Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-02-06
A Rkii 90 IacOrporafe the .-Nnvefrs
Works Company..

SEC. l. Be Il enacted by the Generuf
assembly Of the STATE Of Tennessee, Thzt
there be and Is hereby created a bodv
polite and corporate % be known in law a
the Novelty Works Company" to have
succession and a corporate existence for the
term Of ninety-nine years, with the powes
and authority of contracting and being con-
tracted with-of suing and being sued-of
pleading and being impleaded---and to be
endowed with ali the rights and privileges
appertaining to other interpretations granted
BY the State. Ph0rided, however. that none
of the powers hereby granted shall be 10
construed a. to authorize the issuance Of
notes for circulation, or in anywise engaging
in the business Of banking.
SEC. 2. The capital stock Of the said COM
pany shall be FIVE hundred thousand dollars.
divided into shares Of fifty dollars sach--the
same to be considered in law as personal
property, 10 be transferable on the books Of
the company, and then only when the share
holder shall not be indebted to il for un-
paid calls or installments or otherwise, un-
less 10 be with the consent Of the company.
SEC. 3. The following persons, viz:
Samuel D. Morgan, John Kirkman, I. M.
Buck, NJ. L. Alloway, Joseph w. Allen.
N. Mcclure, w. w. Berry, I. M. Brennan,
Brice Vannoy, Jno. NJ. Bass, w. simmons.
Samuel Watkins, Anson Nelssn, A. j. Dun
can, Jno. Lumsden, W. Matt Brown, j. II.
Saddeke, NJ. Burns, and 5. L. Jones, or any
three OF more Of them may act as commits
sioners for receiving subscriptions 20 the
stock Of said company, either by opening
books publicly or 0therwise-to regulate
and fix the amount Of each installment on
the stock subscribed for; and TO do all other
acts essential 70 the final organization Of the
company.
SIC. 4. The said company shall have
the right Of engaging and employing its cap
ital and credit in any industrial, mechanical
or manufacturing pursuit 1t may deem adj
visable; to purchase, rent, lease, receive in
gift, and hold as security sor debts due il.
such real, personal or mixed estate as il NAV
deem expedient for conducting its opera
tons; and TO erect buildings; create, MAIN
tain and operate motive power; the same to
use for Its own purposes, or to sell, rent,
lease, or dispose Of otherwise at its pleasure.
SIC. 5. When the amount Of capital re-
quired to make its organization legal land
which shall not be less than fifty thousand
dollars is subscribed for, the shareholders
may elect or appoint a Board of Directors,
to consist Of not less than three nor more
than nine, from their own body--the num-
Der thus TO be elected or appointed to be de
cided on at the meeting held to organize the
company. In all elections held BY the share
holders, the rates Of voting shall be one vote
on each share. Provided, however, that no
stockholder shall vote who il in arrears in
of any installment due on his or her
stock.
SEC. 6. The Board Of Directors shall ap-
point one Of its own body as President, who,
with the concurrence of the majority Of tn
Directors, may appoint all other officers,
agents, and servants Of the company and
shall also enact such bylaws as are necessary
as well as to establish or adopt a corporate
seal, altering or changing the same at will.
SIC. Z. This act shall take effect from
and after the day Of its passaga.