shall not then be considered as part of the profits of the said Company, or divided as such; and if any loss shall happen, whereby the capital stock of the said Company shall be lessened, no subsequent dividend shall be made until a sum equal to such diminution shall have been added to the said capital stock; and if the Directors shall knowingly make a dividend or dividends, contrary to the true intent and meaning of the prohibition herein contained, such of them as shall consent thereto, shall, in their individual capacity, be accountable for and pay over to the said Company. for the use thereof, as much money as they may so divide and pay, more than by this act they are authorized Director's liabilto do; and each Director in office at the time of making such dividend hereby prohibited, shall be deemed as consenting thereto, unless he or they shall at the time of making and declaring the same, be absent from the meeting of the Board of Directors, or if present, shall immediately enter his or their protest or protests, on the minutes of the Board. SEC. 6. Be it further enacted, That in the election of Directors of said Company, the stockholders shall be entitled to the following number of votes, to wit: for two shares, one vote; for six shares, two votes; for ten shares, three votes; for sixteen shares, four votes; for twenty-four shares, five votes; for fifty shares, six votes; for seventyfive shares, seven votes; and for one hundred shares, or upwards, eight votes. Absent stockholders may be represented by proxy. ity. bility. SEC. 7. Be it further enacted, That should the said Company at any time fail to meet its engagements, each person holding stocks at the time of such failure, shall be individually liable for the debts of the Company, to the Individuals' liaamount of the balance unpaid on the stock of such stockholder; and if any officer, agent or other person, connected with or doing business for or with said Company, shall fraudulently embezzle or appropriate to his or their own use, or the use of any other person or persons, any money or other property belonging to said Company, or left with it or them as a special deposit or otherwise, he or they, upon conviction thereof in the Criminal Court of the city of Memphis, Tennessee, shall be fined in a sum not less than five hundred dollars, and be sentenced to and undergo an imprisonment in the Penitentiary, or county prison, for any time not exceeding two years, at the discretion of the Court: Provided, that this conviction shall not prevent any person aggrieved from pursuing his or her civil remedy against such person or persons. SEC. 8. Be it further enacted, That the business of Balance sheet. State bonus. the Company shall be carried on at such place in the city of Memphis, Tennessee, as the Directors shall designate, and such agencies out of Memphis as they may establish. SEC. 9. Be it further enacted, That within thirty days after close of each fiscal year, the officers of said Company, shall cause to be made and printed a general balance sheet, showing the amount of capital stock, amount of premiums and interest on investments received during the year, amount of expenses and amount of losses during the year, the balance remaining with the Company, the nature of such securities in which said balance is invested, and the amount of cash on hand, also a full account of existing policies, and the Directors shall cause the said statement to be published at least in one newspaper published in the city of Memphis, for two weeks. SEC. 10. Be it further enacted, That said Company shall pay to the State an annual tax of one half of one per cent. on each share of the capital stock subscribed, which shall be in lieu of all other taxes. SEC. 11. Be it further enacted, That W. E. Elliott, Joseph Lenoor, J. D. Hornley, Henry T. Halbert, E. M. Apperson, and their associates, be, and they are hereby incorporated a body politic and corporate, under the name and style of the Hernando Insurance Company, of Memphis; and in this name may sue and be sued, have a corporate seal, to alter Hernando Insu- and renew at pleasure, and shall have and possess all the powers, privileges and immunities, and be subject to all the pains and penalties in the act incorporating the Bluff City Insurance Company of Memphis. rance Company. SEC. 12. Be it further enacted, That James C. Jones, J. L. Fowlkes, John Houston J. J. Murphy and W. B. Richmond, and their associates, be, and they are hereby incorporated a body corporate and politic, under the name and style of the De Soto Insurance and Trust Company, De Soto Insur at Memphis, and in this name, may sue and be sue, have a corporate seal, to alter and renew at pleasure, and shall have and possess all the powers, privileges and immunities, and be subject to all the pains, penalties and forfeitures in the act establishing the Bluff City Insurance Company of Memphis. ance Company. SEC. 13. Be it further enacted, That the corporate limits of the town of Fayetteville, in Lincoln county, be, and they are hereby extended to the following limits, viz: Fayetteville In Beginning on Norris' creek, where what is known as the Tan Yard Branch runs into said creek; running thence with the meanders of said branch to the southeast corner of the Tan Yard, now owned by George Steinbroker; thence, with what is known as Fulton's line, to the south corporation. west corner of the Tom Maberry lot; thence to the southwest corner of the lot deeded to the Trustees of Milton College; thence north to the northwestern boundary of said lot; thence to the northwestern corner of the Female Academy lot; thence east, to what is known as Dry creek, on the lands of James Bright; thence with the meanders of said creek to Norris' creek; thence with Norris' creck to the beginning. SEC. 14. Be it further enacted, That none of the lands included within the above limits, which were not included in its former chartered limits, shall be subject to corporation taxes until the same be laid off as town lots. SEC. 15. Be it further enacted, That C. M. Hester, George Faxon, George Harwell, G. A. Henry and James M. Quarles, and their successors, are hereby constituted a body corporate and politic, under the name and style of Clarksville Insu the Clarksville Insurance Company, with the power to es- rauce Company. tablish offices in Memphis and Nashville, with all rights, powers, privileges, immunities, &c., hereby granted to the Bluff City Insurance Company, of Memphis, and all amendments thereto. SEC. 16. Be it enacted, That this act shall take effect from and after its passage. DANIEL S. DONELSON, Speaker of the House of Representatives. Passed March 20, 1858. Speaker of the Senate. CHAPTER 167. AN ACT to amend the charter of the White Plains Turnpike Company, and the act of SECTION 1. Be it enacted by the General Assembly of the State of Tennessee, That the third section of an act, passed January 30, 1852, incorporating Patrick Brady and Patrick Brady. Edward Brady, Jr., as a body politic and corporate, by the name of the White Plains Turnpike Company, be so amended as to appoint William S. Walker, of Putnam county, as a Commissioner, instead of Jesse Eldridge, of Overton county, who shall act in connection with John Alred, of White county, as Commissioners on said road, as directed in said act. Toll gates. Turnpike Co. SEC. 2. Be it enacted, That the thirty-fourth section of an act, passed March 2, 1854, amendatory of said act, passed January 30, 1852, incorporating said Patrick Brady and Edward Brady, Jr., as a body politic, by the name of the White Plains Turnpike Company, as above recited, be so amended, that said Company shall have the power to remove the present location of their said toll-gate, situated as directed in said act of March 2, 1854, to any point on said road they may elect: Provided, the same shall not be located nearer than five miles of their other gate, or within one-half mile of the town of Crossville, and that they shall not be entitled to charge any greater amount of tolls at each of said gates than they are now by law entitled to receive. SEC. 3. Be it enacted, That Henry B. S. Williams, Henry I. Cannon, Shepherd Jackson, and their associates, be, and they are hereby constituted a body corporate and politic, under the name and style of the Loosa Hatchie Loosa Hatchie Turnpike Company, for the purpose of building and keeping up a Turnpike across Loosa Hatchie, in the county of Fayette; beginning at a point on the Memphis and Ohio Railroad, known as Big Spring Station, (formerly Galloway's switch); extending thence south across Loosa Hatchie river and bottom to the main road leading from Wythe Depot cast to Hickory Wythe. SEC. 4. That said Loosa Hatchie Turnpike Company shall have succession for thirty years, with all the powers, privileges and liabilities of other Turnpike Companies to erect toll-gates, not exceeding two and charge the usual toll-fees. DANIEL S. DONELSON, Speaker of the House of Representatives JOHN C. BURCH, Speaker of the Senate. Passed March 20, 1858. CHAPTER 168. AN ACT for the benefit of Railroad Tax Collectors, and for other purposes. Railroad collec SECTION 1. Be it enacted by the General Assembly of the State of Tennessee, That the several Railroad Tax Collectors are hereby allowed the further time of one year in which to collect all arrearages due and unpaid, with the tor same powers and rights which they possessed for that purpose, while actually in office; but nothing in this act shall be so construed as to affect the liabilities of such Collectors and their securities. Said Collectors shall pay over to the proper authority, such arrearages as the same shall be collected. State. SEC. 2. Be it further enacted, That the Secretary of State, be, and is hereby directed to furnish two additional Secretary of copies of the Acts of the present session, and of the Revised Code to the county of Obion. DANIEL S. DONELSON, Speaker of the House of Representaties. JOHN C. BURCH, Passed March 20, 1858. Speaker of the Senate. CHAPTER 169. AN ACT to allow the citizens of Van Buren county to file bills in McMinnville, Ten nessee, and for other purposes. SECTION 1. Be it enacted by the General Assembly of the State of Tennessee, That hereafter it shall be lawful to file bills against citizens of Van Buren county, in the Chan- Chancery courts cery Court at McMinnville, or at Sparta. SEC. 2. Be it enacted, That bills may be filed in the Chancery Court at Centreville, by or against citizens of the county of Lewis, or in the Chancery Court at Columbia as heretofore, at the option of persons filing the same. SEC. 3. Be it further enacted, That this act take effect from its passage. DANIEL S. DONELSON, Speaker of the House of Representatives. Speaker of the Senate. Passed March 20, 1858. |