SEC. 2. Be it further enacted, That the charter for any of the above companies shall be as follows:

Be it known that (here insert the names of five or more persons above the age of twenty-one years) are hereby constituted a body politic and corporate, by the name and style (here insert the name of the corporation), for the purpose of manufacturing electric light, or for the purpose of manufacturing electric light motive power, electrotyping, etc., or for the purpose of manufacturing electricity for telephoning purposes, etc., (state fully the objects of the company, whether one or more of the above purposes). The general powers of said corporation are (here insert the powers as contained in Section (5) Five of the Act of 1875, Chapter 142.

SEC. 3. Be it further enacted, That all companies of the character designated in this Act, or similar ones now incorporated in substantial compliance with this Act or the Act of 1875 aforesaid, shall be and are hereby declared to be legal corporations; and it shall be lawful for telephone and electric light companies now or hereafter incorporated to consolidate into one corporation, or partially consolidate or co-operate in such manner as the respective corporations may determine, with the concurrence of the stockholders of each, in full meeting assembled: But it is provided, that all rights and privileges conferred by this Act shall be subject to revocation and repeal.

SEC. 4. Be it further enacted, That, the public welfare requiring it, this Act take effect from and after its passage.

Passed March 29, 1883.

B. F. ALEXANDER,

Speaker of the Senate.

W. L. LEDGERWOOD,

Speaker of the House of Representatives.

Approved March 29, 1883.

WM. B. BATE,

Governor.

CHAPTER CCXLIX.

AN ACT to amend the Acts of 1875, Chapter 142, entitled "An Act to provide for the organization of corporations."

SECTION 1. Be it enacted by the General Assembly of the State of Tennessee, That the Acts of 1875, Chapter 142, entitled "An Act to provide for the organization of corporations," be so amended that charters may be granted in the mode and manner pointed out in said Act for the following purposes, to-wit: To purchase, hold and own overflowed lands on any water course in the State, for the purpose of reclaiming said lands by making levees, embankments, or by other means of protecting said lands from overflow. The form of the charter shall be as required in said Act of 1875.

SEC. 2. Be it further enacted, That any corporation created under this Act shall have full power, not only to purchase and hold such overflowed lands, but to purchase, hold and use animals, machinery, materials, etc., for building levees, or by other means protecting the overflowed lands from such overflow.

SEC. 3. Be it further enacted, That this Act take effect from and after its passage, the public welfare requiring it. Passed March 30, 1883.

W. L. LEDGERWOOD,

Speaker of the House of Representatives.

B. F. ALEXANDER,
Speaker of the Senate.

Approved March 30, 1883.

WM. B. BATE,

Governor.

CHAPTER CCLIV.

AN ACT to amend Sections 7, 9, 10, 11 and 14 of an Act entitled An Act to amend Section 7 of an Act passed March 19, 1875, entitled “An Act to provide for the organization of corporations," and also to amend said Act so as to provide for the organization of mutual marine insurance companies, and to amend Section 5 of said Act so as to provide for the organization of stock yards and packing companies.

SECTION 1. Be it enacted by the General Assembly of the State of Tennessee, That Sections 7, 9, 10, 11 and 14 of the Act entitled as in the caption hereof, being Sec

tions 7, 9, 10, 11 and 14 of Chapter 126 of Acts of 1881, approved April 6, 1881, be so amended as to permit any of the persons who have signed and delivered their written obligations to the guaranty fund of the corporation authorized by said Act, to retire and be relieved from their said obligation; Provided, that before any such person or persons shall be relieved and discharged from said guaranty, and other person or persons shall enter into an obligation similar to the original obligation, said substituted guarantor or guarantors shall be in every way acceptable to the Board of Trustees of the company of which he or they may offer to become guarantor or guarantors, and the consent of said board to the substitution be obtained.

ment and

SEC. 2. Be it further enacted, That when any person or persons shall be thus substituted as guarantors, and the Acknowledgconsent of said board obtained thereto, said obligation registry. of guaranty shall be acknowledged before the Clerk of the County Court of the county in which the company is located, and the same, together with the action of the Board of Trustees, shall be registered in the office of the Register of said county.

SEC. 3. Be it further enacted, That when said obligation of guaranty shall have been thus acknowledged Release. and registered, the guarantor or guarantors desiring to retire and be relieved, shall be relieved from all liability upon the guaranty accruing subsequent to the acknowledgment and registry of said substituted obligation, and the substituted guarantor or guarantors shall be and become liable for all subsequent losses and damages, and entitled to all the benefits of said Act in as full a manner as though he or they had originally signed the obligation of guaranty.

SEC. 4. Be it further enacted, That the discharge of one or more of the guarantors, under the provisions of this Act, shall in no wise impair the liability of the remaining guarantors, but all such guarantors shall be and remain liable upon this obligation in as full manner as though no substitution had been made.

substitutions.

SEC. 5. Be it further enacted, That at any time any substituted guarantor may be relieved and another guar-Repeated antor substituted in his stead, upon such steps being taken as are required by this Act in cases of first substitution, and no substitution shall impair the obligations of the remaining guarantors.

SEC. 6. Be it further enacted, That at any time any guarantor shall have the right to redeem the amount of Redemption by his guaranty by substituting another person or persons

substitute.

Death of

guarantor.

who are willing to assume a portion of his obligation: Provided, said proposed guarantor or guarantors shall be acceptable to the Board of Trustees, and its consent obtained thereto, which substituted guaranty shall be acknowledged, and it and the consent thereon registered as required in Section 3 of this Act, and said redemption and substitution shall in no wise impair the obligation of the other guarantors.

SEC. 7. Be it further enacted, That should any guarantor die, then the Board of Trustees shall have the power to substitute another guarantor or guarantors in the room of such deceased guarantor, which substituted guarantor shall sign and acknowledge the proper obligation of guaranty, which, together with the action of said board, shall be registered as provided in Section 3 of this Act, and the estate of the deceased guarantor shall thereafter cease to be liable for the subsequent loss and damages and shall not thereafter be entitled to any further benefits of said Act, and such substitution shall in no wise impair the obligation of the other guarantors.

SEC. 8. Be it further enacted, That before this Act shall Preliminaries. apply to any corporation already organized under the Act which this is intended to amend, the Board of Trustees of such corporation shall adopt it as a part of their charter, which Act shall be signed and acknowledged by the Trustees, and registered as now required in cases of amendment of charter.

Redemption of surplus.

SEC. 9. Be it further enacted, That should any company, already organized under the Act which this is intended to amend, have a guaranty fund exceeding one hundred thousand dollars; said company may by vote of its Board of Trustees redeem its guaranty fund and allow any guarantor or guarantors to retire therefrom and be released from their guaranty; or allow any guarantor or guarantors to redeem the amount of his or their guaranty: Provided, that the guaranty fund of said company shall at no time be less than said sum of one hundred thousand dollars, and such retirement and release of reduction, by said guarantor or guarantors, shall in no wise effect the liability of the remaining guarantors, but they shall remain liable as fully as though no such action had been had.

SEC. 10. Be it further enacted, That this Act take effect from and after its passage, the public welfare requiring it.

Passed March 30, 1883.

W. L. LEDGERWOOD,

Speaker of the House of Representatives.

B. F. ALEXANDER,

Speaker of the Senate.

Approved March 30, 1883.

WM. B. BATE,

Governor.

CHAPTER 78.

AN ACT to amend an Act entitled "An Act to provide for the organization of corporations," passed March 19, 1875, and approved March 23, 1875, being Chapter 142 of the Acts of 1875, so as to provide by general law for the organization of companies or corporations to purchase, own, improve, use, occupy, rent, lease and enjoy real estate, not exceeding in amount or size a lot or parcel of ground one hundred and fifty feet square, and convey the same.

SECTION 1. Be it enacted by the General Assembly of the State of Tennessee, That an Act passed March 19, 1875, and approved March 23, 1875, entitled "An Act to provide for the organization of corporations," being Chapter 142 of the Acts of the General Assembly of 1875, be, and the same is hereby so amended as to authorize and provide for the organization and chartering of companies or corporations to purchase, own, improve, use, occupy, rent, lease and enjoy real estate for individual profit, and to sell or otherwise convey the same; Provided, that no corporation created by or organized under this Act shall own at any one time a greater amount of real estate than a lot or parcel of ground one hundred and fifty feet square.

SEC. 2. Be it further enacted, That the form of a charter for a company for the purpose of purchasing, owning, using, improving, enjoying, renting and conveying real estate for individual profit shall be as follows:

STATE OF TENNESSEE. Charter of Incorporation. Be it known, That (here insert the names of five or more persons, not under twenty-one years of age, applying for the charter), are hereby constituted a body politic and corporate by the name and style of (here insert