and shall thereafter meet upon its own adjournments, or be assembled by a written summons to each member, issued by the president and endorsed by at least one other member of the corporation, or upon an order passed by the said synod, attested by the clerk thereof, and addressed to each member. SEC. 6. Be it further enacted, That in order to transact any business there shall be present at least three members, and not less than one third of the whole corporation. The aforesaid corporation shall have power to make by-laws and ordinances, to elect a president and vice president, appoint such other officers and servants as may be deemed necessary, and do every thing incident and needful for the support and government of the said corporation, and managing of the funds, revenues and property thereof. SEC. 7. Be it further enacted, That no misnomer of the "Trustees of the Makemic College shall defeat or annul any gift, devise or bequest to the same; Provided, The true interest of the parties shall sufficiently appear on the face of the writing by which any estate or interest was intended to pass to the said college; nor shall said trustees forfeit this charter by non user. SEC. 8. Be it further enacted, That should the charter at any time, or by any means be forfeited, all the property of said corporation shall thereupon vest in the said Synod of Arkansas, to be by it appropriated to educational purposes. SEC. 9. Be it further enacted, That no interpretation shall be given to this act, or any provisions therein, contravening the constitution or laws of the United States, or of Arkansas, or any other provision of this act. SEC. 10. Be it further enacted, That this act shall take effect and be in force from and after its passage. Approved 7th January, 1853. An act to incorpate the Merchants and Planters Insurance company at Camden. SECTION. 1. Establishes an insurance company at Camden with a capital stock of 100,000, which may be increased to $300,000, in shares of $10 each, to continue 50 years. 2. Names certain persons as commissioners to open books for subscription at Camden, or other places they may designate; when capital stock subscribed, stockholders to meet SECTION. use a common seal; make by-laws and regulations for the good of the company, not inconsistent with the laws of this State and the United States. 4. Said company to make no insurance until 10 per cent. of the capital stock shall be paid; upon payment of installments, stockholder to receive certificates of amount. and elect five directors, to hold 5. Company to insure property and fix office till successors elected. 3. Said company to have and hold property, real and personal; have and premiums, and on lives; to hold lands, and the same to convey, sell and dispose of. SECTION 8. Provides for an election of directors on first Monday of March in each 9. Directors to elect a president, to hold 10. President and two directors to insure on all kinds of property, and take security for premiums." SECTION 11. Stockholders may sell or transfer stock. 12. Half yearly statements of the affairs of the company to be laid before stockholders; capital stock not to diminish. 13. Directors may declare stock forfeited upon failure of stockholder to pay installments, and may proceed to sell said stock to highest bidder for cash, and the buyer becomes a member; company may make up deficiency by suit against original stockholder. 14. Board may require of stockholders 15. Company have power to insure any agencies in this State or elsewhere. 17. Company to pay to the State onefourth of one per cent. per annum on the amount subscribed for and paid in, as a bonus for the charter. SECTION 1. Be it enacted by the General Assembly of the State of Arkansas, That an insurance company shall be established in the city of Camden, in Ouachita county, with a capital of one hundred thousand dollars, with power and authority to increase the capital stock to three hundred thousand dollars, to be divided into shares of ten dollars each, to be subscribed for in the manner hereinafter specified, which body politic shall have perpetual succession by the name and style of the "Merchants and Planters Insurance Company at Camden,” and shall so continue for the period of fifty years. SEC. 2. Be it further enacted, That Ezra Hill, John Matlock, James Vaughan, Peter McCollum, James M. Brooks, Joseph M. Graham, Wm. Cleaver, Peter K. Rounsaville, and Calvin M. Hervey, be, and they are hereby appointed commissioners, (and three of whom may act) and are authorized to open books for subscription at the said city of Camden herein before mentioned, or at such other place or places, as they may designate, for the capital stock of said company, on the first Monday in March next, or at any subsequent time which they may designate, and to keep them open for ten successive days, from ten o'clock, A. M. until four o'clock, P. M. unless the said stock shall be sooner taken, and if the said stock shall, within the said ten days be subscribed for, it shall and may be lawful for the stockholders to meet and elect five directors, who shall hold their office until the first Monday in March, 1854, and until their successors are elected; Provided, That if the said stock is not all subscribed at the time appointed, the books may be opened from time to time upon notice, until the stock is taken. SEC. 3. Be it further enacted, That said corporation is hereby authorized to hold, possess, and acquire, and the same to sell and convey all such real estate as shall be necessary for the convenient transaction of its business, or which may be conveyed to said company for the security of any debts which may become due and owing, or in satisfaction of any judgment or decree rendered in favor of said company; and may have and use a common seal, the same to alter or renew at pleasure, and may make such other regulations and by-laws as shall be necessary and proper for the good government of said company, not inconsistent with the laws and constitution of this State and the United States. SEC. 4. Be it further enacted, That said company shall not be authorized to make any insurance under the provisions of this act until the stockholders shall have paid up ten per cent. upon the capital stock of said company subscribed, and shall have no one risk to exceed one third of its capital stock paid and secured to be paid; that said company shall, when the stockholders thereof, in pursuance of a call of said company for the payment of installments on stock of said company, and the same shall be paid according to the provisions of this act, issue to such stockholder a certificate of the amount or amounts so by them respectively paid on such share or shares so subscribed. SEC. 5. Be it further enacted, That said company shall have full power and authority to make insurance upon ships, steamboats, flat boats and other water crafts, and vessels and frigates, (seamen's) wages, goods, wares and merchandise, furniture and other articles, gold, silver, bullion, or money, against all maratime risks, or risks of the river, and upon houses, stores, or other buildings, goods, wares or merchandise, and other articles, against fire, and upon bottomry and respondentia, and to fix a premium thereon; and the said company shall have power to make insurance on lives, to accept and execute all such trusts of every description as may be committed to them by any person or persons whatever, as may be transferred to them, to receive and to hold lands under grants with general or special covenants 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 their objects. SEC. 6. Be it further enacted, That said company may invest any part of the capital stock, money, funds, or other property, in any public stock 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. 1 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 pay. ment of the debts of said corporation, to the extent of the stock of each 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 city of Camden, on the first Monday in March, in each and every year, of which twenty days' notice shall be given in two or more newspapers of this State; that each share holder 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, 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 two newspapers printed in this State, and the said directors are hereby authorized to fill any vacancy which may take place from death, resignation or otherwise. SEC. 9. Be it further enacted, That the directors so elected, shall 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 to insure upon all and every description of property, and may receive for the amount of the premium, such security 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 or transfer said stock as they do other personal property. SEC. 12. Be it further enacted, That on the first Mondays' in 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 twenty 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 purchasers by the president and directors of said company, who shall by notice 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 when, in their opinion, the interests of the company requires it, to demand of any stockholder additional se curity for such part of his stock as may remain unpaid; and if such stockholder shall fail or refuse to give such additional security to the satisfaction of the board of directors, they may declare said stocks forfeited and sell the same as provided for in the preceding section. SEC. 15. Be it furter 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 for and paid in, as a bonus for the charter. Approved 8th January, 1853. An act to establish in the town of Batesville, State of Arkansas, an Institution for the promotion of the Fine Arts, Mechanism, Science, Education, Commerce and Agriculture, and the Diffusion of Knowledge. SECTION 1. Certain persons named and their successsors in office constituted a body corporate and politic; and by the name of the Batesville Institute; with perpetual succession; and by that name, may sue and be sued; have power to make, use and alter SECTION a common seal; to buy and sell property; deal in bullion, bills of exchange, etc,; borrow and loan money; make by-laws, and regulations for the control of the company; have powers incident to colleges and other institutions of learning. |