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An Act for the relief of the heirs of John Lawler, deceased. 1836 47 (1836)

handle is hein.slavery/ssactsal0206 and id is 1 raw text is: of receiving subscriptions to the capital stock of said company; and as soon as three hundred thousand dollars of the said capital stock shall have beo subscribed for, it shall be the duty of the persons aforesaid, to notify the sub. scribers for the said stock, by publication in one or moro newspapers, pub. lished in Mobile and New Orleans, for thirty days, to moet at such time and place as in such notice they may direct, to cloct tcn persons from among the subscribers, to constitute a boa.d of directors, for conducting and managing tho.afiairs of the company, and exercising its corparate powers and privi- leges, who shall, as soon as they are elected, choose n president from among their own number, to preside over their own meetings. Sec. o. And be itfurther enacted, That the said president and directors, To fill vacan- shall fill all vacancies that sliall from time to time happen, by death, resigna. cie,. tion, or othcrwise. See. 7. And be it further anacted, That no person who is not a stock. holder in his own right, shall be a director; and should any director transfer, .tockoldri i at any time, all of his stock, such director shall from that time, cease to be a in be a direc. director; and it shall be the duty of the remaining directors to proceed to fill tr. the vacancy so created. See. 8. And be itfurther enacted, That tot) per cent. on the amount of Ton per cent each share, of the capital stock of the said company, shall be paid at the time of stock to be of subscribing for the same, and the balance shall be called in, at such times paid in and in such instalnents as the president and directors may determine, they giving at least thirty days notice by publication in one or more newspapers published in the city of Mobile, and in New Orleans, of the amount required to be paid, and the time and place of such paymont. See, ). And be itjsrt her enacled, That the failure to pay such instalments Penalty. on the said stock, at the time and place required as aforesaid, shall amount to a forliture of the stock on which such payment was required, and a for- feiture of the aiount paid, which forfeiture shall ennure to the company. Sec. 10. And be itfurther enacted, That the said president and directors 'i make by. shall have power to make and ordain all such by-laws and regulations, not laws. inconsistent with the laws of the State nor of the United States, as shall be necessary tothe ordering and well conducting the affairs of the company. Sec. 11. And be it further enacted, That the said president and directors, shall have power to contract, on behalf ofthe company, for a loan of money, or iako any other moneyed contract not exceeding the aimount of the capi. To contract tal stock actually paid inl, or secured to be paid in; and for the security of the th loan a repayment of the principal, and the interest thereon, of any sum or sums of money which may be loaned or advanced, to the said company, the said pro. sident and directors may, and they are hereby authorised, to pledge the whole of the tolls and revenues of the said company, and all its estate, real personal and mixed, by mortgage, to any person or persons, by them select. ed, in trust for the benefit and security of all and every person or persons whatsoever, lending or advancing such sum or sums of money; or by such other mode of ofFecting such security, as the said president and directors may approve. Approved, Dec. 17, 1836, No. 34.1 AN ACT For the relief of the heirm of John Lawler, deceased. Section 1. Be it enacted by the Senate and House of Repreprcscntatives of the State o Alabama in General Assembly convened, That the legal rep- resentatives of the estate of John Lawler, deceased, shall be entitled to the 47 1836.

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