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said corporation, as though the same had been obtained against every member of said company in their joint and several names as individuals.
SECTION 3. And be it further enacted by the authority aforesaid, That each and every member of said corporate body may at any time sell and convey their interest in the property of said corporation, both real and personal, under such rules and regulations as may be adopted by said corporation; and upon the death of any of the members of the corporation, their interest in the corporate property shall pass to the legal heirs of said member or legatee or legatces, and that such purchasers, legal heirs or legatee or legatees shall have all the power and privileges as are hereby conveyed to the above named corporators.
SECTION 4. And be it further enacted by the authority aforesaid, That in case of the death of any member of the said corporation, the survivor or survivors shall be authorized to continue and transact, and carry on the affairs of the said corporation as though said death had not happened; and whoever shall be entitled to the interest of said deceased person shall, if he be administrator or executor, heir or legatee, hold the same in the same manner that said deceased did during life.
SECTION 5. And be it further enacted by the authority aforesaid, That the capital stock of said company may be increased from time to time, so that it does not exceed fifty thousand dollars, to be divided into shares, disposed of and applied as the interest of the company may, from time to time, require; and that this act of incorporation shall be and remain in full force for the space of thirty years from and immediately after the passage thereof.
Approved, February 14, 1850.
AN ACT to incorporate the Coosa River Steamboat Company.
WHEREAS certain individuals have associated for the purpose of conducting a company trade on the Coosa river, between Rome, Georgia, and Greensport, Ala., by steam and other boats-to enable them advantageously to transact said business have applied to this General Assembly for an act of incorporation; and whereas similar incorporations heretofore granted for like purposes have been useful to the public:
SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Georgia in General Assembly met, and it is hereby enacted by the authority of the same, That Wade S. Cothran, Henry L. Jeffers, John P. Gould, John R. Ihly,
Sterling T. Combs, Francis T. Penticost, John A. Towns, and their associates now connected in the business aforesaid, and their successors, shall be and are hereby constitu- ' ted a body politic and corporate by the name and style of the "Coosa River Steamboat Company ;" and by that name and style may sue and be sued, plead and be impleaded, in any court of law or equity; may have and use a common seal, and break, alter and renew the same at pleasure; may make such by-laws, rules and regulations as the stockholders and directors may deem necessary and expedient: Provided, the same be not repugnant to the constitution and laws of this State and of the United States; and may hold, purchase, receive, enjoy, sell and transfer real and personal property of such description and in such quantity only as the necessity of the business may require.
SECTION 2. Be it further enacted by the authority aforesaid, That the capital stock of said company shall consist of five hundred shares of one hundred dollars each, which shall be held by the present members of the company and their assignees, in the respective proportions already fixed among themselves, and for which the proper officer of said company shall issue certificates in the name to be provided for in their by-laws.
SECTION 3. And be it further enacted by the authority aforesaid, That by a vote of two-thirds of the stockholders at any meeting regularly called for the purpose, the stock of said company may from time to time be increased by the creating of new stock of one hundred dollars per share, as said stockholders may find it expedient: Provided, That the whole capital stock shall not exceed one hundred thousand dollars.
SECTION 4. And be it further enacted, That said company shall be authorized, by steamboats of any description, and by other boats or vessels, as they may find it convenient, to navigate, for the transportation of freights or passengers or both, any of the waters of Georgia, in common with other companies and private individuals.
SECTION 5. And be it further enacted, That the business of said company shall be conducted and managed by five Directors, to be elected annually on the first Monday in July by the stockholders, under the restrictions and according to the scale of voting hereof [herein] provided; said Directors shall serve until their successors are elected.
SECTION 6. And be it further enacted, That at the election of Directors, the scale of voting shall be as follows: for every five shares of stock, one vote; twenty shares, two votes, one hundred shares, four votes; and any stockholder may by written anthority empower any other stockholder to vote in any election as his proxy: Provided, such proxy shall avail for one election only, and that one for which it is expressly given,
SECTION 7. And be it further enacted, That the Directors of said company at their first meeting shall appoint a President from their own members, who shall be President of said company until the first regular meeting of the Board of Directors next afterwards elected; and if the President or any Director shall cease to be such, the Board shall fill the vacancy from the stokholders until the next regular election. The chief management and control of the affairs of the company shall be vested in the Board of Directors at Rome, who shall appoint all the necessary officers and regulate the duties and compensation as to them may seem expedient for the interest of the company.
SECTION 8. And be it further enacted, That the Directors shall meet monthly or oftener at Rome, and cause regular minutes of their proceedings to be entered in a book kept for that purpose, and upon the requesting of any member of the "yeas" and "nays" of the Board on any question taken, there [they] shall be entered on said minutes; and not less than a majority of the Board shall constitute a quorum for business.
SECTION 9. And be it further enacted, That a majority of the Board of Directors may call a meeting of the stockholders by giving fifteen days' notice thereof in one or more of the public gazettes in the city of Rome, and any member [number] of the stockholders representing fifty or more shares of the capital stock shall have the same authority. The officers of the company shall attend said meeting with the books and papers, and give all necessary explanation and informaion as to the transactions thereof.
SECTION 10. And be it further enacted, That the stock of the company may be transferred on the books of the corporation, and in no other manner whatever, by the stockholders and their legal representatives, in such manner as the regulations of the Board of Directors may point out.
SECTION 11. And be it further enacted, That the Directors shall on the first Monday in January and July in each year make such dividends to the stockholders from the profits of their business as to them may seem expedient: Provided, They shall in no case encroach upon the capital of said company to make any dividend whatever.
SECTION 12. And be it further enacted, That until the first annual meeting in July next, the persons now acting as Directors of the association shall be the Directors of the corporation, with full power to transact all the business and control all the affairs and property thereof.
SECTION 13. And be it further enacted, That the property of the stockholders shall be bound for all contracts or liabilities made or incurred by said company, in proportion to the amount of their stock, and all transfer of stock which may be made within six months previous to the failure of said
company, shall not release the property of such stockholder so transferring the same, from any liabilities or contracts which were incurred by said company during the time he, she or they were stockholders.
SECTION 14. And be it further enacted, That this charter shall continue of force for twenty years from the passage of this act, and no longer, unless extended by a subsequent act of the General Assembly-any law to the contrary notwithstanding.
Approved, February 21, 1850.
AN ACT to incorporate the Hancock Steamboat Company.
SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Georgia in General Assembly met, and it is hereby enacted by the authority of the same, That Thomas M. Turner, Andrew J. Lane, William A. Cook, Henry D. Amos, George W. Watkins, Orrick J. Murray, James R. Simpson and John Foster, together with their associates and such persons as may hereafter become associated with them as stockholders in the premises, and their successors, be and they are hereby constituted a body politic and corporate, by the name and style of the Hancock Steamboat Company, and by that name and style may hold, purchase, receive, retain, enjoy, sell and transfer, real and personal property, may sue and be sued, plead and be impleaded in any court of law or equity, may have and use a common seal, and the same to break, alter and renew at pleasure, may make such by-laws, rules and regulations as the stockholders and persons appointed by them to manage the concerns of said company may deem necessary and expedient: Provided, the same be not contrary to the Constitution and laws of this State or of the United States.
SECTION 2. And be it further enacted by the authority aforesaid, That the capital stock of said company shall consist of one hundred shares of one hundred dollars each, which shall be held by the present members of the company, in the respective proportions already fixed among themselves, and for which the proper officers of said company shall issue certificates in the manner to be provided by their by-laws, and said company may commence business and enjoy the benefit of its act, when the amount of the capital stock shall have been paid in, and not before.
SECTION 3. And be it further enacted by the authority aforesaid, That by a vote of the stockholders, holding a majority of the whole, [the] capital stock of said company may from time to time be increased, by the creation of new stock of one hundred dollars per share, as said stockholders may find
expedient: Provided, the whole capital stock shall never exceed one hundred thousand dollars.
SECTION 4. And be it further enacted by the authority aforesaid, That the said company shall have power and authority to charge, ask and receive of and from all such persons as they transport merchandise or produce for, or carry as passengers, such compensation theretor as the company or its agents or officers may deem fit, or as may be specified in the bills of lading.
SECTION 5. And be it further enacted, That the affairs of said company shall be managed either by a Board of Directors, or an Agent or Agents, as the stockholders may determine, the same to be appointed by said stockholders, each share of stock to entitle the holder thereof to one vote for the same; and the said stockholders, or the Directors or Agents elected by them for that purpose, may appoint all such officers and servants, and regulate the duties and compensation, as to them may seem expedient for the interest of the company.
SECTION 6. And be it further enacted, That said corporation shall be liable for all losses caused by fire and steam, if occasioned by their own negligence or that of their agents or servants, but not otherwise.
SECTION 7. And be it further enacted, That said corporation shall be authorized to insure all property shipped in their boats, against risks for which they are not legally liable.
Approved, December 20, 1849.
AN ACT to authorize the incorporation of Joint Stock Companies for the construction of Macadamized, Graded, or Plank Roads.
SECTION 1. Be it enacted by the Senate and House of Rep resentatives of the State of Georgia in General Assembly met, and it is hereby enacted by the authority of the same, That any number of persons not less than three, who by articles of agreement in writing have associated or shall associate according to the provisions of this act, under any name assumed by them, for the purpose of making a Macadamized, Graded or Plank road, and who shall comply with all the provisions of this act, and first obtain the consent of the Inferior Court of the county in which such road is to be made, shall with their successors and assigns constitute a body politie and corporate under the name assumed by them, and have power and authority to make, construct and maintain such Macadamized, Graded or Plank road or roads as they shall be authorized to make by the said Court, as is herein