statements.

its annual statement, as hereinafter provided for; and on new notes taken in advance thereafter, a compensation to the signers thereof, at a rate to be determined by the trustees, but not exceeding five per cent. per annum, may be allowed and paid from time to time.

SEC. 13. Be it enacted, That no separate dividend Dividend statement shall be required for the part of the year following the day on which the company shall have issued and dated its first policy; but after that period an annual dividend statement shall be made, which shall contain a fair estimate of the nett profits of the company, not before divided, up to and including the last day of December of each year, taking into view the probable amount to be paid on all claims and demands which have been or may be made against the company, and allowing for any previous deficiencies. Such annual statement shall be completed in the month of January succeeding the period to which it relates; and after ascertaining in this mode the nett profits of each period on risks marked off, the board of trustees may declare a dividend, and the officers of the company may issue certificates of a certain per centum on the premiums received, for such marked off risks, to the persons in whose names the policies of insurance were originally made, or to their representatives; which certificates may be issued as hereinafter provided for, and the amounts named in such certificates shall be conclusive on the parties entitled to receive them, at such periods, and not to be changed by subsequent events, showing the actual payments to be more or less favorable than the estimates; and the said certificates shall be transferable only on the books of the company, under regulations to be prescribed in the by-laws, and shall contain a proviso declaring the same to be subject to any future losses and expenses of the company, until the same are redeemed, as is hereinafter provided for, and subject to be reduced by the board of trustees, in case of losses and expenses, in any subsequent year, exceeding the estimated profits of such year.

SEC. 14. Be it enacted, That no original certificate No certificate shall be issued for a less sum than ten dollars, nor for the to issue for less fractional sums between even tens of dollars; all such than $10. sums are to be passed to the contingent accounts of the company.

SEC. 15. Be it enacted, That in case any person or May withhold persons, entitled to a certificate, shall be indebted to the certificates for company for sums passed, due and unpaid, the company may withhold the certificate and deduct such sum or sums from the amount thereof, or reduce or cancel the

debt.

same; but persons insuring, or entitled to certificates, shall not be answerable by reason thereof, or of anything contained herein, except for the payment of premiums, or other notes given in advance for premiums.

SEC. 16. Be it enacted, That it shall be lawful for said company to invest their funds, or any part thereof, in bonds and mortgages on unincumbered real estate, within the State of Tennessee, worth fifty per cent. more than the sum loaned thereon, and also in all or any stocks created by, or under the laws of this State or of the United States; and to lend the same, or any part thereof on the security of such stocks, and on bottomry and respondentia, or otherwise, and to change and re-invest the same; and it shall be lawful for said company from time to time to divide such part of the accruing interest as they may deem equitable, not exceeding six per cent. per annum, to and among the holders of such certificates; or in case of losses, to declare a pro rata deduction of the amount of the outstanding certificates. Original certificates may be called in by the company, and new ones issued in their stead, less the proper reduction. All certificates and interest in the company shall be deemed personal property.

May invest funds in bonds and mortgages.

ance

ments

stateto be

SEC. 17. Be it enacted, That on the thirty-first day of Annual balDecember of the second year after the day on which the first policy of the company shall have been issued published. and bear date, or within one month thereafter, and on the thirty-first day of December, or within one month thereafter, of every subsequent year, the company shall cause to be made a general balance statement of their affairs to the end of such year, which shall be published immediately thereafter in one or more papers published in Nashville, containing:

1st. The amount of premiums received during the first part of a year and the second year united, and each successive year, specifying what amount was received on policies on fire risks, and what amount was received on policies on marine risks, and what amount received on policies on life risks.

2d. The amount of losses paid during the year, specifying the amount paid on policies on fire risks, and the amount paid on policies on marine and inland transportation risks, and the amount paid on policies on life risks.

3d. The balance remaining with the company.

4th. The nature of the security on which investments have been made, stating the amount invested in bonds and mortgages, and the amount invested in other securities, and the amount of premiums, notes and cash on

hand; a copy of which statement shall be kept ready for the examination of the members.

SEC. 18. Be it enacted, That the per centage of the Profits and di- profits accruing on the business of the company, and the to be dividends which may be declared on the investments,

vidends published.

plied.

are to be published for one week after each is declared, in two of the public daily papers within this State.

SEC. 19. Be it enacted, That whenever the accumuExcess of pro-lation of the nett profits of the company shall exceed fits-how ap- one hundred thousand dollars, the excess may be applied from year to year, or semi-annually thereafter, towards the redemption of each year's certificates, in whole or in part, as may be determined on by the board of trustees, but the certificates of a subsequent year are not to be redeemed until those of a preceding are provided for; and when such accumulation shall exceed two hundred thousand dollars, it shall be the duty of the trustees to apply such latter excess towards the redemption of certificates, in whole or in part, in the manner above specified.

SEC. 20. Be it enacted, That suits at law or in equity Members may may be prosecuted and maintained by any member sue corporation against the corporation; but no member of the corporation, not being in his individual capacity a party to such suit, shall be incompetent as a witness.

Agencies.

SEC. 21. Be it enacted, That the operations and 'business of this corporation shall be carried on at such place in the city of Nashville as the trustees shall direct; and agencies may be established at such other place or places as the said trustees may deem expedient.

SEC. 22. Be it enacted, That the Legislature shall Legislature have power at any time hereafter to repeal, alter or modmay repeal. ify this act or any of its provisions,

SEC. 23. Be it enacted, That this act shall take effect Continue in immediately after its passage, and continue in force force 30 years. thirty years and no longer, unless authorized by the Legislature of this State.

corporated.

SEC. 24. Be it enacted, That there shall be establishMemphis In- ed in the city of Memphis, an Insurance Company, surance Co. in which shall be a body politic and corporate, to be called the "Mutual Protection Insurance Company of Memphis," of which Wardlow Howard, William Houston, W. W. Hart, John K. Chester, A. O. Harris, J. L. Webb, M. B. Winchester, Seth Wheatley, Samuel Tate, W. B. Miller, B. Graham, G. B. Locke, Robert J. Nelson, Jesse M. Tate, R. C. Malone, A. R. Huron, Joseph S. Watkins, George W. Smith, John Pope, John D. White, John B. Holmes, James S. Lemaster, A. S. Norton, Q. C. Atkinson, S. O. Ballard, D. M. Deade

rick, Miles Owen, H. H. Means, W. D. Wilkerson, Thomas W. Wilkerson, Lewis Shanks, W lliam T. Brown, Samuel Bond, S. D. Key, and G, Buntyn shall be the first Trustees; and such other persons as may be hereafter associated with them, by having their property or lives insured, shall be members equally entitled to a full participation in all dividends.

Same privi

SEC. 25. Be it enacted, That the said Mutual Protection Insurance Company of Memphis, shall have all the leges as Nashville Company. powers and privileges, and be subject to the same rules, regulations and restrictions, as are contained in the foregoing act incorporating the Mutual Protection Insurance Company of Nashville.

F. BUCHANAN,

Speaker of the House of Representatives.
J. M. ANDERSON,

Speaker of the Senate.

Passed, December 29, 1847.

CHAPTER XLIV.

An Act to incorporate the Indian Creek Turnpike Company.

SECTION 1. Be it enacted by the General Assembly of the State of Tennessee, That the subscribers for the stock Incorporation. hereinafter mentioned, shall be, and they are hereby constituted a body politic and corporate by the name and style of the Indian Creek Turnpike Company, and by that name they may sue and be sued, plead and be impleaded, and shall have a common seal, and succession for ninety-nine years.

SEC. 2. Be it enacted, That J. J. Gibson, John Ker-Commissioners vin, Martin Cook, A. Montague, George F. Benton, John to open books. Hardin, J. L. Smith, John S. Broyles and Thompson Hurst, or any five of them, be, and they are hereby appointed commissioners to open books to receive subscriptions for stock in said company, at such times and places as they may think best, after giving due notice of the

same.

SEC. 3. Be it enacted, That the capital stock of said Capital stock. company shall be seventy-five thousand dollars, which sum shall be divided into shares of fifty dollars each, to be applied to making a McAdamized turnpike road, from the town of Waynesborough, in Wayne county, to the town of Savannah, in the county of Hardin, beginning at or near Waynesborough, and running in the di

rection of the main road now running from Waynesborough to Savannah.

SEC. 4. Be it enacted, That J. J. Gibson, John KerCommissioners vin, Martin Cook, A. Montague, G. F. Benton, John to locate road. Hardin, J. L. Smith, John S. Broyles, and Thompson Hurst, or any five of them, shall be commissioners to

is subscribed.

locate said road, pursuing the direction of the old road, as mentioned in the third section.

SEC. 5. Be it enacted, That when twenty-five thouMay organize sand dollars shall be subscribed, a meeting of the subwhen $25.000 scribers shall be held in the town of Savannah, of which meeting due notice shall be given the subscribers, and when assembled, they may proceed to elect directors, pass by-laws, and fully organize said turnpike company.

1

of road.

SEC. 6. Be it further enacted, That the said road shall Description be graded at least eighteen feet wide, with sufficient ditches on each side, to carry off the water, and drain the same, and shall gradually descend from the centre to said ditches, and shall be substantially paved with gravel or broken stone, at least fifteen teet wide, and shall have substantial bridges when necessary, and in all respects be completed in a substantial turnpike roadlike manner, with a grade not to exceed five degrees.

plete road.

SEC. 7. Be it further enacted, That said company Time to com- shall have eighteen months from the passage of this act to commence said road; and they shall have two years thereafter, within which to complete the first five miles of said road, and six years thereafter within which to complete the whole of said road, with the privilege of putting up a gate, so soon as five miles of said road is finished, and a second gate when ten miles is finished, and so on, a gate for every five miles of said road when finished; at which gates such toll may be charged, and received as is now provided by law for toll on the Columbia Central turnpike road.

Tolls.

stock.

Elections.

SEC. 8. Be it enacted, That the stock in said company Transfer of may be transferred in such manner as is provided by law in regard to the stock of other turnpike companies, and that the first election for directors shall be held as provided in the fifth section of this act; and ever thereafter on the first Monday in January in each and every year; and in all other respects, said company shall have the same powers and modes of procedure, and be subject to the same rules and restrictions, in regard to the stockholders failing to pay; to damages to persons whose land said road may run on, and in all other respects, and in regard to other matters, as is provided in regard to the Columbia Central turnpike company.

SEC. 9. Be it further enacted, That it shall be lawful