CHAPTER LXXXV. An Act to incorporate a company to reclaim lands submerged by back water from the WHEREAS: J. Peabody, Orville Ewing, John Nichol, and other owners of real estate within and near the city of Nashville, on the northwest side thereof, which lands are submerged by backwater from the Cumberland river, have petitioned this General Assembly to incorporate a company, with authority to reclaim said lands; and to authorize a majority of the owners of said lands to elect three trustees, with authority to contract with the said company, to reclaim the said lands aforesaid; therefore, rated. SECTION 1. Be it enacted by the General Assembly of the State of Tennessee, That Return J. Meigs and Robert Lick Branch Com Farquharson, be and they are hereby appointed commis- pany Incorposioners, at such times and places as they may deem expedient, to open books of subscription; and that the owners of the shares herein authorized, be and they are hereby made a body corporate, by the name and style of the Lick Branch Company, and by that name may contract and be contracted with, and may sue and be sued, plead and be impleaded, and prosecute to final judgment in any court or elsewhere; and may have a common seal, and change the same at pleasure; and may purchase, receive in donation or otherwise acquire lands and estate real, personal and mixed; and the same may rent, lease, let, use, possess, enjoy, sell, transfer, and convey, or otherwise dispose of; and may do and perform all such acts, and have all such powers and privileges as may be necessary and proper for them to do or to have, as a body corporate. SEC. 2. The capital stock of the company shall consist of two thousand five hundred shares, of one hundred dollars each; which shall be deemed personal property, and transferable only on the books of the company in such manner as the by-laws direct. Capital Stock. SEC. 3. The management of the business and property Organization. of the company, shall be under the control of three directors, who, when two hundred shares shall have been subscribed, may be elected by the stockholders; each share, having one vote, and these directors shall appoint one of their body as president, and may also appoint such other officers and agents and employ such other persons as they may deem expedient, and may define their duties, and fix their compensation. They shall also have power to make by-laws, rules and regulations, and change the same at will; the same being consistent with the constitution and laws of this State, and of the United States. SEC. 4. Whenever the said company shall be organized, Mayor to order Election. Tax to be levied. and the president shall have notified the mayor of the city of Nashville thereof, it shall be the duty of the said mayor, by public notice published in one or more newspapers of the said city, to appoint a time when the owners of the land submerged by overflow of the Cumberland river as aforesaid, shall elect three trustees, with power and authority, to contract with the said company, for reclaiming the said lands; and it shall be the duty of the said mayor, to cause the said election to be held on the day thus advertised, in the same manner as elections for the mayor and aldermen for the city of Nashville are held, and the owners of land thus submerged, shall each be entitled to vote at said election, for three trustees as aforesaid. SEC. 5. It shall be the duty of the persons conducting the said elections, to certify to the mayor, the names of the three persons having the greatest number of votes, and the mayor shall declare the three persons having the greatest number of votes, to be duly elected trustees, and shall issue to each, a commission authorizing them, as trustees, to contract with the said company, for reclaiming the said submerged lands; and the said trustees, may, and they are hereby authorized and empowered, to contract with the said company, binding the owners of the said lands, to pay to the said company, such sum or sums annually, and for such number of years as the said trustees and said company may agree upon; and it shall be the duty of the mayor and aldermen of the city of Nashville, to enter the said contract of record, and to enact an ordinance in conformity therewith, levying upon the lands thus reclaimed, as aforesaid, as an annual tax, the sums thus stipulated by the said trustees, to be paid to the said company, for reclaiming the said lands, which sum, thus levied, shall be apportioned, by the said ordinance, among the said owners of the said lands, and charged and collected as other taxes are, and when so collected, shall be paid over to the said company, or their assignee, as the same becomes due. SEC. 6. When the said company shall have made a Materials. contract for the reclamation of the said lands, it shall and may be lawful for them to enter upon and appropriate to their use, any land, earth, or material, necessary and proper for the reclamation as aforesaid; and in case they cannot agree with the owners thereof, they are hereby empowered and authorized to proceed in the same manner, and are invested with the same power and authority, to condemn land, earth, rock, or other materials necessary and proper to be used in the reclamation aforesaid, as is prescribed for and given to the Nashville and Chattanooga railroad company, for the condemnation of land, earth, rock or other materials for the use of their railroad. SEC. 7. If any owner of the said land, thus reclaimed, shall at any time prefer to release the same from the tax herein authorized to be levied thereon, he may at any time release the same, by paying into the treasury of the city of Nashville, a sum equal to the value of the tax thus charged on his land as aforesaid, and the sum thus paid, shall be held for the use of the said company, and paid to their order. SEC. 8. If said trustees and the said company can agree, the said trustees may issue their bonds for such amount, payable at such times as may be agreed on, in sums not less than one hundred dollars, bearing an interest of six per cent. per annum, payable annually, and in that case, the tax charged on the said lands as is hereinbefore provided for, shall be sufficient to pay the interest on the said bonds, and to create a sinking fund sufficient to pay the principal, when the said bonds fall due; and in that case, the whole of the sums thus collected, shall be for the use of the said Lick Branch Company, or their assignee, and paid over when the same is received. SEC. 9. One dollar per share shall be paid at the time of subscription, and the remainder, at such time as may be required by the directors, who may, after the organization of the company, continue to receive subscription, until the whole amount of the capital stock is taken. Bonds. Provisions SEC. 10. If the directors shall at any time divide the capital of the said company, leaving debts unpaid, any Creditors. creditor of said company may, by an action on this statute, recover from any shareholder, the amount so distri buted and paid to such shareholder, or so much thereof, as may be required to pay the debt thus due, and any shareholder, who may be required to pay any such debt, may, by like action or by bill in equity, recover from each of the shareholders, a proportionate amount of the sum thus paid; and if the said directors shall, at any time, declare and pay any dividend, knowing the company to be insolvent, or that the paying of such dividend will render it insolvent, the directors present and assenting thereto, shall be severally and jointly liable to the creditors of the said company, for the whole amount of the debts of the said company, due at the time of declaring and paying such dividend; and each director present at the time of declaring such dividend, shall be held as assenting thereto, for unless he shall enter his protest at the time on the books. of the company. LANDON C. HAYNES, Speaker of the House of Representatives. Passed February 9, 1850. Speaker of the Senate. CHAPTER LXXXVI. An Act to incorporate the Bledsoe Female Academy, in the County of Sumner, and for other purposes. SECTION 1. Be it enacted by the General Assembly of the State of Tennessee, That the Bledsoe Female Academy, situated near the Castilian Springs, in the county of Sumner, shall have a corporate existence from the day and date of the passage of this act, under the name and style of the Bledsoe Female Academy. SEC. 2. That said institution shall be governed by nine Organization. trustees, who, as well as their successors, shall be elected by the patrons of said academy, on the last Saturday of every December, and shall hold their office, enjoying the rights and privileges of the same, for one year only, unless the patrons of said academy fail to assemble and elect a new board as this charter directs; in which event, those trustees who were last elected, under the provisions of this act, shall continue and be recognized as such, with all the powers and privileges granted by this act, unless such election is made as herein prescribed; all vacancies that may occur in their body, shall be filled by the board, and entered upon the minutes; they may elect from their own body, a president, secretary, and treasurer, and it shall be their duty to keep a correct record of their proceedings, which shall be transmitted at the expiration of their term of office, to their successors. SEC. 3. That the trustees of said academy, when Trustees. elected as herein prescribed, shall constitute a body politic and corporate, a majority of whom, shall constitute a quorum for the transaction of business. The first board shall consist of William Hall, Joseph Harlan, David Chenault, A. B. Wynne, J. J. Hibbett, Jeremiah Belote, Bushrod Thompson, James H. Patterson, and George W. Winchester, who are to remain in office until the last Sat urday of December, 1850, when an election shall take place, according to the provisions of this act. SEC. 4. That said board shall have power to employ General powers. all necessary teachers and lecturers, fix the rate of tuition, prescribe the course of study, make all necesary rules and regulations, hold real, personal, and mixed estate, by purchase or otherwise, and sell or exchange the same as the interest of the institution may require; to sue and be sued, plead and be impleaded; and have a common seal; and, if they think proper, to confer, in conjunction with the teachers, such literary degrees and diplomas, as are usual in academies; and to have and enjoy all other powers and privileges, that are common to corporations of this kind, inclusive of the power to make all necessary by-laws relative to said academy, not inconsistent with the constitution and laws of this State, or of the United States. SEC. 5. That the trustees be and they are hereby privileged to open books for subscription of stock in such shares as they may agree upon, to raise a library fund, which shall, when raised, be under the supervision and control of said board, or an officer appointed by them. SEC. 6. Be it enacted, That the institution known as Hartsville the Hartsville Male Academy, near the town of Harts- Academy. ville, Sumner county, shall have a corporate existence from the day and date of the passage of this act, under the name and style of Hartsville Male Academy. SEC. 7. That said institution shall be governed by sev- Organization. en trustees, who, as well as their successors, shall be elected by the patrons of said academy, on the last Saturday of every December, and shall hold their office, enjoying the rights and privileges of the same; for one year only, unless the patrons of said academy, fail to appoint and elect a new board, as this charter directs, in which event, those trustees who were last elected, under the provisions of this act, shall continue and be recognized as such, with all the powers and privileges granted by this act, unless such election is made as herein prescribed; all vacancies that may occur in their body shall be filled by the board, and entered upon the minutes. They may elect from their own body, a president, secretary, and treasurer, and it shall be their duty to keep a correct record of their proceedings; which shall be transmitted, at the expiration of their term of office, to their successors. SEC. 8. That the trustees of said academy, when elected as herein prescribed, shall constitute a body politic and corporate, a majority of whom, may constitute a quorum for the transaction of business. The first board shall consist of James S. Dyer, A. M. Debow, Thomas Stalker, R. M. Potts, M. Duffy, John Hutchins, and E. T. Trustees Male |