Nashville daily patriot. [volume] (Nashville, Tenn.) 1855-1857, 1856-04-23
An act 10 E'scorp0rate the Nashville
HOIeI Comp nay.

An y CT to f'sCorpDrafe the Nashville
HOIeI Comp nay.
SEC l q : .n,-t-d 10y he General Assembly
Of the 5 ate 7 1"essee, Til It ia sell 10 IstOn,
ID. T. Scott, W, { B rry, Dr. Foster and W
4 Cbo5.r -. an I ia " are hereby appointed Com
mi--onrrs tn open book. e. .cripio for stock
N the CJnpiuy cDrporIted by this act. ANY
three Of these COmnis-iO1"rs mv open books At
such tim a. t-v IN tieiT discretion NAV see proper
and my keep Them oaen until at Ic's; SEVENTY five
thousand dollars oi the capital stock Is subscribed.
sEc. 2. BE il further enacted, That the subsc,ib-
ers the sail capital stock and such other person.
a. may become shareholders of sai' stock and
their SUCCESSORS he, aid thew hereby cunstitu-
ted body corporate and polite by the name and
style OF the Nashville Hotel Compare with es
sion and all The usual powers of a corr Grafton.
SIC 3. B it further enacrrd. That the capital
stock Of said Company shall be the sum Of one
hun ired aud fifty thousand dollars, TO be divided
Into sharps Of dftv dollars EACH but the of
sn' h capital stock av, from time time, the
Dit ctor- OF tie Company may think eXpedent be
increased 20 any sum not exceeding three hundred
THOUSAND dollars.
SIC 4. Be it further enacted Thst the subscri-
bDrs an holders Of stock may at any time, after
seventy five thousand dollars OF the capital stock
snail have been subscribed, be called together by
q majority of the COMMISSIONER by notice in some
newspaper published at Nashville, and organize by
the election Of any number OF Directors not exceed
ing seven, who shall have power to elect Presi
dent Of their own body, and continue IN Office uP-
I'll the first Monday in May thereafter, and until
their SUCCESSORS are elected, the first Monday in
May Of each year shall be apart for the general
meeting Of the members and the election OF officers
who shall hold n, r office for year, and until
their SUCCESSORS elected The President and
Directors shall have power TO pass all BY laws
CESAR for the go, ment Of the Corpo ation and
TO appoint a S"crca~y Treasurer, other officers
from whom they lire bond aud security for the
performance OF their duties to fill vacancies in
their own Boa d or in tn offices created by hem.
majority OF the Directors shall constitute a quo
rum TO do business, and, ia the absence OF the
President the Board may appoint President pro
tenn, Who shall for the time, have all the power
and privileges Of the President The Board Of
Directors shall have power TO meet on their own
adjournment, or at any time upon call OF the
President, anv three OF the Directors They
may also cal! a meeting Of the sJockhO rs, If ne
cessary, or when required in writing, by majority
of such stockholders Ia the election Of Directors
each stOckholder will be entitled to vote for
every share OF capital stock held by him, and the
persons receiving the highest number Of votes
aha u be considered elected.
Sac. 5. BE- il further enacted, That il is the
intent Of this act of incorporation to empower
said Company 20 erect, inthe city of Nashville, H
and appurtenaut thereto would be likely, in the
opinion Of the rector-, TO promote the prosperity
of the Company, including stores or rooms in the
hotel buildings, on the hotel lot, for rent and
20 that end the said Board OF Directors shall have
power TO purchase suitable grounds for the site OF
said hotel aud other bud iings % -t,rmine what
buildings and improvements shall he erected on
said site prescribe the plan thereof, 10 coutract
for the construction, to give name TO said hoti,
a make
PROVIDED. however, and be it further enacted,
That aid Board OF Directors shall not hsvr power
20 bud iny -tockholder beyond the amount Of his
stock, and the issue aud profits OF the inv slmrrts.
SEC & BE i further enacted, That the Board
OF DIR G. ors IA have power 10 make call, upon the
stock sues b d at such times they Sc proper,
no cal to exceed twenty five cent. on the amount
subscr be nor 20 be made oilcuer than once ~
every 40 hs; and il any shareholder shall
"a 20 pay any cal within thirty days ON the time
The sam is required 10 be paid, the Directors may
sue m a. w, in the name Of the Company, or at
th,r ee, tiOn the stock OF such delinquent to
he forfeit d. Il suit is instituted and judgment Ob
tsintd the stock Of the defendant in the Company
may be levied on and sold by execution issued
thereon abd'the purchaser shall hold the same with
ell the incidents and privilege there attached, in
the hands OF the original holder
Sac. Be il further enacted, That no share OF
raid stock shall be transferable without the assent
Of the Board OF Directors, unless the same has
been fully paid up; entire the assignee OF holder
10 rate or receive dividends the transfer must be
entered on the books Of the Company.
Sec. g. BE it further enacted, That il shall be
the duty of the Directors TO make aud declare divi
bends out of the nett profits Of the Company among
the stockholders in proportion to the amount OF
stock he'd by each, at such time they may deem
advisable.
Passed November 2Sd, 1853.
WILLIAM II WISENER
Speaker OF the House of Representatives.
EDWIN POLK,
Speaker OF the Senate,