The home journal. (Winchester, Tenn.) 1858-188?, 1868-02-06
AN ACT
To incorporate the Sewance Tanning
and Manufacturing Company.

SEcTtoN BE IL enacted by the General
Assembly qf the State Of Iennessee, That F.
A. L.Oughmiller, Thos. Sharp, d. y. Daven-
port, B. F. McGehee, and Graves Penning-
ton, their associates, successors anu as
signs, he, and they are hereby. created,
constituted and declared, u body polite
and corporate. under the nam and style OF
the 'Sewanee Tanning and Manufacturing
Company" and shall be able in law and
equity, by that name, to sue and be sued,
plead and be implicated. answer md be
answered unto, defend and be defended, in
all Courts an ! places whatsoever; n may
have and use a common seal, and change
and alter the same ut pleasure, and nave
succession for the term of thirty years,
with all the powers necessary to acquire
and hold, lease and release, buy and sell
property, personal, real and mixed, that
may be necessary III carrying on their
business, and appoint all officers or agents,
and do all other things requisite in prose-
cutting the business, not inconsistent with
the laws OF this State Or'the United states.
SEC. 2.-Be Il further enacted, That the
capital stock of this Company shall be, not
to exceed two hundred thousand dollars,
divided into two thousand shares, OF one
hundred dollars each.
SEC. 3.-Be II further enacted, That the
management Of the affairs OF this Compa-
nv shall be entrusted to q Board of Direct
elected by the Stockholders annually, and
who shall hold office until their successors
are chosen. A majority Of the Directors
shall be a quorum for the transaction of
business. No person shall be a Director
who Is not a bona fde stakeholder.
SEC. Abe IL enacted, That the parties
named in the first section of this Act are
hereby appointed Commissioners to open
hooks, to receive subscription to the capt
tai stock OF this Company, and as 0 D as
thirty thousand dollars are subscribed.
may hold an election for Directors, after
first giving twenty days notice in one or
more newspapers published in Franklin
county. The Directors shall elect one of
their number President, and fix his salary,
as well as that of Agents, and the Direct-
ors shall make such Bylaws and rules for
their government as may be deemed ex-
pedient and convenient, and require the
President to make . semi-annual state
mcnt, showing clearly the whole operation
Of the business.
SEC. 5.-Be IL further enacted, That said
Company may. at its pleasure, and in such
form and manner Us the Directors shall
elect, and declare, take such subscription
for the balance Of the capital stock, In
such manner and form, at such time and
place, aud on such terms as they may
think proper to order and prescribe.
Provided, however, that all such subscrip-
ton shall consist of money.o o. material in
~dispensable In the prosecution Of the bust
ness. o( ~
SEC. 8.-Be Il further enacted, That said
Company shall not contract any debt over
and above twO-thlrds Of the capital stock
paid in and no part of said stock shall be
withdrawn. or in any way diverted from
the legitimate business Of the Company.
Each share shall entitle the holder to one
vote, aid. said shares shall be considered
personal property. and shall he transfers.
bic only OH the books of the Company in
person, or by Attorney.
SEC. 7.-Be II farther enacted. That the
purpose, business and objects of said Com
pany is, to purchase and deal in Hides. and
Tan, Curry, finish and manufacture Leath-
er into Betting, Boots and. Shoes, and such
other Mbrlcations " may be deemed con-
velient aud d~esfr9ble; also, to buy and
sell Leather and Skins, and all materials
used In the course Of tanning and manu-
featuring Leather. And the said Compa-
ny may make, OF have executed to them,
mortgages. deeds of. trust on real or per-
s0nal property, or both, when necessary or
prudent In their business, or In order to
secure debts due by, or to said Company.
SIC. 6-Be 4 further swacted, That this
Act take eject from aud after its passage.
Passed December II, 1850.
r. {. RICHARDS,