Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-02-20
ENGLISH CAPITAL.
A Movement to Encourage its Invest
ment in Tennessee.
Text Of Judge Gardenhire's Bill In
trOdueed Yesterday.

during yesterday s session OF the House.
Judge Gardenhire introduced the following
important bill:
A bill 70 be entitled an act relating to
the Southern States, coal, iron aud land
company, entitled a corporation, formed in
accordance with the laws Of Great Britain,
having its principal place Of business in
England, and 70 all other corporations
formed under the same laws, and guaran-
teeing certain powers, rights and immu-
mites:
SECTION 1. Be it enscted BY the Cen
eral Assembly of the State Of Tennessee,
that the said Southern States coal, iron
and land company, limited, being a eom-
pany formed in Great Britain, under the
laws known there as the companies acts Of
1862 and 1861" and having, in conformity
with the provisions Of these acts, lodged
with the Registrar Of Companies at Scar
geant's Inn, IN the city Of London, a copy
Of its memorandum Of association, setting
forth the objects Of the company, the
amount Of its capital, and the extent to
which the liability Of its shareholders is
limited; and, having similarly lodged a
copy Of its articles Of association, for the
regulation Of its affairs inter Sc, shall be
and is hereby endowed with full power
and authority to carry on and transact,
conduct and maintain its business in its
corporate capacity in the State Of Tennes-
see, by its officers, agents and servants, in
accordance Herewith: provided always,
that the said corporation shall first deposit
in the Office Of the Secretary Of State, two
copies each Of the said memOran-
dunn and articles Of association,
signed by seven or more Of the
corporatOrs, and such deposit shall
be accepted in lieu Of depOsiting
chateri Of incorporation, as described at
line ), section Z, line 4, section 8, line 4,
section 10, line 4, section II, and line .,
section II, Of an act to provide for the or
ganizatiOn Of corporations, and thereupOn
the Secretary Of State shall endorse on one
Of said copies a certificate that the same
has been duly registered in his Office, and
that its provisions do not conflict with the
laws Of the State, and he shall attach there
TO the great seal Of the State, and deliver
such certificate to the company on the pay
ment Of a fee Of ten dollars; and on deliv-
cry Of a certificate so signed and sealed,
the existence Of this corporation Is a body
polite and corporate is hereby declared
complete, and the validity of the same shall
not be in any legal proceeding collaterallY
impeached.
Sec. ?. Be it further enacted, that said
corporation shall forever have the right,
power and authority TO purchase and own
real estate i'm fee simple in this State, and
to acquire and hold any estate less than a
fee simple, and to sell, lease and otherwise
dispose Of its real estate, in such manner
as a natural person might dispose Of bis OF
her real estate in this State.
Sec. 3. Be it further enacted, that the
said corporation shall have full power and
authority to purchase and own coal lands,
timber lands, and iron and other
mineral lands; 10 mine CT quarry
for coal, limestone, iron and other
ores, and 10 carry ON generally the
business Of coal miners and dealers in coal
and coke; TO erect and use furnaces, found
cries, rolling mills, steel works, coke ores,
saw-millS and all subsidiary works; to carry
on generally the business Of miners, manu-
and merchants (withOut prejU-
dice to the generality Of powers COnferred)
to buy and sell ores, coal, coke, clay, stone,
bricks, limestone, lime, timber, and char
coal, and all other products and chattels as
fully as an individual citizen Of the State
might do, and generally to do all such
things as are Incidental, to the accom-
plishment Of such objects.
Sec. 4. Be it further enacted,
hat the said corporation, shall have
'Ull power and authority to make
and use railroads, tramWays and
canals to connect their mines, quarries aud
ands with each other, and with the manu-
works of the company, or with
adjacent railroads, (whether such railroads
now exist or may be hereafter cOnstruCted,) /
and with rivers and streams, and for the
purpose Of exercising the powers conferred
By this section, shall have all the rights
and privileges conferred by section Z Of an
lct 10 provide for the organization Of cor
lOratiOns, and shall be subject to all its OBJ
legations, except those described in lines
81 to 90 inclusive, which are inapplicable
% a company Of foreign origin.
Sec. ). Be il further enacted, that |
he said corporation shall have full |
)OEer and authority TO make, main |
ain and use turnpike roads and bridges, to /
,onnect their roads, quarrys and lands with |
ZACH other, and with the manufacturing |
works If the company, or with adjacent |
works, or with rivers and streams; and for |
he purpose of exercising the powers con-
erred by this section, tLey shall have ali |
he rights and privileges conferred by sec |
ion s Of "An act to provide for the organ |
zatiOn of companies and shall incur all ]
he obligations thereby created.
Sec. 6. Be it further enacted, that said |
company shall hav3 power and authority, /
o locate, lay out, and build on its own /
and, cities, towns and villages, and |
o dedicate to public uses such pOr-
ions Of the same as may be 1
eemed necessary for highways, streets, |
arks, cemeteries, churches. hospitals, |
chOOls, gas-WOrks, Water-wOrks, and other /
works Of public utility, and shall, in aid Of
uch purposes, have all the powers and
rivileges conferred, and sustain all the OBJ
igations imposed by section 10 of "An act
o provide for the organization Of corpora
iOns.'
Sec. I. Be it further enacted, that said
orporatiOn shall have all the Ii2bts, pow
rs and privileges in regard to insurance
Onferred bv section II Of "An act to pro-
ide for the organization Of corporations"
nd shall incur all the obligations created
hereby.
Sec. 6. Be it furt' er enacted, that all the
roperty Of the said corporation shall be
able tor It's debts and contracts, and that
aid corporation may sue and
e sued as a natural person in
be courts of this State, and that pro-
ass NAV be served on such corporation by
srviCe on any director or general manager
hereof in tie State of Tennessee. Or il
lere be no director or general manager
hereof in the State, for the space Of thirty
avs, then by service upon any other officer
r agent Of the corporation in this State.
Sec 9. Be it further enacted, that if the
aid corporation shall purchase lands in
his State, for any Of the aforesaid purposes,
lch lands shall not be subject to re-valua-
on for the purposes OF taxation, but the
alue shall be he'd to be the same as for
be year next preceding such purchase;
nd that f the said corporation shall open
lines, erect furnaces, fOunderies, roll
lg mills, or works for the man
facture Of steel, such mines, works
nd machinery shall be exempt
ON taxation for ten years from and
ter any such opening or erection, and
rat the whole shall thereafter be subject
, taxation only to the same extent as the
ke property of citizens or corporations Of
lis Stale may then be under the general
special law.
Sec. 16 BE it further enacted, that il
lall net be lawful for any person or per