bottomry and respondentia, and to fix a premium thereon, and the said company shall have power to make insurance on lives, to except [accept] and execute all such trusts of every description as may be committed to them, by any person or persons whatever, or may be transferred to them; to receive and to hold lands under grants, with general or special covenance, so far as the same may be necessary to protect the rights of said company, and the same again to sell, convey, and dispose of, and generally to do and perform all other things necessary to promote these objects. SEC. 6. Be it further enacted, That said company may invest any part of its capital stock, money, funds, or other property, in any public stocks or funded debt, created or to be created, by or under any of the laws of the United States, or this or any other state, or in exchange, or other commercial or negotiable securities, and the same to sell or transfer at pleasure, and again reinvest the same whenever and so often as the exigencies of said company or a due regard for the safety of its funds shall require; or they may loan the same, or any part thereof, to individuals or to corporations, on real or personal security, for such period of time as the directors for the time being shall deem prudent and best for the interest of said company. SEC. 7. Be it further enacted, That the real and personal estate, business and funds of said company and the administration of its affairs, shall be under the direction, management and control of five directors, each of whom shall be owners in their own name of not less than twenty-five shares of the capital stock of said company, and that the individual property, both real and personal, of every stockholder in said institution, shall be held and bound for the payment of the debts of said corporation to the extent of the stock of each company [stockholder]. SEC. 8. Be it further enacted, That an election shall be held after the first, for the election of a board of directors for said company, at the office of said company in the town of Osceola, on the first Monday in May, in each and every year, of which ten days' notice shall be given, in the newspapers of this State; that each shareholder shall be entitled to give one vote, for each share of which he may be the owner; and the persons so elected shall serve as directors for the next succeeding twelve months; and if at any time an election shall not be held, as herein provided, the said company shall not be dissolved, but the board of directors for the time being shall serve until another election shall take place, which may be at any time thereafter, the board for the time being giving at least ten days' notice thereof, in at least one of the newspapers printed in said State; and the said directors are hereby authorized to fill any vacancy which may happen from death, resignation, or otherwise. SEC. 9. Be it further enacted, That the directors so elected, shalb elect one of their body president of said company, who shall serve until the next annual election. In case of his death, resignation or removal, the board shall appoint a president pro tempore. They shall fill all vacancies which shall occur in their own body, and shall appoint a secretary and subordinate officers, clerks, agents and servants of said corporation, and define their powers and prescribe their duties, who shall hold their offices during the pleasure of the board. SEC. 10. Be it further enacted, That the president and two of the directors shall have full power and authority in the name of said corporation, to insure upon all and every description of property, and may receive for the amount of the premium, such secu-. rity, and payable at such times as they may deem satisfactory, and in conformity with regulations, which may from time to time be established by the board. SEC. 11. Be it further enacted, That it shall and may be lawful for the stockholders of said company to sell and transfer said stock as they may do other personal property. SEC. 12. Be it further enacted, That, on the first Mondays of May and November, of each year, half-yearly statements shall be made of the situation of the capital and of the state of the accounts of the company, which shall be laid before the stockholders, with the amounts, number and risks, undetermined, and such dividends of the profits may be made as the president and directors may think advisable; but they shall in no case diminish the capital stock. SEC. 13. Be it further enacted, That if, at any time, a stockholder shall fail to pay such installments on his stock as may be called for at the time, and in the manner prescribed, the board of directors shall have full power to declare such stock forfeited; and shall, after giving ten days' notice thereof, offer the same for sale at public auction, to the highest bidder for cash; and the number of shares so sold shall be transferred to the purchaser by the president and directors of said company, who shall, by virtue of such transfer become a member of such company; and if the same be not equal to the amount paid and the call for which it is sold, the company 'may proceed to collect the residue from the original stockholder by suit, in any court or tribunal of the State having jurisdiction thereof. SEC. 14. Be it further enacted, That the board of directors shall have power at any time, where in their opinion, the interest of the company requires it, to demand of any stockholder additional security for such part of his stock as may remain unpaid; and if such stockholder shall fail or refuse to give such additonal security, to the satisfaction of the board of directors, they may declare such stock forfeited, and sell the same as provided for in the preceeding sections. SEC. 15. Be it further enacted, That said company shall have power to insure any property not named in this act. SEC. 16. Be it further enacted, That the president and directors of said company may have power to establish agencies in the State of Arkansas, or elsewhere, if to them it may seem proper. SEC. 17. Be it further enacted, That said company shall pay to the State the amount of one fourth of one per cent. per annum on the amount subscribed and paid in as a bonus for the charter. SEC. 18. Be it further enacted, That there may be established an insurance office at the city of Van Buren, in this State, with a capital stock of one hundred thousand dollars, to be governed in all things under the rules, regulations, limitations and restrictions with all the powers, privileges and immunities conferred on the corporation of the "Peoples' Insurance Company at Osceola," and shall be called the North-western Insurance Company, and shall continue for fifty years. SEC. 19. Be it further enacted, That the books for subscription for stock shall be opened at Van Buren on the first Monday in March, 1853, and continue open for five days, or until the whole stock shall have been taken and subscribed, under the direction of E. B. Bishop, Alfred Wallace, John Henry, George W. Clarke, and Phillip Pennywit, commissioners appointed for that purpose. Approved 6th January, 1853. An act to amend Chapter 138, of the Digest of the Statutes of Arkansas, under the head of Revenue of the Counties. of redeemed scrip or warrants. 2. This act to take effect and be in force from its passage. 1. Clerk of each county to enter in a book by him provided for the purpose, the amount, number and date! SECTION 1. Be it enacted by the General Assembly of the State of Arkansas, That it shall be the duty of the several clerks of each county in the State of Arkansas, to enter in a book to be provided by him for that purpose, the amount, number and date of all redeemed scrip, or warrants, that may have been canceled, so as to show at all times the full amount of the indebtedness of his county. SEC. 2. Be it further enacted, That this act take effect and be in force from and after its passage. Approved 6th January, 1853. 11 An act repealing in part, an act entitled "An act to grant Corporate Powers for certain purposes." SECTION 1. So much of an act as relates to build-1 ing bridges, approved 8th January, 1851, repealed. SECTION. 2. This act to take effect and be in force SECTION 1. Be it enacted by the General Assembly of the State of Arkansas, That so much of an act entitled "an act to grant corporate powers for certain purposes," approved Sth January, 1851, as relates to the building of bridges, be, and the same is hereby repealed. SEC. 2. Be it further enacted, That this act take effect and be in force from and after its passage. Approved 7th January, 1853. SECTION An act to incorporate the Makemic College. 1. Names certain persons as trustees of Makemic College, and grants them rate powers. SECTION. same to Synod at each annual meet- 2. Grants to Synod of Arkansas, under 5. First meeting of said corporation to the care of General Assembly of 3. Corporation to erect at any point they may select, an institution of learn- be at time appointed by any three 6. Three members necessary to transact 7. Misnomer not to defeat any gift 8. If charter forfeited, all the property of 9. No interpretation of this act to con- 10. Act to take effect and be in force 4. Shall keep regular and fair entries of their proceedings and just accounts of their receipts, and exhibit SECTION 1. Be it enacted by the General Assembly of the State of Arkansas, That Samuel J. Baird, Thomas W. Newton, Joshua F. Green, Edwin R. McGuire, D. C. Montgomery and William L. McGuire, and their successors, chosen in manner as hereinafter directed, be, and they are hereby constituted a body politic and corporate, by the name of "Trustees of Makemic College," and by that corporate name, to sue and be sued, to plead and be impleaded, to answer and be answered, defend and be defended in any court of law or equity in the State of Arkansas. SEC. 2. Be it further enacted, That it shall be lawful for the synod of Arkansas, being under the care of the general assembly of the Presbyterian church in the United States, so soon as the said synod shall so determine, to appoint additional numbers to the said corporation, so that the whole number shall not at any time exceed eighteen, and the members to change from time to time, as it may deem expedient, not removing more than one third of the whole number in any one year; to fill any vacancies which may occur in the corporation; to elect all instructors in the several departments of the institution for the erection of which this act provides, and the same to remove when it shall be deemed needful for the welfare of the institution. SEC. 3. Be it further enacted, That said corporation shall have power to found an institution of learning at such point within this State as they may select; to establish in it departments for instruction in the arts and sciences, and any of the learned professions, and upon the recommendation of the faculty, to confer all such degrees as are usually conferred by colleges or universities; to adopt a common seal for the transaction of business, and to give diplomas, in testimony thereof, signed by the president of the corporation, and by the members of the faculty of the college, and sealed with the common seal of the corporation; for the establishment and support of said institution, to purchase, receive, hold and use all kinds of property in any such way, and in as full and complete a manner as by the laws of this State any person or corporation can or ought to do; and the same to manage and use according to their best aiscretion for the procuring of grounds, the erection of buildings, the support of instructors, the purchase of libraries and apparatus, and whatever else they may deem conducive to the welfare of the institution; Provided, That the annual income of such property shall not exceed the value of twelve thousand dollars, exclusive of the grounds, buildings, apparatus, libraries, and other furniture of the institution. SEC 4. Be it further enacted, That the said corporation shall keep regular and fair entries of their proceedings, and a just account of their receipts and disbursements in books provided for that purpose, and shall exhibit the same to the said Synod of Arkansas at each annual meeting of that body, and shall conform the manage ment of their trust to such instructions as may at any time be received in writing from the said synod, under the hand of the clerk thereof. SEC. 5. Be it further enacted, That the said corporation shall hold its first meeting at such time and place as may be indicated by a circular letter, signed by any three of the above named members, |