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An Act to incorporate Tuskegee Insurance Company. 1855 257 (1855)

handle is hein.slavery/ssactsal0481 and id is 1 raw text is: 257 No. 288.1 AN ACT To incorporate the TuRkegee Insurance Company. SECTIoN 1. Be it enacted by the Senate and House of Repreascntatives of the State of Alabama in GOne- rma Assembly con venied, That David Clopton, Sca- corporaors. born Williams, James W. Echols, Sidney B. Pain, James ). Porter and Robert F. Legin and such others, as may hereafter become associated with them for that purpose, and their successors are hereby declared, and created a body politic and corporate by the name of the Tuskegee InsuranceNameadatjle Company, and by that name shall be capable in law of suing and being sued, in any of the Courts of Law and Equity, in this State as a natural per- Pon. They shall have power to purchase, hold and enjoy real and personal estate, of any description whatever, and may dispose of the same at plea- eure. And shall have power generally, to do and perform any and every act necessary to be done, to carry into effect the objects of this charter, not inconsistent with the constitution and laws of this State and of the United States. They have and use a common seal and nuty alter the same. Sm. 2. Be it further enacted, That the Capital of said corporation, shall be fifty thousand dollars, capiw- sok. and shall be divided into shares of one hundred dollars each ; the same to be paid in the manner following: ten dollars on each share at the time of subscribing, and the balance in such sums and at such times ats the President and Directors may determine upon and require. Which Capital Stock may hereafter be increased to any sura not to exceed one hundred and fifty thousand dollars, the same to be determined by a resolution of the President and Directors. The said Stock shall be deemed p rsonal property, and if any Stockholder shall il and refuse to make the payments as required of him by the President and Directors, such Stock- bolder shall be liable for his or her unpaid Stock, and may be sued for the same in the Courts of Macon county, whether such defaulting Stockholder residos in said county or not; and the said Stock

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