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![handle is hein.slavery/ssactsal0471 and id is 1 raw text is: 1858-'54.' 846
satisfying the rights of creditors of said bank: Provided,
Right of bill hol. Any bill holder shall also have the right to move in any
ders.I
court having jurisdiction, or before any justice of the peace
in the city or county in which said bank is located, as the
case may require, for the collection of any bill the payment
of which may be refused.
SEc. 23. And be it further enacted, That notwithstanding
Privilege. the expiration of the time for which said corporation is cre-
ated, it shall be lawful to use the corporate name, style and
capacity for the purpose of suits, and for the final liquida-
tion and settlement of the affairs and accounts of the cor-
Limitation c poration, for the sale and disposition of its estate, real and
ten. personal, and collection of its assets, but not for any other
purpose, nor for a period exceeding two years after the
expiration of said term of incorporation.
APPRtoviED, February 17, 1854.
[No. 445.] AN ACT
To incorporate the Southern Insurance Company.
SECTION 1. .Be it enacted by the Senate and Ihouse of Rep-
resentatives of the State of Alabama in Gencral Assembly con-
vened, That there may be established in the city of Mont-
gomery, a company for the purpose of transacting a gen-
Formation, eral insurance business, which company shall be called and
known by the name of The Southern Insurance Com-
pany, and the stockholders and their successors shall have
continual succession, and by that name shall be capable of
suing and being sued in all the courts of the state; of pur-
chasing, holding and conveying property of all descriptions;
to make, have and use a common seal, and the same to al-
ter and renew at pleasure, and generally to do any act neces-
sary to carry into effect the objects of the corporation not
inconsistent with the laws and constitution of this state or
of the United States.
SEc. 2. Be it further enacted, That the capital stock of
Capital stock. this company shall be one hundred thousand dollars, to be
divided into one thousand shares of one hundred dollars each,
and the same to be paid in the manner following: ten dol-
lars on each share at the time of subscription, and the resi-
due, when the president and directors of the corporation
may direct, which capital stock may hereafter be increased
to three hundred thousand dollars, in such manner as the
president and directors of the corporation may determine;](ViewImageLocal?handle=hein.slavery/ssactsal0471&div=1&collection=&method=preview&ext=.png&size=3)