SEC. 26. Be it enacted, That said Caledonia College is hereby invested with all the powers and privileges granted to said Caledonia Academy, and institutions of like charac

ter in this State.

SEC. 27. Be it enacted, That this act take effect from and after its passage.

W. C. WHITTHORNE, Speaker of the House of Representatives TAZ. W. NEWMAN,

Speaker of the Senate.

Passed, December 14, 1859.

Capital Stock.

CHAPTER 25.

AN ACT to incorporate the Memphis and St. Louis Packet Company.

SECTION 1. Be it enacted by the General Assembly of the State of Tennessee, That B. F. Ball, Daniel Able, Wm. C. Postol, Wm. J. Lewis, Charles Tillman and Rolfe S. Saunders, and their associates and successors are hereby incorporated and constituted a body politic, with power for twenty years, to employ the capital of said company, in transporting passengers, produce, manufactures, mails, &c., on the Mississippi river, from Memphis to St. Louis, and all other points or places on said river, by steamers, keel-boats, lighters or otherwise, buying and building boats and other water crafts for this purpose, and holding and owning wharves and wharf-boats, houses and lots, for carrying on their business, or other property taken in payment or security for debts due them, and be known by the name and style of "The Memphis and St. Louis Packet Company," to have and to use a common seal, and to change it when desirable, to sue and be sued, to have succession, and to carry on operations of the said company under the usual rules and liabilities of incorporated companies.

SEC. 2. Be it enacted, That the capital stock of said company, at its formation, shall not be less than one hundred and twenty-five thousand dollars, and may be increased by vote of a majority of the stockholders, to two hundred and fifty-thousand dollars at any subsequent period; and that

the boats, tackle, wharf-boats, &c., now owned by the corporators, may be taken at a valuation by the stockholders as a part or the whole of the stock required for the organization, being credited on the books of said company, or so much stock paid in shares of stock, shall be regarded as personal estate, be transferred alone on the books after their amount has been paid up. Stock when unpaid, after thirty days' notice to the stockholders or owners, may, if unpaid, be declared forfeited, or suits instituted for its recovery. SCE. 3. Be it enacted, That the officers of said company shall consist of a President and five Directors, each of whom shall be the owner of two thousand dollars of the stock of said company, and who or any three of the directors shall constitute the Board of Directors, each being entitled to a vote; and in case of a tie the President to give the casting officers. vote. The board may make any by-laws or rules for the government of their actions, not inconsistent with this charter, the laws of the United States, or of this State. The President and Directors shall be elected by the stockholders, they designating the President on their ticket, and each share of one hundred dollars shall be entitled to one vote.

SEC. 4. Be it enacted, That after the books are opened, and one hundred and twenty-five thousand dollars subscribed, the majority of the stockholders shall designate by writing to B. F. Ball, Daniel Able, or any other of said persons incorporated, a place and time for the first election for President and Directors, which election shall be held by a magistrate of Shelby county, Tennessee, and certificates of election given by him thereof. Subsequent elections shall be held by order of the board annually. The business affairs of the company may be transacted at one or more places regularly, as the board may direct, thirty days' notice of the time and place of holding each election to be given. In case of the death, or resignation of the President or any director, his place may be filled by the board.

Elections.

SEC. 5. Be it enacted, The board may apppoint the President, or a committee to manage the ordinary affairs and business of the company. Dividends may be declared annually or semi-annually and paid over to the stockholders, Dividends. or certificates of dividends be issued payable to them. The board shall render annual sratements to the stockholders of the conditions of its affairs.

SEC. 6. Be it enacted, That this company shall have and exercise no exclusive privilege in navigation, nor any rights superior to individuals in all things relating to this navigation: Provided, That the property of the companies hereby

Registry.

corporated, shall be liable to the same tax that property of the same species belonging to the citizens of the State is now liable, or may hereafter be liable: And provided further, That each and every citizen of the State, who may be able to bring himself within the provisions of this act, shall be incorporated with the same rights, privileges, under the same liabilities and restrictions herein named.

SEC. 7. Be it further enacted, That no part of the capital stock or property of the several companies chartered by this act, shall be withdrawn either directly or indirectly, until the debts of said companies respectively are paid or satisfied, nor shall the same be employed except in the legitimate business of said companies, as provided by this act; and if the Board of Directors of any of said companies, shall fraudulently permit the same to be done, or shall wilfully or fraudulently mismanage the affairs of such company so that loss is occasioned thereby to the creditors of such company, then such Board of Directors shall be individually liable to the creditors of the company, to the extent of such loss: Provided, That nothing in this section shall prevent the payment of dividends out of the earnings or profits of said companies to their respective stockholders.

SEC. 8. Be it furtherr enabted, That none of said companies shall commence operations under this act, until at least one half of the capital stock is paid in, and that nothing shall be received in payment of capital stock but gold and silver, the notes of specie-paying banks, or property at fair valuation, to be used in the legitimate business of said companies.

SEC. 9. Be it further enacted, That in the event the property of any of said companies shall be insufficient to pay the debts of the same, that each stockholder thereof shall be individually liable for his proportion of said debts: Provided, It does not exceed the amount of the dividends received by him from said company, and with a view to carry out this provision, it shall be the duty of each of said companies to keep a registry of the dividends paid to each stockholder, and a failure to keep such registry of dividends shal be a misdemeanor punishable by fine or imprisonment.

SEC. 10. Be it further enacted, That the stock of these companies chartered by this act shall not be sold or transferred without giving three months' notice by publication, in a newspaper published in Memphis and Nashville.

SEC. 11. Be it further enacted, That the stockholders of said company shall be individually liable to the amount of their stock, for the debts of the company, until their

whole stock is paid in, and that the company hereby char tered, shall be subject to such general laws, as the Legislature may from time to time eract, touching steamboats, steamboating, commerce and navigation.

W. C. WHITTHORNE, Speaker of the House of Represe tatives. TAZ. W. NEWMAN,

Passed, December 13, 1859.

Speaker of the Senate.

CHAPTER 26.

AN ACT, to change the names of John C. Horn, and Howell N. Horn, and others.

SECTION 1. Be it enacted by the General Aassembly of the State of Tennessee, That an act passed March the 20th, 1858, section 4, changing the names of John C. Horn, and Howell N. Horn, to John C. Edwards and Howell N. Edwards, be hereby repealed, and that their names are hereby changed to John C. Edmonds and Howell N. Edmonds. SEC. 2. Be it further enacted, That the name of Mary Francis Thogmartin, be and hereby is changed, to that of Mary Frances Parker.

SEC. 3. Be it further enacted, That the name of Margaret Neel Ferrell, be and the same is hereby changed to Margaret Neel Waller.

SEC. 4. Be it further enacted, That the name of Olivado Oliver be changed to that of Olivado Kuhn,

SEC. 5. Be it further enacted, That this take effect. from and after its passage.

W. C. WHITTHORNE,

Speaker of the House of Representatives.
TAZ. W. NEWMAN,

Speaker of the Senate.

Passed, Dec. 16, 1859.

CHAPTER 27.

AN ACT, to revive so much of an Act, passed 21st of February, 1852, Chapter 188, as relates to the Mutual Protection Fire Insurance and Life and Trust Company of Tren ton.

SECTION 1. Be it enacted by the General Assembly of the State of Tennessee, That so much of the act passed 21st of February, 1852, Chapter 188, as relates to the Mutual Protection Fire Insurance and Life and Trust Company of Trenton, be and the same is hereby revived, and two years longer time given said company, for the subscription of stock.

SEC. 2. Be it further enacted, That this act take effect from the date of its passage.

W. C. WHITTHORNE, Speaker of the House of Representatives. TAZ. W. NEWMAN,

Passed, Dec. 16, 1859.

Speaker of the Senate.

and Celina Turn

CHAPTER 28.

AN ACT, to charter the Gainsborough and Celina Turnpike Company, the Livingston and Caney Fork Turnpike Company, and for other purposes.

SECTION 1. Be it enacted by the General Assembly of the State of Tennessee, That Erasmus Denton, James Baize, Edward M. Caison, Wm. Gore, Bennett Stone, Landon Oglesby, Robert Brown, L. T. Armstrong, William Shields, all of Jackson County, be, and they are hereby Gainsborough created and constituted a body politic, under the name and pike Company: style of the Gainsborough and Celina Turnpike Company; and that they may by that name sue and be sued, and purchase and sell any kind of property, both real and personal, and transact any and all kind of business that is common to such corporation. That the said company is hereby incorporated for the purpose of building a turnpike road to lead from the town of Gainsborough in Jackson county, to the town of Celina in said county; whenever there shall have been a subscription of ten thousand dollars, in shares of fifty dollars each, the said company may call a meeting of the stockholders at the town of Celina, when and where they may organize the corporation under the same rules and regulations provided for the organization of the Gainsborough and Defeated Creek Turnpike Company, and they