Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-02-03
HOW TO OBTAIN CHARTERS
.s OF INCORPORATION. p.
PUEBLO ACTS OF TENNESSEE.
official.
An act to authorize the Chancery Courts in this
State TO grant letters Of incorporation.

SL91 Usa-
An act to authorize the Chancery Courts in this
State 70 grant LISTERS Of incorporation.
Section l. Be 1t enacted by the General
Assembly of the State of Tennessee, That
hereafter when persons in this State shall
desire to be incorporated with the powers
and privileges of q corporate body, they
shall file petition in the Chancery Court
of the county in which the largest num-
Der of the petitioners reside, setting forth
the purposes and objects OF the corpora
ton prayed for, and immediately upon
the fling of the petition the Clerk and
Master shall cause publication to be made
for thirty days in some newspaper pub
lished in this State, which publication
shall give the names of the petitioners
and nature of the corporate rights prayed
for, notifying all persons to appear and
show cause why letters of incorporation
should not issue. The court shall pro-
coed to an ex psrte hearing of the matters
of the petition at the first term after the
fling Of the same, and upon evidence that
publication has been made as heretofore
prescribed IN this act and 1t appearing to
the court that the objects of the corpora
ton prayed for are not in conflict with
thelsws of the land, nor detrimental to
public interests or morals, the court shall
so adjudicste and decree, which adiudi-
cation and DEGREES shall be spread upon
the minutes Of the court, and shall emu
merste such usual powers and privileges
of corporate bodies as may be necessary
10 carry out the legitimate objects of said
corporation; provided that nothing in
this act shall authorize any Chancery
Court to exempt the property of corpora
tons from taxation. The Legislature re-
serves the privilege of limiting and re-
stricting the powers and privileges of cor
porations by general laws as may be
necessary from time to time for the well
being of the State and the citizens thereof !;
provided, further, that Chancery Courts
may alter, amend and revise the charters
of corporations created by said courts or
by act of the Legislature upon applies
ton in manner and form, and subject to
the conditions and restrictions as hereto.
fore prescribed.
Sec. 2. Be it further enacted, That on
application, corporations for the con-
structing and building of McAdamized,
graded ttrnpikes and plank roads, may
be formed on terms and conditions fol-
lowing; The petition may be filed in the
Chancery Court of any county through
which the proposed route of said road
may pass. The court may appoint in
the letters of Incorporation commissioners
to open books to receive subscription
of stock, and the decree incorporating
said road shall be registered in the county
Registers Office of each county through
which said road may pass; provided that
the number of stockholders, amount of
capital, election of directors, number of
votes to the share, organization of d.
rectory, powers, succession of officers,
right of way and location aud construc-
ton of road, increase of capital, office of
company, place of keeping officers bonds,
stockholders meetings, real property to
be held by company, calls or installments
of stock, failure to pay calls, and all
other matters not otherwise provided fol
in this act, shall be regulated and estab.
lished as prescribed in chapter 2, article
l, sections 1,401, LAOS, 1,404, /, 405,
l, 40S, !, 409, 1,410, 1,411, 1,412, l, 419,
l, ala, 1,415, 1,416, 1,417, LAS, /, 420,
l, 421, l ,422, /, 423, l,424, ], 425, l, 1926,
l, 427, LABS, !, 429, 1,490, 1,4S1, 1, 1872,
/, 4SS, 1,494, 1,4S5, 1885, 1,4S7, l, 43S,
l, 439, LAO, 1,441, !, 442 ,443, /, "A,
/, 445 and ], 446 of the code of Tennes-
see; provided, further that the proceed.
ings upon application shall be the same
as prescribed in the first section of this
act.
Sec. 8. Be it further enacted,
That the applicants for corporate
privileges, shall pay the costs of proceed.
ings, and shall give bond to secure costs
of the SAME, and the cases referred to in
the 1st and I'd sections of this act ehAl
be governed by the same rules and regu-
lstions as other proceedings in the Chanc
cry Court of this State. .. FL.
Sec. 4. Be it further enacted, That
the directors, corporate powers as to of
| ficers capital, duration, loans, stock
| holders liability, annual reports, liability
of directors, stock book, transfer Of
stock, liability of stockholders to labor
ers, dividends, and increase of capita
stock of corporations, created by the
Chancery Court of this State for the pur
pose of manufacturing, quarrying snG
mining, ETC., shall be regulated and con
trolled as prescribed in chapter 9, article
2, sections 1,452, 1,453, ], 454, l, 455
l, 456, LAST, 1,458, 1,459, ], 400, 1,461,
/, 1852, 1,463, l, 464, 1,466, !, 466, of thu
Code of Tennessee, and the general pow
| ers and privileges and liabilities of cor
porations created by Chsncery Courts
shall be the same as prescribed in chapter
g, article 4, of the Code of Tennessee,
from sections ], 474 to l, 499 inclusive.
Sec. 8. Be it further enacted, Thai
| when parties who are non-residents Of
this State desire to be incorporated, they
may file their petition in the Chancery
Court of any county in which they may
desire to operate.
Sec. 6. Be it further enacted, Tha'
when the inhabitants of any town or vii.
lage in this State shall desire to have thu
same incorporated, any three of said in.
hsbitsnts may apply to the Chancer1
Court of the county in which said town
or village may be situated at any tern
thereof, and said court may appoint com
missioners to fix the limits and bound
aries of said town or village, who slal
| report the boundaries established to tn
clerk of said court, whereupon he shall
notify the sheriff of the county of thu
filing of said report, who, after givinG
ten days notice, shall open and hold az
election within the boundaries estsblisheC
by the aforesaid commissioners, and if
majority of the votes shall be in favor c
said corporation, the sheriff shall retur
the result of said election to the mex
term of the Chancery Court, whereupol
said court shall declare the said town o
village to be an incorporated town. TIL
officers of said town so incorporated shal
be Mayor, Board of Aldermen, an
Town Constable. Provided, That tn
decree of incorporation shall contain
description of the boundaries of sal
town and shall fix the time for the frs
election of officers under said corporation
all of which shall be spread upon th
minutes of the court and form part o
the records thereof.
Sec. z. Be it further enacted, Ina
the Chaneery Courts of this State are az
thorized to alter, amend or revise tn
charter of any town or village incorpol
sted by said court, or by act Of the Leg
islsture, on application by the authoritie
of said incorporated town. Provided