unto in any court of record, or elsewhere, by the name and style aforesaid, and to have, use, and enjoy all the rights and privileges of a body corporate.

SEc. 2. Be it further enacted, That the capital stock of said corporation shall not exceed five hundred thousand dollars, and that a share of said stock shall be fifty dollars, and shall be considered and deemed personal estate, and be transferable only on the books of said company, in such form as the directors of said company shall prescribe, and said company shall at all times have a lien upon all the stock or property of the members of said corporation, invested therein, for all debts due from them to said company.

SEC. 3. Be it further enacted, That the stock, property and affairs of said corporation shall be managed by eight directors, one of whom they shall appoint their president, who shall hold their offices for one year, and until their successors are elected, which directors shall be stockholders in the corporation, and citizens of the United States, and shall be annually elected at such time and place as the regulations of said company shall prescribe; and at every legal meeting of the stockholders for the purpose of electing directors, or for transacting any other business properly brought before them, each stockholder shall be entitled to one vote for each share of capital stock held by such stockholder, which vote may be given in person or by proxy, and at all such meetings of stockholders a majority of stockholders present, either in person or by proxy, shall be capable of transacting the business of such meeting, and a majority of said directors shall be sufficient to constitute a quorum, for the transaction of business in all the business meetings of said directors.

SEC. 4. Be it further enacted, That said company may go into operation as soon as the whole amount of the capital stock thereof shall have been subscribed for, and that when said stock shall have been subscribed for, the individuals, or any three of them, who are made and established a body politic and corporate, by the name of of "The Louisville and Arkansas Mining and Marble Company," in the first section of this act, may call a meeting by giving notice thereof to the stockholders, at which the directors aforesaid shall be chosen.

SEC. 5. Be it further enacted, That the president and directors for the time being, shall have power to fill any vacancy which may happen in their board by death, resignation, or otherwise, for the then current year, and to appoint and employ from time to time, a treasurer and secretary for said company, and such other officers, agents, mechanics and laborers as they may think proper for the transaction of the business and concerns of said corporation, at such salaries as they may deem expedient and proper, and the same to remove or discharge at pleasure; and also to call special meetings of the stockholders as often as may, by said directors, be deemed necessary for the interests of the said corporation, by giving at

least thirty days' previous public notice thereof, and also to make and establish such by-laws, rules, and regulations, as they shall think expedient and proper for the better management of the business of said corporation, and the same to alter, renew or repeal, at pleasure; Provided always, That such by-laws, rules and regulations be not inconsistent with the laws of this state or of the United States, or in conflict with this charter.

SEC. 6. Be it further enacted, That if it should happen that an election of directors should not take place in any year, at the time appointed for the annual meeting of the stockholders of said corporation, the said corporation shall not for that reason, be dissolved, but such election may be held thereafter, on any convenient day, to be fixed by the directors, they having previously given at least thirty days' public notice thereof.

SEC. 7. Be it further enacted, That the treasurer aforesaid shall be chosen from among the stockholders of said corporation, and shall be required to give such security for the faithful performance of his duties, as such, as shall be prescribed and approved by the president and directors of said company.

SEC. 8. Be it further enacted, That the president and directors of said corporation shall, and may, as often as the interests of the stockholders thereof shall require, and the officers of said company will permit, declare a dividend of profits on each share of said capital stock, which shall be paid by the treasurer of said corporation; and that the books of said company containing its accounts shall at all reasonable times be open for the inspection of any of the stockholders of said company; and that as often as once in each year, a true and correct statement of the accounts and affairs of said company shall be made by order of said directors to the stockholders thereof.

SEC. 9. Be it further enacted, That the directors may call in the subscription to the capital stock, to be paid by installments, in such proportions and at such times and places as they may think proper, giving such notice thereof, as the by-laws and regulations of said company may prescribe; Provided always, That any installment so required to be paid at any one time, shall not exceed five per centum of the amount of the stock subscribed, and that no installment shall be so called for, or required to be paid within four months of the time fixed for the payment of the last previous installment; and in case any stockholder shall refuse, or neglect to pay such installment or installments, for the term of sixty days after the same shall become due and payable, and after he, she, or they shall have been notified of his, her, or their default therein, the treasurer of said company shall offer at public sale, at such time and place as shall be fixed upon by said directors, after having given thirty days' public notice thereof, all the share or shares of such negligent stockholder or stockholders, to the highest bidder for cash in hand, who shall become the owner of such share, or shares, and be so entered

and recognized on the books of said company; and with the proceeds of such sale or sales, said treasurer shall first pay all the expenses of such sale, or sales, and notices thereof, and all the installments due on said share, or shares, to the corporation, and the balance, if any, he shall pay, whenever called on for the same, to the stockholder or stockholders on account of whose default, or neglect, or refusal to pay said installments, such sale, or sales were made; and if any share, or shares, thus offered at public sale, will not sell for as much as will pay the installments then due on such share, or shares, they shall not be sold, but the stockholder, or stockholders, of such share, or shares, shall forfeit to said company all his, her, or their previous installment then already paid, together with all his, her, or their rights or interests whatsoever, to any or every portion of said share, or shares of stock, in said corporation. SEC. 10. Be it further enacted, That for all debts which may be due at any time from said company, the stockholders thereof shall be liable in their private capacity.

Sec. 11. Be it further enacted, That this act shall take effect and be in force from and after its passage, and shall continue and remain in force during the term of fifty years.

SEC. 12. Be it further enacted, That this act shall be deemed and taken as a public act, and shall, at all times, be recognized as such in all courts and places whatsoever.

Approved 11th January, 1853.

An act to attach a portion of the county of Conway to the county

SECTION

of White.

1. Township 8 north, of range 9 west, and township 8 n. of range 10 w. taken from Conway and attached to White county.

2. All process issued or which may issue from clerk of court of Conway before 1st March, 1853, to be re-l

[SECTION

turned as now directed by law, and sheriff to have five months to collect taxes.

3. All laws in conflict with this act repealed; and this act in force from its passage.

SECTION 1. Be it enacted by the General Assembly of the State of Arkansas, That all that portion of the county of Conway included in township eight north of range nine west, and township eight north of range ten west, be, and the same is hereby attached to the county of White.

SEC. 2. Be it further enacted, That all and every process which has been issued, or may issue from the clerk of any of the courts of Conway county, previous to the first day of March, 1853, shall have full force and effect, and be returnable, as now directed by law; and the late sheriff of Conway county, as assessor and collector

of taxes, shall have full power and authority, for the space of five months from the passage of this act, to collect any arrearages of taxes that may be due, in the manner prescribed by law.

SEC. 3. Be it further enacted, That all laws and parts of laws in conflict with the provisions of this act, be, and the same are hereby repealed; and that this act be in force from and after its passage. Approved 11th January, 1853.

An act supplementary to an act to provide more fully for the Incorporation of the City of Fort Smith.

SECTION

1. Corporate powers extinct after 99

years; not to exercise banking pri

¡SECTION

vileges.

SECTION. 1. Be it enacted by the General Assembly of the State of Arkansas, That the corporate powers, priveliges, franchises and immunities of the act of incorporation, to which this is a supplement, shall cease and become extinct from and after the period of ninety-nine years; and that said corporation are hereby prohibited from the issue of any notes for circulation, as a medium of circulation, or exercise any banking privilege.

Approved 11th January, 1853.

An act to repeal an act to amend the Second Section of chapter 139, of the Digest of the Statutes of this State, under the head of Revenue, approved January 11, 1851.

SECTION

1. An act to amend 2d sec. chap. 139, of Digest, repealed.

SECTION. [

2. Revives 2d sec. chap. 139, of digest.
3. This act in force from its passage.

SECTION 1. Be it enacted by the General Assembly of the State of Arkansas, That an act to amend the second section of chap. 139, of the digest of the statutes of this state, under the head of revenue, be, and the same is hereby repealed.

SEC. 2. Be it further enacted, That all of the aforesaid section of chap. 139, of English's digest, is hereby revived, and shall be in full force and effect, as if it never had been repealed.

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

Approved 11th January, 1853.

&

An act Revising the Common School System in the State of.

Arkansas.