Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-02-03

| mess proposed be q legitimate one, and
not hurtful to the public good, then let
| tiers of incorporation OF. charters shall is
sue, which charters shall be registered in
the Registers Office of the county where
issued, and where the business is to be
conducted. ls5s u rs-1Q 4 oilT z
Sec. IL. Be it further enacted, That
the Chancery Courts of this State be and
they are hereby authorized to change the
name of any private corportion upon ap-
plication and good reasons shown by the
directors of such private corporation.
Sec. II. Be II, further enacted, That
section 1, $50 of The Code of Tennessee
in relation to the expiration of charters
be and the same is hereby repealed. g
Sec. 10. Be it further enacted, That in
all suits in law and equity in which cor
perations created by this act shall be in
terested copy of the decree creating the
said corporation, under the seal of the
court, shall be evidence of the existence
of said corporation. sti'tit-a
Sec. IA. Be it further enacted, That
when any corporation of any nature
whatever shall desire other powers and
privileges than those conferred by the
general provisions of this act or the sec
tions of the Code of Tennessee referred
to in and re-enacted by this act, applica-
ton may be made 10 the Chancery Court
in and for the county in which the prin-
cipal office of such corporation may be
situated, in manner and form as pre-
scribed in the first section of this act, and
upon the hearing of the cause, the court
may grant such privileges and general re-
lief in accordance with the principles of
equity, and not in conflict with the con-
stitutional rights of the citizens of this
| State, and said court may deem necessary
and just in the premises, provided the ap-
plicant shall pay the costs of proceedings.
Sec. Is. Be it further enacted, That
corporations for the constructing and
building of railroads may be organized
and formed upon the terms and condi-
tons, and subject to the liabilities herein
after prescribed: sa's= -
l. Such corporation must have ten
stockholders, and must before organlza-
ton have capital stock in good faith
| subscribed of at least Eve thousand dollars
per mile from the beginning point of the
contemplated railroad, to the point along
| the line where it intersects with an exist
ing railroad in actual operation or q nav
igable stream or its terminus.
| 2 Upon application for such an or
ganization by petition, in the Chancery
Court of some one of the counties
through which the line of the contempla-
ted railroad is to be located, sworn to by
one or more of the stockholders, the
Chancellor may appoint five commission
ers in each county through which the
proposed railroad is intended to run, a
majority of whom in each county may
upon giving notice of the time and place
open books for the subscription of stock
| to such railroad. -.--
8. Whenever the amount of stock,
as prescribed by this act is sub
scribed by voluntary subscription
or upon books opened by the
| Commissioners and an actual payment OF
five per cent Imade thereon, the stockhol-
ders may, upon notice, meet together and
elect of their body President, and NOT
less than three nor more than nine direc-
tors, at which election each stockholder is
entitled to one vote for each share of
stock he may have subscribed, and said
election may be conducted by the Com
! missioners, or any three of the stockhold-
ers appointed by the Commissioners, and
certificates of election shall be given by
the persons holding said election as such
directors. 1911 E-.. "..
4. Upon the receipt of their certificates
of election, the Board of Directors will
then organize by the election of one of
their number President of the company,
and the election of q Secretary and
Treasurer and such officers as they may
deem necessary for the purpose of carry
ing on the work contemplated.
5. The Board of Directors shall
thereupon make out in writing a state
ment setting forth the name and place of
residence of each of the directors of said
company, the name and style of the COM
psny, the description of the line of said
road, the termini of such road, the
general route, the amount of capital
stock required for its construction, the
amount actually subscribed, the shares
into which the capital stock is divided
and the amount at the time collected of
the capital stock so subscribed, which
shall be signed by the President and direc-
tors of such company, officially attested
by the Secretary of the said company,
proved and acknowledged as deeds for
land are required to be probsted, and
shall present the same to the Chancery
Court in which the original petition was
presented, asking for the appointment OF
Commissioners to obtain stock for the
contemplated railroad.
| 6. When this is done the Chancellor,
upon the hearing of said petition and the
production of said instrument duly &C
knowledged and proven as required and
satisfactory proof that said company
have, in good faith, accepted stock sub
scribed of at least five thousand dollars
per mile, from the beginning of said
railroad to the point along the line, where
it intsrsects with an existing railroad in
actual operation, navigable stream,
or its contemplated terminus, may declare
said stockholders g. body corporate,
clothed with all the power and privileges
as a corporation and subject to all the la
bilities prescribed in this act, and by the
general laws OF the State touching rail
roads-which corporation under the name
and style designated in said decree, shall
have succession for ninety-nine years,
with power to hold property, purchase
the same, convey the same, borrow
money and do all other acts necessary
and proper to carry out the objects of its
organization, including the authority to
accept donations of land or other prop
erty and to receive additional subscriptions
until their capital stock is all taken,
which stock 30 subscribed may be paid in
money, property or labor as may be
agreed upon by and between the com
pany and the stockholders, and to give
mortgage on their road bed, rolling stock
and property, to secure such lands, as
may he by the Board of Directors, under
the direction of the stockholders nego-
table for the use and benefit of said rail-
road, and upon such terms as may be
agreed upon, not exceeding interest at the
! rate of ten per cent per annum.
7. When thus organized and incorporated
the President and Board of Directors shall
hold their terms of office not more than
twelve months or until their successors
are duly elected and qualified; they shall
= determine the time for the annual meet
ings of the stockholders and the place of
said meeting for the election of their
successors; all the other officers of such