The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1870-07-07

thereto: and the said corporation shall have
power 70 make and enforce any bylaws
not contrary to the Constitution and LAWS OF
this State, or Of the United States. which
may be necessary to carry into effect the
provision Of this act and the purposes there
of.
Sec. 2. Be it further enacted, That the cap-
ital stock Of said Company, shall be one hun
dred thousand dollars, and that they may
increase the same at their option TO any
amount not exceeding five hundred thou
sand dollars TO be diyi1e into shares Gritty
dollars each, and shares shall be transfers.
bic by assignment agreeable to the bylaws
of said Company. Said Company shall have
the right to organize and elect officers Inn
mediatelys but shall not proceed TO make
contracts or any other arrangements out
side OF the organization of said Company
until fifty thousand dollars of the capital
stock Of said Company shall have been sub
scribed.
Sec. 3. Be it further enacted, That the Of
hcers OF said company shall consist of a
President, secretary, Treasurer, and Board
of nine Directors, all of which officers shall
be stockholders in said company. The
Board of Directors shall be elected by the
stockholders, and the President, Secretary
and Treasurer shall be elected by the Board
of Directors. The President and Board of
Directors shall manage the affairs of said
company, under such bylaws as may be
adopted by said Board. The said President
and Board of Directors shall have full pow
er and authority, in behalf of the company
to transact all business that may apr ertain
TO said company also to employ agents, and
to grant powers of Attorney for the trans
action of business in the State, and out of
It, provided all powers of Attorney, are
cOunteTsigned by the Secretary of said COM
pany. The said Board of Directors shall be
elected and hold their offices for the period
of one year, provided, any member of said
Board of Directors may be expelled fom
said Board by a two-thirds vote OF said Di-
rectors, and some other stockhOlder elected
in his stead by said Board of Directors.
Sec. 4. Be it further enacted, That five
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. to be paid as called for by the
President and Directors; provided that Said
installments shall not be called for less than
| thirty days apart.
Sec. ). Be it further enacted, 1hat II the
stockholders do not pay in their install
ments when called for by the President and
Directors that the amounts paid by them in
previous instaIlments shall be considered
forfeited to to the company unless an extern
sion of the time. in which installments are
to be paid. may be considered TO the inter-
est of the company, and the Board of Direc-
tors shall have power to make bylaws to
that effect.
Sec 6. Be it further enacted, That the
stockholders in said company after the eff
fects and property of said company are eX-
hausted, shall only be liable in the debts
and contracts of said company to the
amount of stock or shares respectively sub
scribed by them; that is to say, no stock
holder shall be liable for the debts of said
company. to an amount that exceeds his
stock in said company or corporation.
Sec. Z. Be it further enacted, That the
charter hereby granted shall remain and be
in force fol- fifty years; and that this act
shall take effect and be in force from and
after its passage.
Approved May %, 1870.