The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1870-05-26


them then and there TO be instructed and re-
minded of their duties as conservat0rs of
the public peace under the laws of this
State.
Sec. 2. Be it further enacted, That it
shall be the duty OF the CT rks of sill Circuit
the judges OF said courts on the first day OF
each term thereof correct list OF the names
Of all persons holding any of the civil and
peace Offices aforesaid, and the judges shall
impose fine upon all such as shall fail TO be
present and hear his charge as aforesaid. the
same as against absent and defaulting Grand
Jurors.
Sec. B. Be it further enacted, That this
acs shall take effect and be in force from and
after its passage.
Approved, May II, 1870.
AN ACT for the charter of the North Mis-
sissippi Cotton and Wooden Manufactur-
ing Company located at Corinth Missis-
sippi;
Section 1. Be it enacted BIZ the Legisla-
ture of the state of Mississippi, That W.
w. Inge, James III. Walker, Houston Mitch
ell, Il. Ii. Allen j. w. Scruggs, j. i. Free
man, Z. Z. Whitfield, A. j. kInciad, A. Z.
Reynolds j. l.. WOfford, nj. McCatto, Z.
A. Taylor, w. A. Taylor, Robert Lowry.
Pleasant Bearden. W. j. Hart, T. @. Dean,
ID. h. Paden, X. w. Price w. w. Lawrence,
@. Ill. Phillips, Jonathan McMasterS and l..
Z. Reynolds, and their successors, be and
the same are hereby created body polite,
and corporate, under the name OF the North
Mississippi Cotton and Wooden Manufactur-
ing Company, and by that name may sue
aud be sued, plead aud be iulpleaded in all
thei courts of law and equity; have q
common seal and alter the same at pleas
ure, aud contract aud be contracted with,
and shall be capable of purchasing,
holding and alternating all kinds OF
property, real anc personal, and mixed, for
the purpose of carrying on in. or near the
city of COrinth, county of AlcOrn, in the
State OF Mississippi, the manufacture OF
cotton and wooden yarns. WOODEN anu cot
ton fabrics of every description, cotton seed
and lard oil oil-cake. flour, meal, lumber
cotton and iron machinery, wood work in all
IFS branches, glass and earthen ware and
bone mills, aud for the erection of build
Ings. aud making and purchasing of all
machinery necessary therefor. aud the said
shall have power to make and
enforce any bylaws and regulations not
contrary to the Constitution and laws OF
this State, or the United States which may
be necessary to carry into effect the provis- |
ions of this act, and the purposes thereof.
SEC. 2. Be it further enacted, That the
capital stock of said company shall be five
hundred thousand dollars. and that they |
may increase the same at their option TO any
amount not to exceed one million dollars. !
to be divided into shares of one hundred /
dollars each. and said shares shall be trans
ferable by assignment as shall be fixed by
the bylaws of said company said company
shall have the right TO organize and elect Of !
ticers Immediately, but shall not proceed to |
make contracts, or any other arrangem |
outside of the organization OF aid company. !
until one hundred thousand dollars shall |
have been subscribed, and five thousand |
dollars shall have been paid in the Treasury |
of the company.
Sec. 3. Be it further enacted, That the
government and management of the affairs /
of said company shall be vested in Presi- |
dent, and the twenty-three directors men, |
toned in section one Of this charter, who |
shall hold their offices for twelve months |
from the date of this act; after which the |
Board OF Directors shall consist of seven Di- |
rectors who shall be chosen by the stock |
holders the Directors shall elect President |
of their number; none but stockholders shall |
be eligible To the office of Director; thu Pres
ident and Directors shall hold their office |
Tor twelve months, and until their success |
sors are qualified, majority OF whom shall |
quorum, foar of the seven Di- /
rectors shall be citizens of the county of AL
corn; they shall have power to make all |
needful rules and laws tor the govern
ment, well being aud management of said /
company; they shall also appoint General |
Secretary and Treasurer and such
other agents as shall be deemed by them
necessary for the proper management OF
said company, from any or all of whom
they may take such bonds, and prescribe to
them such duties as they may seem sufficient
for the faithful discharge of their several
duties: the President and Directors shall |
appoint some suitable day in each and every
year for the annual election of Directors and
President of said Company, and shall give
public notice of the same in one or more
each share ofOne hundred dol
lars shall entitle the holder to ono vote. to
be given in person or by proxy as shall be |
provided for in bylaws; the President and |
Directors shall have pow er to fill all vacan-
cies in the board which may occur between
intervals of annual elections by death, res
EQUATION or otherwise.
per cent. of the stock subscribed shall be-
paid at the time of subscription, and the /
balance to be paid in installments of five
per cent. on the amount subscribed each
month thereafter until the entire amount
is liquidated or paid.
Sec. 8. Be il further enacted, That no |
person shall subscribe more stock to said /
company than one share for himself, aud |
one fer his wife and one for each of his |
children who are under twenty-five years |
of age at the time of subscription, except |
stock for endow ment of Benevolent Institu- |
tions which shall not be limited in amount |
Sec. 6. Be it further enacted. That as |
it is the intention of this incorporation To !
be on the cooperative plan, that for the |
present, the stockholders shall reside in the |
of Tishomingo, Alcorn, PrenLiss, |
Pontotoc, Tippah, Lee and Ittawamba, in |
the State of Mississippi; Hardin, McNairy |
and Hardiman, in the State of Tennessee;
and Franklin and Lauderdale counties in |
the State of Alabama and that the reserved |
right shall be given TO the Board of Direc- !
tors, that if the stock is rot subscribed for |
within six months after the date of the or |
iginal organization of said company Gwen |
ty-third day of August, 1867 by the citi- |
Zens of the aforesaid counties, then and in |
that case they have the right to authorize |
the stock to be taken in any part of the |
United States; and the amount subscribed |
by any individual firm or company shall |
not be limited.
SEC. z. Be it further enacted, That said |
shall have the power TO issue ten |
year bonds, at the rate of interest that may |
be agreed upon by the Board of Directors |
not TO exceed eight per cent. and in amount
not TO exceed the amount ofstock paid into |
the Treasury of said Company at any one
time.
Sec. s. Be it further enacted, That If the 1
do not pay in their monthly in |
stallments as they become due, that the |
amount paid by them on previous INSTALL /
ments shall be considered forfeited to the |
Company, unless an extension of the lime |
may be considered to the interest of the |
and the Board of Directors shall |
nave power to make bylaws to that effect |
SEC. 6. Be it further enacted, That the |
stockholders in this company, after the eff |
fects and property of said corporation are |
shall only be liable on the debts |
and contracts of said company to the amount |
of stock or shares respectively subscribed |