Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-12-07
Koms Manufacturer.

home nanuItcturob.
The following bill is before the Legis-
lature, preliminary to the establishment
of manufacturing enterprise eontem-
plated at Nashville. II 10 good sign Of
a good beginning:
A Bill to incorporate the Tennessee Manufas-
turing Company:
SEcrIor |. Be IL enacted by the Gem
eral Assembly of the State Of Tennessee,
That there be and is hereby created
body polite and corporate, to be known
10 law ss THE Tennessee Msnufactur-
ing Company" to have secession and
corporate existence for the term OF
ninety-nine (s9) years, with the power
and authority Of contracting and being
contracted with suing and being sued
Of pleading and Of being impleaded; and
to be endowed with all the rights, privi-
leges and immunites appsrtainiug to
other interpretations granted BY the State.
Provided, however, that mono Of the pow
ers hereby granted shall bs so construed
as to authorize the issuance OF notes for
circulation, or in any wise engaging In
the business of banking.
Sec. 2. Be IL further enacted. That
the capital stock Of said company shall be
one million Of dollars, divided into shares
of one hundred dollars each the same TO
be considered in law % personal prop.
erty, to be transferable in the books OF
the company, and then only when the
shareholder shall not be indebted to It for
unpaid calls or installmsnts, or other
wise, unless it be with the consent OF the
com pany had through its directory.
Sec. 8 Be IL further enacted, That
the following persons, viz: 3. ID. Morgan,
James NJ. Hamilton, A. g. Adams land
others named), or any three or more Of
them may act as Commissioners for re-
ceiving subscriptions to the stock OF said
company, either by opening books pub
licly or otherwise; to regulate and fx
the amount OF the first installment to be
paid on the same (the RENAL ming calls or
installments to be made BY the directory
hereafter provided for), and to do all
other acts essential to the organisation
of the company.
| Sec, 4. Be IL further enacted, That
the said company shall have the right of
engaging and employing its capital and
credit in any industrial. mechanical or
manufacturing pursuit it may deem ad'
visable--to purchase, rent, lease, receive
in gift, or hold as security for debts due
it or to become due it, such real, per-
sonal or mixed estate, as it may deem
expedient for conducting its operations
and to erect buildings and other neees-
sary or useful appendages-create,m 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.
Sec. 5. Be IL further enacted, That
when the amount required to make its
organization legal (aad which shall not
be less than fifty thousand deliars) is
subscribed for, the shareholders may
elect or appoint Board of Directors, to
consist Of not less than three ~ nor
more than nine (s) from their own body;
the number thus to be elected or ap-
pointed to DO decided on st the meet
ing held by the stockholders to- organ.
ize the company. In all elections
held by the shareholders, the
rate of voting shall be one vote
for each share. Provided, however, that
no stockholder shall either in person or
BY proxy, vote who is in arrears in pay
ment of any installment due on his or
her stock; and that in case of default in
payment of any calls made (said default
continuing for the time of three months
or more), the amount previously paid on
such stock may be declared by the direc-
tory as forfeited to the company; or it
may be sued for and recovered as any
other debt may be.
Sec 6. Be IL further enacted, That
the Board of Directors shall appoint one
of it's own body as President, who, with
the concurrence of majority of the
Directors, may appoint all other officers,
agents and servants of the company, and
may also enact such bylaws as are neces.
sorry as we'll as to establish or adopt .
corporate seal, the same altering or chang
ing at its pleasure.
Sec I. Be il further enacted, That
this act shall be in force from the time OF
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