Rates of toll.

lish and enforce such by-laws, ordinances and regulations as they shall deem necessary for the government of said corporation, not being contrary to the laws of the United States or of this State.

Sec. 9. And be it further enacted, That said "Muscle Shoals Farther powers. Canal Company," they and their successors and assigns, shall be capable of purchasing, holding and conveying all kinds of estate, whether real or personal, for the use of said company: Provided, they shall not, at any one time, own or hold more than fifty thousand dollars worth of property, real or personal; nor shall they exercise banking privileges or powers. They shall have power, when said Canal is completed, to demand and receive, the Congress of the United States having first assented thereto, the following rates of toll from all such steamboats or other water crafts, as may go in or through said Canal, either ascending or descending viz: a toll or tonage duty at a rate not to exceed forty cents for each ton of the registered measurement of, such boat or water craft, that shall become liable for toll as aforesaid; and the sum of twenty dollars upon each flat or keel boat that may pass through said Canal, as aforesaid: Provided however that all public property, whether belonging to the United States, Public officers & or the State of Alabama, and all persons or boats in the service property exempt of either, shall be exempt from the payment of any toll or duty; and said company shall not be compelled to open their gates for the passage of any boat or craft, not excepted as aforesaid, whose captain, owner, or person in charge thereof, shall refuse or neglect to pay said tolls after demand is made; and any captain, owner, or other person in charge as aforesaid, who shall neglect or refuse to pay the rates of toll as aforesaid, shall be liable to be sued, or the boat of which they have charge, liable to process of attachment or libel for the amount of toll due, together with fifty per cent damages; and said boats or other vessels and their owners shall be liable for the same, together with costs of suit, to be collected before any court of competent jurisdiction; and all laws now in force for the protection of said Canal, and to prevent its destruction in any way, are hereby extended, so as to apply to said Canal whilst under the control and management of said compa

from toll.

Penalty for refu

sing to pay toll.

Term of office.

Name and style.

Vacancies how to be filled.

ny.

Sec. 10. And be it further enacted, That said Commissioners shall hold their offices for the term of six years and shall be known and styled as "the Tennessee Caual Commissioners;" and should a vacancy or vacancies occur by death, resignation or otherwise, then such vacancy or vacancies shall be filled by the Governor of this State; and when vacancies occur, by the expiration of the term of office, for which said Commissioners are appointed, they shall be filled by the appointment of the Gov

ernor.

Sec. 11. And be it further enacted, That it shall be the duty of the said Muscle Shoals Canal Company, to make biennial reports To rep biennally to said Commissioners, on or by the first Monday in November in each year in which the Legislature of this State shall hold its

regular sessions, giving a general expose of the affairs and condition of said Canal, and embracing such details, in regard to the statistics of the trade in the Tennessee river, as said Commissioners may require; and said Commissioners shall make biennial reports to the Legislature of this State, of all matters touchKing said Canal, which may be deemed of a public and general

nature.

Sec. 12. And be it further enacted, That whenever said Com

Com'rs to report.

pany shall have completed the repairs of said Canal, as contem, Com'rs notified plated by this act, and in pursuance with the contract of lease to meet, aforesaid, they shall notify said Commissioners to meet on the

Canal at some suitable period, in order to examine said Canal Required to exso repaired; and if, in the opinion of said Commissioners, after a amine work and full and careful examination, the work and repairs have been make report. done in accordance with said contract of lease, then they shall approve and receive the work, and so certify their approval and reception to the said company, and to the Governor of this State; but if they should not approve the same, they shall refuse to receive said Canal, and direct the company to comply with the contract of lease; and in case of the refusal of said company to complete or fulfil their contract, the said Commissioners shall report the same to the Governor of this State, who shall lay said report before the next Legislature thereafter, for such action as it may deem proper to take in the premises.

Approved, February 25, 1848.

Further duties.

To to Incorporate the Alabama and Tennessee River
Rail Road company.

Section 1. Be it enacted by the Senate and House of Representatives of the State of Alabama, in General Assembly convened, That James E. Saunders, Joseph W. Lesesne, of Mobile

county; John W. Lapsley, Thornton B. Goldsby, of Dallas Names of com`rs. county; Daniel E. Watrous, of Shelby county; Richmond Nickles, of Marshall county; James Neal and William Horton, of St. Clair county, be, and they are hereby appointed Commissioners, any five of whom may act, and do all business necessary to be done under this act, preparatory to the organization of the "Alabama and Tennessee Corporate name River Rail Road Company;" and they shall open books of subscription for the capital stock of said company, at such time and places, and with such notice, not less than thirty days, as they may think proper.

Sec. 2. And be it further enacted, That the capital stock Capital sterk of said Rail Road company may be one million of dollars, $1,000,000. in shares of twenty-five dollars each, with the privilege of

Extent of road,

with powers.

Defined.

increasing to one million and a half, should said increase be found necessary for its construction and future manage

ment.

Sec. 3. And be it further enacted, That said Rail Road shail extend from some point on the Alabama river, at, or near the town of Selma, in the county of Dallas, to some convénient point on the Tennessee and Coosa Rail Road, and may be, and hereby is, authorized to connect with the

same,

Sec. 4. And be it further enacted, That, as soon as one When $100,000 hundred thousand dollars shall have been subscribed to the subscribed stock capital stock of said Company, the subscribers of said stock, holders vested their successors and assigns, shall be, and they are hereby déclared to be incorporated into a company, by the name of the Alabama and Tennessee River Rail Road company;" and by that hame shall be capable in law, of purchasing, holding, leasing, selling and conveying real, persoual and mixed property, so far as shall be necessary for the purposes of this incorporation; and by said incorporated name, may sue and be sued, plead and be impleaded, answer and be answered unto, in any court of law or equity in this State, or elsewhere; and to have and use a common seal, and the same to alter or amend at pleasure; to pass sach by-laws, rules and ordinances, for the good government of said corporation, as to them may seem proper; and generally do all things necessary to carry into effect fully and completely the objects of this act.

tion shall be had.

Sec. 5. And be it further enacted, That, as soon as When $50,000 subseribed, com. fifty thousand dollars shall have been subscribed, the Comshall call a weet. missioners hereby appointed, shall call a general meeting ing and organiza- of the subscribers, at such time and place as they may appoint; and, at such meeting the said subscribers, or a majority of them in value, shall elect nine Directors, by ballot, to manage the affairs of said Company; and the Commissioners, as aforesaid, or any three or more of them, shall be judges of said first election of Directors; and the Directors, thus chosen, shall elect among themselves, a President of said Company, and allow him such compensation as they may think proper; and on all occasions, whenever a vote of stockholders shall be necessary to be taken, each stockholder shall be allowed one vote for every share owned by him or her, and any stockholder may depute any other person to vote and act for him or her, as his or her proxy.

Sec. 6. And be it further enacted, That the President Prest & Direct. and Directors of said Company shall be chosen annually chosen annually. by the stockholders of said Company; and if any vacancy sall occur by death, resignation, or otherwise,, of any

President or Director, before the year for which they were elected, shall have expired, such vacancy shall be filled by the President and Directors, or a majority of them; and that the President and Directors shall hold their office until their successors are chosen and qualified; shall have power to call meetings of stockholders at any time; and a majority of stockholders shall have power to remove the President or any Director, and to fill all vacancies occasioned by removal, at pleasure.

May appoint offi

cers.

Sec. 7. And be it further enacted, That the said President and Directors, or a majority of them, may appoint all such officers, engineers, agents, or servants whatsoever, as they may deem necessary to carry on the business of said Company, and may dismiss them at pleasure; and a majority of them shall determine the compensation of all offi- Define their duty cers, engineers, and servants of said Compa..y; shall have power to pass all by-laws which they may deem necessary and proper, for exercising all the powers vested in this Company for carrying into effect the objects of this act; Provided only, that such by-laws shall not be contrary to Proviso. the laws of this State, or of the United States; and said President and Directors, or a majority of them are empow ered to borrow money to carry into effect the objec.s of this act: to issue certificates, or other evidences of such loan, and to pledge the property of said Company for the payment of the same, with interest.

Sec. 8. And be it further enacted. That the said presi- May require dent and directors shall have power to require the stock stockholders to holders of said company to pay such instalments on their pay instalments./ respective shares of stock in said company, and at such time as they may think best for the interest of said company; and upon the failure or refusal of any stockholder to pay the instalment required on his, her or their stock, in pursuance of any cali made by said president and direciors, as aforesaid, said president and directors may, upon, giving thirty days notice, proceed to sell, at public sale, the share or shares of said stock owned by such stockholder,. or such part as they may think proper, to the highest bidder; and if. upon the sale of the shares of said stock, owned by said defaulting stockholder, said stock should be sold for less than the amount due upon instalments as above mentioned, said stockholder shall be liable to pay to the said company the deficiency, in manner and form hereafter specified.

Sec. 9. And be it further enacted, That upon the fail- Forfeited stock. ure or refusal of any stockholder to pay any instalment called for, or demanded, by the president and directors of said company; or if, upon the sale of said shares, as before

President and directors may contract for land.

How to be ob.

specified, they shall be sold for less than the amount due upon instalments, as above mentioned, the president and directors, upon giving twenty days notice to said defaulting stockholder, may proceed, by their attorney, to move the Circuit Court of the county in which said stockholder may reside, for judgment against the said stockholder, for the amount called for by the president and directors of said company; or, as the case may be, for any deficiency that may occur in the sale of said stock, as above specified; and said court is hereby authorized and empowered and required to render judgment against the said defaulting stockholder, at the same term of the court at which said motion is made; which judgment, so given, shall be a lien on the real or personal property of said stockholder; and execu tion shall issue as upon other judgments, for the amount of said judgment and cost; and all notices hereby required to be given to any defaulting stockholder, shall be issued by, and in the name of, the Secretary to the Board of Directors, and served by the sheriff of the county in which the stockholder may reside, and shall be returned to the office of the clerk of the court, as in cases of common writs; and the sheriff shall be entitled to one dollar for serving said notice, which, with all costs that may accrue on said proceedings, shall be paid by the party against whom judgment may be rendered.

Sec. 10. And be it further enacted, That the president and directors of said company are hereby authorized to contract for, and receive conveyances of land, stone, timber and wood, which may be necessary or required in the construction of said rail road; and when the owner and company cannot agree upon the price, or when the owner tained in case of is an infant, non-resident, or non compos mentis, then it disagreement. shall be lawful for the president and directors of said company to apply to the sheriff of the county in which said. lands or other property may be situated, who shall summon a jury of seven disinterested freeholders, a majority of whom shall be authorized to assess the damages, and return their award or judgment to the next term of the Circuit Court for the county in which said land or other property may be situated, which shall be entered by the clerk as the judgment of the court; and execution may issne thereupon for the amount of said judgment and costs: Provided, always, that if either party shall, upon the return thereof, be dissatisfied, they may, upon filing bond, with good and sufficient security, in such sum as the court may order, be allowed an appeal to the next term of the Circuit Court, where said case shall stand for trial de novo: Provided, also, thirty days notice shall have been givell

Proviso.