CHAPTER XVIII. An Act to incorporate the East Tennessee Iron Manufacturing Company, and for other purposes. SECTION 1. Be it enacted by the General Assembly of the State of Tennessee, That a body corporate and politic is Incorporation hereby established by the name and style of the East Tennessee Iron Manufacturing Company, for the purpose of manufacturing iron, machinery and implements, and all articles composed in whole or in part of iron, steel and wood; and that the said company is empowered to make and use a common seal-to change it at pleasure. To make such by laws (not inconsistent with the laws of this State or of the United States) as are necessary and useful. To sue and be sued, to have succession, to hold by purchase or otherwise (and to dispose of the same) any real estate or personal property, which may be convenient or necessary for carrying on its operations, or which it may become possessed of, in payment of debts, due to it, in whole or in part, or otherwise purchased; Provided, nevertheless, that the real estate, so held, shall, at no time exceed double the maximum amount of its capital, hereinafter provided. SEC. 2. Be it enacted, That the capital stock of said Capital stock. company shall be divided into shares of one hundred dollars each, and shall consist of not less than two hundred, and not more than twenty five hundred shares, transferable only on the books of the company, and then, only with the consent of the board of directors, unless the full amount of such shares shall have been paid. The company shall have power to declare forfeited to it, any stock upon which the instalments called for remain unpaid, in whole or in part; or it may at its option, sue for and recover the unpaid amount, before any tribunal having jurisdiction of such sums, first, however, having given thirty days legal notice of such call having been made. Said company shall have power to transact its business, at one or more points, as may be deemed expedient. SEC. 3. Be it enacted, That the officers of the said Blection. company shall consist of five directors, who, together with a President, by them elected from their own body, shall manage its affairs. The said five directors shall be elected by the stockholders, each stockholder being entitled to one vote for every share of stock he may hold. Said stockholders may vote either in person or by proxy. The directors shall hold their office for one year, and until their successors shall have been elected. ers books. to SEC. 4. Be it enacted, That William Williams, WilCommission- liam Swan, Samuel B. Boyd, Thomas C. Lyon, and open Robert Cravens are hereby appointed commissioners to open books for subscription to the capital stock of said company, or any three of them, after having given ten days notice thereof-and when the number of two hundred shares shall have been subscribed, or such greater number, not exceeding the maximum number hereinbefore provided, the said commissioners shall, after due notice, proceed to hold an election for directors as provided, in the third section of this act. Should there be a less number of shares subscribed than the maximum number provided in the first section, the company, when organized, may increase the same to that number in such manner as it shall seem proper. Nothing herein contained shall be construed so as to authorise said company, to incur any liabilities which are not incident to manufacturing companies. The property and capital of said company shall be exempt from taxation, until a dividend is declared, and shall then be subject to taxes as other property. SEC. 5. Be it enacted, That George W. Crawford, Chattanooga Ker Boyce, Farish Carter, John P. King, J. Edgar turing Compa- Thompson, James A. Whiteside, Benjamin Chandler, by established. Rease B. Brabson, Thomas G. McFarland, Robert M. Iron Manufac Hooker, and Joseph P. McCullough, their associates and successors are hereby incorporated by the name and style of the "Chattanooga Iron Manufacturing Company," the capital stock of which shall not be less than one hundred thousand, nor more than three hundred thousand dollars, in shares of one hundred dollars each; books for the subscription of which may be opened under the direction of the persons aforesaid, at such time and place as they, or a majority of them may deem proper. Said company shall have all the rights, powers, and privileges, and be subject to all the limitations, liabilities and restrictions, so far as they are applicable, which are herein before given to, and prescribed for the East Tennessee Iron Manufacturing Company. F. BUCHANAN, Speaker of the House of Representatives. Speaker of the Senate. Passed, November 27, 1847. CHAPTER XIX. An Act to authorize Burton Marchbanks, of Overton county, to open a Turnpike Road. SECTION 1. Be it enacted by the General Assembly of the State of Tennessee, That Burton Marchbanks, of Overton county, be, and he is hereby authorized to open a turnpike road, from the Nashville turnpike road, at or near Smithville, in DeKalb county, running in the direction of White Plains, in Jackson county, to the Jackson county line. SEC. 2. Be it enacted, That said road shall be opened Width of road. and constructed, at least thirty feet wide, except on hill or mountain sides, which shall be sixteen feet wide, when it shall be practicable to be made, cleared of stumps, rocks and all other obstructions, calculated to impede wagons, carriages, or passengers; all bridges to be made of wood or stone, at least sixteen feet wide; the hills to be cut down, and the valleys filled up, so that at no place shall the elevation be more than two feet to each rod, and ditches cut along, so as to drain off the water from said road when it may be necessary. SEC. 3. Be it enacted, That Jesse Allen, and Robert Tolls. Burton, of the county of DeKalb, John West and Elijah Karr, of the county of Jackson, are hereby appointed Commissioners on said road, and shall examine the same; and when they shall find the same in repair, as contemplated by this act, they shall license said proprietors to erect a toll gate on said road, at some suitable point, at which said proprietors shall receive the following rates of toll, to wit: for each four wheeled wagon, fifty cents; for each cart, twenty-five cents; for each four wheeled pleasure carriage, seventy-five cents; for each two wheel pleasure carriage, thirty-five cents; for each carryall, twenty-five cents, and for all other drafts drawn by horses, mules, or oxen, twenty-five cents; for each man and horse, or mule, ten cents; for each foot passenger, five cents; for each led horse or mule, not in a drove, five cents, if in a drove, three cents; for each head of cattle, two cents; for each hog, or sheep, one cent: Provided, That the said proprietors shall, when the Caney Fork river shall, by reason of high water, be impassable, and it shall be necessary, keep a ferry boat at said river, and ferry all persons, and wagons, or carriages, of every description, over said river, for which he shall be entitled, in addition to the toll heretofore allowed for pikeage, to toll for ferriage to the same amount, and in like manner as he is entitled to pikeage; and said Charter ex tended years. proprietors shall keep said road in the repair contemplated by this act; and on failure to do so, it shall be the duty of said Commissioners to open said gate, and no toll shall be received, until the proprietor shall comply with the provisions and requirements of this act. SEC. 4. Be it enacted, That the said proprietor shall have the privileges and emoluments as prescribed by this to 30 act, for the term of thirty years; and shall have four years to complete said road, exclusive of said term: Provided, Nothing herein contained shall prevent him from completing the same, and carrying the provisions of this act into effect in a shorter time. SEC. 5. Be it enacted, That if any person shall forcibly, or clandestinely, pass said gate, for the purpose of evading the payment of toll, such person shall be liable to pay said proprietor twenty-five dollars, to be recovered before any Justice of the Peace, by action of debt. F. BUCHANAN, Speaker of the House of Representatives. Speaker of the Senate. Passed, December 30, 1847. CHAPTER XX. An Act further to provide for the Occupant Settlers, South and West of the SECTION 1. Be it enacted by the General Assembly of the Entry open State of Tennessee, That from and after the passage of to 1st Septem- this act, any person or persons, their heirs or assigns, ber, 1849. who may, by any of the former acts of the Legislature of this State, be entitled to any of the vacant and unappropriated lands in this State, lying South and West of the Congressional Reservation line, and North of Winchester's line, by occupancy or pre-emption right, shall have the preference and priority of entry, until the first day of September, 1849, and may, at any time within the term aforesaid, enter his, her, or their claim or claims, or any part thereof, by paying to the EntryTaker of the county, in which said land may lie, the fees that are now allowed by law to the Entry-Taker, Surveyor, Register, and Secretary of State, in obtaining grants. SEC. 2. Be it further enacted, That if any person or persons, who may be entitled to any right of occupancy, cupants allow under any former act of the Legislature of this State, Other than ocshall not, on or before the first day of September, 1849, ed to enter. enter his, her, or their occupant claim, according to the provisions of the first section of this act, then it shall and may be lawful for any other person to enter the same by paying the fees aforesaid. Former acts SEC. 3. Be it enacted, That so much of the act of eighteen hundred and forty-two, chapter thirty-four, repealed. section five, as relates to the payment of twelve and one half cents per acre, and so much of the act of eighteen hundred and forty-five, chapter eight, and section two, as relates to the sale of the vacant and unappropriated lands, be, and the same are hereby repealed. SEC. 4. Be it further enacted, That any of the vacant lands, not claimed by occupancy or pre-emption right, may be entered in the same way that vacant lands are now entered, North and East of the Congressional Reservation Line.. Vacant lands how entered. Proceeding no plat and cer SEC. 5. Be it further enacted, That where any person is claiming land by right of occupancy, and has not a where there are plat and certificate, nor a regular transfer of plat and tificate. certificate, from an original claimant, on satisfactory proof being made to the Entry Taker of the county in which said land is situated, that said person, so claiming, has had the peaceable and uninterrupted possession of said land, by right of ownership, either by himself or tenant, for three years immediately preceding the passage of this act, or the time of application for his plat and certificate, it shall be the duty of the Entry Taker to so certify, and upon such certificate, grants may issue, by the person so claiming, paying the fees. SEC. 6. Be it enacted, That in all cases where the owner of such occupant, has heretofore had the same surveyed, and designated in the Entry Taker's office, of any of the offices aforesaid, it shall not be necessary to have any resurvey. F. BUCHANAN, Speaker of the House of Representatives. Speaker of the Senate. Passed, November 2d, 1847. |