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An Act to incorporate The South-western and Arkansas Mining Company 1848-1849 127 (1848)

handle is hein.slavery/ssactsar0079 and id is 1 raw text is: 127 shall have the control and'management of such county interest in said company, and have the same rights, privileges, and immunities that other stockholders have. SEC. 24. Be it further enacted, That all profits, increase and dividends, arising from said road, accruing to any couqty by rea- son of, or on account, the stock said county may have subscribed in said company, shall be paid to such commissioners, and then faith- fully applied to objects of internal improvements, according to the true intent and meaning of the act to distribute the 500,000 acres of land donated to the State of Arkansas for internal improvement, SEc. 25. Be it flurther enacted, That such counties as may sub- scribe their internl improvement fund, as stock in said company, shall have the privilege of purchasing said road'after twenty years shall have elapsed from the completion thereof, by paying the origi- nal cost of construction, with ten per cent. thereof. M. W. IZARD, Speaker pro tem. of the House of Representatives. R. C. BYRD, President of the Senate. Approved: January 10th, 1849. TI-IOS. S. DREW. An act to incorporate The South-western and Arkansas Mining 4 Company. PrEamble. SECTzon. 1. Oron D. Moulton and others incor- porated by the style of The South- western and Arkansas mining com- pany, with all the powers and, privileges, liabilities and responsi- bilities incident to corporations, 2. .Capital stock 3000 shares of $100 each, which may be increased, not to exceed 12,000 shares. 3. Subscription to said capital to be opened under the direction of said Moulton and others. 4. When 1000 shares are subseribed, notice to be given and five directors to be elected, to hold office one year. The directors to choose a president out of their own number. Three directors to be a quorum. Vacan- cies in their body to be filled by themselves. Other officers and a- gents to be appointed by the direc- tors, and removable at pleasure. to SECTION. give bond, and take oath for the faithful performance of their duties. 5. The powers granted to Moulton, Merrick and Campbell, to cease upon the election of a president. 6. Every stockholder eligible as direc- tor; and shall be entitled to one vote for every share be holds, which vote may be given by proxy. , Directors to take official oath, and serve with- out salary. President to have a salary to be fixed by directors. In the absence of the president, a pre- sident pro tem.shall be appointed by directors. Directors may calla gen- eral meeting of the stockholders. Stock maybe assigned. No delin- quent stockholder entitled to a divi- dend. 7. Records ofproceedings and accounts . to be kept subject to inspection. 8. Stockholder not paying amount call- ed for on his shares to forfeit his

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