock of said company shall be divided into shares of one hundred dollars, each; which shall be considered in law as personal property; shall consist of not less than five hundred nor more than five thousand shares; shall be transferable only on the books of the company, and then only with the consent of the board of directors or a majority of them in session, unless the whole amount of such stock shall have been previously paid up in full; nor whilst the transferring

stockholder shall in any wise be indebted to the company. The company shall have power to declare forfeited to it any shares of stock which may remain unpaid in whole or in part, or it may sue for and recover such unpaid instalments before any court or other tribunal having jurisdiction over such sums; provided, such forfeiture shall not be valid unless made after thirty days notice of such call shall have been made in some newspaper published in the city of Nashville. The said company may, at its pleasure and in such manner as the directory may elect, increase its capital to any sum deemed advisable between the minimum and the maximum amounts heretofore provided for.

holders and di rectors.

SEC. 3. All stockholders not having paid in the calls Liability of stockwhich shall have been made on their stock, shall be individually liable to the creditors of the company to the amount so remaining unpaid, and in like manner shall the directors be individually bound for any amount they may declare and authorize to be paid to the stockholders as dividends, when at the time of so declaring and paying out, the company shall be unable to pay all debts due by it; to avoid such responsibility on his part the dissenting director shall enter or cause to be entered on the minutes of the board his dissent thereto, or if not present when the act is done, he shall so record or cause to be recorded his dissent thereto, within the space of thirty days after such dividend shall have been authorized.

SEC. 4. That Samuel D. Morgan, John Stacker, Dan-Commissioners. iel Hillman, Alexander Allison, John Kirkman, John Waters, John B. Johnson, James A. Porter, Anthony W. Vanleer. William Nichol, John M. Hill, James Woods, W. W. Woodfolk, Tom Smith, John M. Bass, Charles Bailey, Jacob McGavock, Sterling R. Cockrill, James Erwin, Joseph Vaulx, William T. Elliston, Thomas R. Jennings, M. M. Howard, John Nichol, Willoughby Williams, T. T. Player, Thomas Gale, A. B. Montgomery, are hereby appointed commissioners; who, or any three or more of them, may after having given ten days notice of the time and place or times and places for so doing, open books for subscription to the capital stock of said company, and may keep such books open for subscription until the number of five hundred shares or a greater number as they may decide, (not exceeding the maximum number provided for,) shall have been taken. So soon as the number of shares agreed on by the acting commission- officers and theis ers shall have been subscribed for, they shall give not powers.

less than ten days notice, and the stockholders may proceed to elect, from their own body, a board of directors, each share entitling its owner to one vote in all elections by the stockholders, who may vote by proxy or in person for the said board of directors or on any question submitted to a meeting of them. The said board of directors shall consist of seven, one of whom shall be elected president; and he and the other members of the board shall hold their places for the term of one year or until their successors shall have been elected; provided, a failure so to elect shall in no wise cause a forfeiture of this charter, and, also, provided that no stockholder shall be entitled to vote who may be in arrears of calls previously made on stock owned by him. The said president and board of directors shall elect, appoint or employ all other officers, agents, managers, &c., &c., necessary for conducting the affairs of said corporation, and affix their salaries, and do on behalf of the company all such other acts as are incident to such bodies; the said directory causing to be kept regular minutes of their proceedings which shall be open to the inspection of any shareholder desiring to inspect the same.

SEC. 5. That Joseph A. Richardson, William C. Farmer's Manu- Smart, C. C. Coffee, William S. Hord, Thomas Hord, n facturing compa- Jonathan Wooten, L. D. Mercer, George R. Smart, Thomas C. Smart, G. W. Smart, Bethel Bell, William S. White, Martha J. White, Mary French, George Savage, H. H. Mason, S. B. Settle, H. H. Harrison, Wm. Saury, Jesse Burrus, S. Pope, Wm. Eagleton, E. D. Wheeler, S. D. Rowan, James Cooper, and all persons who may be or become stockholders, be and they are hereby constituted and established a body corporate and politic by the name and style of the "Farmers Manufacturing Company."

Capital Stock.

habilities.

SEC. 6. The capital stock of said company shall consist of one hundred thousand dollars which may be increased to any sum not exceeding two hundred thousand dollars, to be divided into shares of two hundred and fifty dollars each.

SEC. 7. Said company is incorporated for the same Privileges and purposes as the "Nashville Manufacturing Company," herein before provided for, and is entitled to all the rights, privileges and immunities, and subject to all the liabilities conferred and imposed on said company by virtue of this act.

SEC. 8. The fourth section of this act shall apply to the Farmers Manufacturing Company in every particu

lar, except that there shall be elected annually three direotors, one of whom shall be President.

Speaker of the House of Representatives.

LANDON C. HAYNES,

Speaker of the Senate.

JOHN F. HENRY,

Passed, January 2d, 1850.

CHAPTER XVII.

An Act for the incorporation of the citizens of any town, city or village in the State of Tennessee, who may desire it.

SECTION 1. Be it enacted by the General Assembly of the State of Tennessee, That from and after the passage of this act, the inhabitants of any village, town or city in the State of Tennessee, may form to themselves a body corporate, by such name and style as they shall select, and by such name and style shall have perpetual succession; may have and use a seal; and may by such name and style, sue and be sued, plead and be impleaded; may have, receive, purchase, and hold property, whether real or personal; and may grant, sell and dispose of the same for the use and benefit of their several incorporations.

SEC. 2. Be it enacted, The several corporations which General Powers. may hereafter be formed under this act, shall have full power and authority to enact such by-laws and ordinances as may be necessary and proper to preserve the health, quiet, and good order of their several towns, villages, or cities; to prevent or remove nuisances, to establish night watches or patrols; to punish breaches of good order committed within the corporate limits of their said several towns, villages, or cities; to ascertain and declare, when necessary, the boundary of streets and alleys of their several villages, towns or cities; to grant privileges of the use and enjoyment of streets and alleys; to sell or dispose of them if deemed expedient or necessary; to provide for the licensing, regulating, and taxing of auctions, theatrical and other shows, and exhibitions; to restrain and prohibit gaming; to prohibit the exhibition of stallions and jacks within the limits of said corporation; to pass by-laws and ordinances proper for the paving of streets, alleys, and side walks; to establish and regulate markets and

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inspection; to provide for the establishment and regulation of fire companies, and the sweeping of chimneys; to dig wells and erect cisterns; to erect pumps on the streets or public grounds; to impose and collect fines and forfeitures for breaches and violations of the by-laws and ordinances of their several corporations; to lay and collect taxes upon all property and privileges within their several corporations, which are taxable by the laws of this State, or which may hereafter be taxable by law; Provided, That such corporation shall in no case assess a higher tax upon polls, in proportion to property, than is now prescribed by law, for State taxation in this State; to tax ball, nine pin, and ten pin alleys; and to pass all by-laws and ordinances, necessary and proper to enforce the powers granted to the several corporations which may be hereafter created under this act, not inconsistent with the constitution and laws of the United States, or of the State of Tennessee.

SEC. 3. Be it enacted, That all fines and forfeitures Fines and forfeit- imposed by the by-laws and ordinances of the several corporations, which may be hereafter created under this act, not exceeding the sum of fifty dollars shall be recovered by action of debt before any justice of the peace of the county where said corporation may be formed; and for sums exceeding said amount, before the circuit court of their respective counties.

Blections.

SEC. 4. Be it enacted, That on the first Saturday in January, of each and every year, the sheriffs of the several counties, when any town, village, or city may be hereafter incorporated, under the provisions of this act, either by himself or deputy, shall open and hold an election, within the specified corporate limits of said town, village or city, after giving two days notice of the time and place, for seven Aldermen, who shall respectively hold their offices for twelve months and until their successors shall be elected and qualified; and all persons living within the corporate limits of said village, town, or city; and all persons owning real estate in said corporate limits, and who shall have been residents thereof for six months previous to said elections; and all who are otherwise entitled to vote for members to the General Assembly of this State, shall be entitled to vote in said elections; and no person shall be eligible to the office of alderman, unless he shall at the time of his election reside within the corporate limits of the town, village, or city, in which he may have been elected; said elections shall be adjudged by the citizens of the said several corporations, to be appointed by the sheriffs aforesaid, and also by them qualified; the polls

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