The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1877-03-28
AN ACT Incorporate the Mississippi Improvement Com
pauy.
,ovED, January both. 1877.

SECTION /. Bot eaacfez IN The Legislature qf
the State Of Mississippi, That Horace b. Teb-
bets, Sila5 NJ. Stlwel Isaac T. Smith, John Q.
Stevens George NJ. Klein. G. H. Marshall A.
/ NJ. West. and their associates and successors,
and all other persons who may be stock holders
as hereinafter provided, are hereby constituted,
and made body corporate by the name of the
Mississippi Improvement Company, for the pur-
pose Of building and repairing levees, cultiyat-
ing cotton and other products, and manufacture
ing from the same, and by the aforesaid corpo-
rate name, the said Horace b. Tebbets SiIas NJ
Stilwell, Isaac I. Smith, John O. Stevens, George
NJ. Klein, c. X Marshall and A. NJ West. their
associates and successors, and all other persons
who may be stock holders as hereinafter proyid-
/ ed, shall be, and they are hereby made capable,
! in law, of purchasing, holding leasing, selling
and conveying estates, real personal and mix
/ ed, far as shall be necessary, for the purposes
herein mentioned, and to carry on its operations
in the State Of Mississippi and other States,
and shall have perpetual succession, and by said
| corporate name may and be sued, and have
and use common seal, and also to ordain es-
tablish and put in execution such bylaws and
regulations shall seem necessary for the gov
eminent and management Of said corporation
and to alter and repeal the same at pleasure,
and shall have and exercise all the rights, pow
ers, and privileges which corporate bodies may
lawfully possess, for the purposes mentioned in
this Act
SEC ? BE itfurther eaaeted, That the CAPT
tai stock Of said corporation shall be twenty
millions Of dollars, to be divided into two hun
dred thousand shares, Of one hundred dollars
each. with power to the company to increase
the same as may be necessary to carry ont the
objects herein declared. The said stock may
be used in the purchase Of real and personal
property, and ID improving the same. and for the
building and repairing Of leyees, and shall be
! personal property TO be transferred in such
manner as the bylaws OF the said corporation
may prescribe, and shall, in all cases be issued
| full paid stock and subject to no assessment.
The company shall have the right to issue one
half of its said capital stock, as six per cent.
preferred. That no stock holder shall be ndi-
vidually liable for any debts of the Company.
SEC. 3. The property Of the company shall not
be mOrtgaged for any debt encumbered in any
way, and each share Of stock issued shall repre-
sent not less than four acres Of land unencum
bered.
SEC l. Any stock holder of this company who
shall be DESTROYS Of entering upon and taking
possession Of any portion Of the unimproyed
lands belonging to the company for the purpose
of improving and developing the same, shall
have the right, upon the surrender of his stock
to the company, to demand and receive from
said company, a deed Of such unimproved
lands, to the extent Of four acres for each share
Of stock so surrendered.
SEC. 5. \ meeting of the corporation. or
majority OF them. shall be held in the city Of
Jackson, within ten days after the passage Of
this Act, at which shall be chosen q board of
directors, to consist Of not less than seven nor
more than fifteen in number who shall hold
office for the FIRST year, until others are elect
ed in their place, and majority OF them shall
constitute quorum for the transaction Of bust
ess. Such board shall have power to elect
president and other 6olicers Of The company.
and to adopt such bylaws for the management
thereof as may be determined by vote OF such