shall within thirty days convene a meeting of the subscribers, for the purpose of electing twelve directors, and when Directors. thus elected, shall immediately proceed to elect a president and other officers of said bank, and procure paper, plates, and whatever else may be necessary to begin and conduct the operations of said bank, with the least possible delay; and the legislature shall have power at any time to appoint a committee, or to elect a commissioner or commissioners to examine the books, regulations, and ordinances of the bank, and more particularly to ascertain the amount of cash, the amount of notes in circulation, balance due to and by the bank, and all other affairs of the institution, so as to be able to make a true report to the legislature.

directors.

SEC. 5. Be it further enacted, That there shall be an election for directors at the banking-house in the town of Election of Holly Springs, on the first Monday of January in each and every year after the first election holden under this act, but if no election shall take place, on that day, the same may take place within thirty days thereafter, and the directors then in office may continue therein until their successors are duly elected and qualified.

stock.

SEC. 6. Be it further enacted, That the capital stock of this bank shall be exempt from taxation for one year after Tax upon the bank shall go into operation, after which time the legislature may impose a tax on said stock, of any sum not exceeding twenty-five cents per annum, on each share of stock subscribed, to be paid into the state treasury.

construct

SEC. 7. Be it further enacted, That said company be and they are hereby invested with all the rights and powers Right to necessary for the construction, repairs, and maintenance of rail roads a single or double rail road, track, or tracks, from the town &c. of Holly Springs, to section number thirteen, township number five, and range number thirteen west, on the Mississippi river: Provided, the proprietor or proprietors of said section will lay off three hundred acres thereof, fronting on the Mississippi river, and conveying to the said company, and their successors and assigns, a valid fee simple title to the same; and in case the said proprietor or proprietors shall not so donate and convey said three hundred acres of land, the said stockholders or a majority of

them, may contract for some other point on said river, as near thereto as they may agree upon: And provided also, that the proprietor or proprietors of said land so agreed upon, at the point at which the said rail road shall strike the Mississippi river, shall in like manner donate and convey to said stockholders, three hundred acres of land fronting on the Mississippi river, where the said rail road shall strike the same; and the said company may cause to be made or contract with others for making said rail road, or any part thereof, and to this end they may purchase of individuals such lands as they may deem necessary; and in case they cannot agree with any owner or owners upon the terms of purchase, or in case the owner or owners shall be under the age of twenty-one years, or a non-resident of the state, feme covert or non compos mentis, they may petition the circuit court of the county in which the land may be, whose duty it shall be thereupon, to cause to be summoned twelve disinterested freeholders, to assess the value of such land, and upon the payment of such assessment, it shall be the duty of said court to convey the land so valued to the company, upon the production of the receipt of the person or persons whose land shall have been so valued, for the amount of said valuation, or upon a certificate of the amount of valuation being deposited with the clerk of the circuit court wherein the land lies, for the benefit of the owners, and the company may build bridges, viaducts, and may lay rails, take and use any earth, timber, or other materials, then being in their natural state, that may be necessary, on paying the value of the same as provided for in this section; and they may make, or cause to be made, lateral rail roads or branches on said route, and shall make lateral rail roads to the town of Chullahoma, and Hendersonville; they shall be entitled to no exclusive privileges, but may continue as a body corporate for the purpose of the rail road only one hundred years, and shall not be compelled to arrest the progress of their work, on account of any delay in making the valuation aforesaid.

SEC. 8. Be it further enacted, That the said company Powers of shall have power to place on their rail road or roads, all machines, locomotives, vehicles, cars, or carriages of any

corporation.

description whatsoever, which they may deem necessary and proper, for the purposes of transportation on said road, of goods, wares, and merchandise, and other property and passengers, at such rates as the company may think proper to fix: Provided however, that the rates shall be so fixed as not to allow an annual dividend on the net profits on said roads of more than fifteen per cent. per annum, upon the amount of the capital used on said rail road or roads; and said company shall declare and make such semi-annual dividends as they may deem proper, of the net profits arising from the receipts of said road or roads, after deducting the necessary current and contingent expenses thereof, and if there should be a surplus beyond the said fifteen per cent. the same shall be paid into the state treasury; and should said bank not go into operation under the provisions of this charter, within two years from and after the passage of this act, then this act shall be null and void, and all the rights and privileges hereby granted are forever forfeited, and it shall be the imperative duty of said company to construct, build, finish, and put into operation a rail road from the town of Holly Springs, in Marshall county, to the Mississippi river, within ten years from and after the passage of this act, and should they fail so to do, this act shall be absolutely nuil and void on such failure.

SEC. 9. Be it further enacted, That if any person or persons shall wilfully injure or destroy any of said road or Penalty for injuring roads, or any of the works, carriages, vehicles or machines, d. such person or persons so offending, shall for every such offence, be liable for all damages occasioned thereby, and may furthermore, be proceeded against by indictment, at any time within twelve months after such offence shall be committed, and be punished by a fine not exceeding one thousand dollars, and imprisoned not exceeding six months, at the discretion of the court; should any stockholder fail or refuse to pay any instalment on his stock, on giving thirty days notice in some gazette, of the time and place of sale, on the account of, and at the risk of the stockholder; and no dividend shall be allotted to said defaulting stockholder, until he has paid the whole of the instalments called for, and in the meantime he shall be considered under pro

To take effect.

test, and this act shall be declared a public act, and be in full force and effect from and after the passage thereof.

Approved, April 28, 1837.

to apply for

surplus

revenue.

AN ACT to authorize the reception of that portion of the public revenue of the United States, which may be awarded to the state of Mississippi, under the act of congress making distribution of the same.

SECTION 1. Be it enacted by the Legislature of the state Treasurer of Mississippi, That the treasurer of this state be, and he is hereby authorized to make application to the secretary of the treasury of the United States, or other proper officer, for the distributive share of the state of Mississippi, to the surplus revenue authorized to be distributed to the several states, by the law of congress, entitled 'An act to regulate the deposites of the public money.'

for same.

SEC. 2. Be it further enacted, That the treasurer aforeTo receipt said, is hereby fully authorized and empowered, in the name of the state of Mississippi, and by authority thereof, to receipt for the same, in manner and form, as may be required by the act of congress aforesaid, and in pursuance of such regulations as may be prescribed by the treasury department of the United States; and that he deposite the same in the treasury of the state, subject to the disposal of the legislature.

To take effect.

SEC. 3. And be it further enacted, That this act be in force from and after its passage.

Approved, May 2, 1837.

tion

created.

AN ACT to incorporate the Citizens' Bank of Madison county.

SECTION 1. Be it enacted by the Legislature of the state Corpora- of Mississippi, That a bank shall be established at the town of Canton, with a capital stock of not exceeding one million of dollars, to be divided into shares of one hundred dollars each; and that books for subscription of said stock, shall be opened on the first Monday of June next, at the town of Canton, under the superintendence of G. W. Henderson,

Books opened.

Samuel F. Feamster, John Stone, jr. John S. Camron, S. C. Tupper, Jesse Heard, or any three of them. At the town of Madisonville, under the superintendence of Benjamin Chambers, W. F. Walker, W. J. Hill, Charles Clifton, John R. Herbert, and George Robertson, or any three of them. At the town of Livingston, under the superintendence of Stiles W. Ewing, Daniel Rice, John A. Pugh, Benjamin F. Ricks, and William Royce, or any three of them. And at the town of Vernon under the superintendence of William L. Balfour, O. J. E. Stewart, L. Campbell, Eli T. Montgomery, and Thomas, or any three of them; and shall remain open during the space of thirty days, at the expiration of which time, the said several superintendents, at the towns of Madisonville, Livingston, and Vernon, shall transmit to the superintendents at the town of Canton, a list of the several subscriptions at the said places respectively; and if it shall appear that the sum of two hundred thousand dollars shall have not been subscribed, the books shall be kept open at the town of Canton, until the sum of one hundred thousand dollars shall be subscribed; and the sum so subscribed, shall be paid in gold or silver, or the notes of any specie paying bank of this state, one-tenth in three months after said bank shall have gone into operation; one-tenth in six months; one-tenth in nine months; onetenth in fifteen months; and the remaining four-tenths, at such times as the president, directors, and company may designate: Provided, that no person, firm, or corporation, Proviso shall be allowed to subscribe in his, her, or its own name, for more than twenty shares in any one day, until five days shall have elapsed from the time of opening said books.

SEC. 2. Be it further enacted, That as soon as the sum of two hundred thousand dollars shall be subscribed, the Name. subscribers, their successors, or assigns, shall be a body politic and corporate, by the name and style of the Citizens' Bank of Madison county, Mississippi, and shall so continue until the first day of January, one thousand eight hundred and fifty-seven; and by that name, shall be able and capable in law, to have, purchase, and possess, receive, enjoy, and Real estate. retain, to the use of them and their successors, lands, tenements, and hereditaments, goods, chattels, and effects, of such kind, nature, or quality soever, to an amount not