after the first election for directors a share holder must have owned such share for at least sixty days next preceeding any election to entitle him to a vote.

books for further

SEC. 8.. And be it further enacted, That after the organization of said company, if it should be deemed proper by Authority to open the directors at any time to open books for further subscrip- subscription. tion to the capital stock, they shall have the privilege of doing so, and the original stockholders shall have the preference in subscribing said additional stock, and for that purpose they shall be entitled to ten days notice after said books are opened to take the same, said notice to be given by being published in some newspaper printed in said city.

APPROVED, February 18, 1854.

To incorporate the Broad Street Hotel Company of Selma.

SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Alabama in General Assembly convened, That John M. Strong, Nathaniel Walker, James M. Huggins, James D. Monk, Samuel M. Chapman and Thos. W. Street be, and they are hereby constituted and appointed, commississioners to open books of subscription to the capital stock of a company to be called "The Broad subscription. Street Hotel Company of Selma," and any three or more of said commissioners are empowered to discharge the duties and perforin the acts authorised to be performed by the whole number.

Commissionere to open books of

Time and mode of

ments.

SEC. 2. Be it further enacted, That said commissioners shall, at such time and place as they may appoint, and on giving such notice as they may deem proper, open books and receive subscriptions to the capital stock of said com- paying instal pany, the subscriptions to be payable to said company in its corporate name, at such time, and in such instalments, and in such manner as the board of directors may require. All subscriptions made to the stock of said company, in pursuance of the provisions of this act, shall be binding on the subscribers, their heirs and legal representatives, in accordance with the terms of this act. The capital stock of said company shall be one hundred thousand dollars, divided into shares of five hundred dollars each.

SEC. 3. Be it further enacted, That when the subscriptions to the stock of said company shall amount to as much

dy corporate.

as fifty thousand dollars, or more, the subscribers and their future associates and successors shall be and become a body Constituted a bo- corporate and politic, and shall have continual succession under the name of "The Broad Street Hotel Company of Selma;" and by that name may contract and be contracted with, sue and be sued, plead and be impleaded in any court having jurisdiction of the subject matter; may have and use, and alter and renew at pleasure a corporate seal, and may purchase, own and hold, in fee simple or otherwise, all property, real and personal, necessary or proper for the purposes and business of the company, which is by this act declared to be, the erection, furnishing, and carrying on a hotel in the city of Selma. In the erection of said hotel, said company may erect in connection therewith such store houses, offices and other apartments as they may desire, to be rented or otherwise used as the company may desire, with all necessary and convenient out houses or buildings and appurtenances; and said company may alien, sell, rent, or lease, or otherwise dispose of their property or any part thereof as they may deem proper. And said company may do all other acts and things necessary or proper to be done in the course of their business, as they may think proper, not inconsistent with the terms of this act, or the constitution or laws of this state or the United States.

bers.

SEC. 4. Be it further enacted, That so soon as the sum of fifty thousand dollars, or any larger sum not exceeding the capital stock of the company, shall have been subscribed,

Notice to subscri- the commissioners shall notify the subscribers thereof by giving them personal notice, or by advertising in some newspaper, published in the city of Selma, ten days prior to the time appointed for the meeting of the stockholders, notifying them to assemble, at a time and place to be appointed by the commissioners, to elect a board of directors; and the commissioners who may act shall be judges of the election. Every stockholder shall be entitled to one vote, for every share of stock owned, in all elections for stockholders, and in all matters acted on by the stockholders in convention, and a plurality of votes shall elect until the company shall *otherwise direct; and the company may require, if they think fit after the first election, that it shall require a majority of all the votes cast to elect a director. The number of directors shall be four, to be chosen from the stockholders, but the company shall have power at any time to increase or diminish the number of directors.

Term of office.

SEC. 5. Be it further enacted, That the first and all subsequent boards of directors shall hold their offices for one year, or until their successors are chosen. The directors shall be chosen annually, but for want of such election, the corporation shall not be dissolved or suspended. Each board shall select one of their number as president of the board and of the company. The president shall hold his office for one year, or until his successor is chosen; and the board of directors shall have power to fill all vacancies which may occur in their body, or in the office of president.

ers directors.

SEC. 6. Be it further enacted, That the board of directors may exercise all powers and rights conferred on the com- Rights and pow. pany by this act. A majority of the directors, including the president, or president pro tem., whom the board may appoint in case of need from their own body, or the body of the stockholders, as may be deemed best, shall constitute a quorum for all purposes, and a majority of the stockholders in interest shall be a quorum for all purposes. The board of directors shall have power to enact all by-laws and regulations deemed necessary for their own government, and the management of the business and affairs of the company, and may enforce the same by suitable penalties and forfeitures applicable to their stockholders, and officers and servants of the company, not contrary to the laws of this state or the United States. They may appoint such officers and agents as they may deem proper, and allow them such compensation as they may think fit.

SEC. 7. Be it further enacted, That all elections of di- Elections. rectors shall be by ballot, and any stockholder may vote by agent or proxy appointed in writing. Executors and administrators may control the votes of their testator or intestate, and guardians of their wards.

SEC. 8. Be it further enacted, That the board of directors Certificates of shall issue proper certificates of stock and may direct the stock. manner in which the certificates may be assigned, and annex such conditions to assignments as may be deemed proper for the interests of the company; and all stock not assigned in the manner required or designated by the company, shall be liable to the company for all debts due the company by the person assigning or undertaking to assign, whether such debts be contracted before or after the assign

ment.

SEC. 9. Be it further enacted, That the board of directors shall declare and pay annual or semi-annual dividends as Dividends. the company may direct, to the stockholders, out of the profits of the business, or the rents of the company. They shall also keep, or cause to be kept, and exhibited to the stockholders when required, proper and regular books, showing all the transactions, and the receipts and disburse

Additional subscriptions.

ments of the company, and shall make out a complete account of their business and transactions whenever required by the stockholders. A majority in interest of the stockholders shall constitute a quorum for all purposes.

SEC. 10. And be it further enacted, That the board of directors after the organization of the company may receive additional subscriptions to the capital stock of the company until the whole amount of the stock shall have been subscribed for.

APPROVED, February 15, 1854.

[No. 418.]

AN ACT

To incorporate Sandy Ridge Female Academy, in Lowndes

County.

Corporators.

SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Alabama in General Assembly convened, That Conrad Webb, George Harrison, A. J. Perry and A. B. McWhorter, and their successors in office, be, and they are hereby constituted and declared a body corporate, by the name and style of "The Trustees of the Sandy Ridge Female Academy," and by that name may sue and be sued, plead and be impleaded, answer and be answered unto, in all kinds of actions, both in law and equity; may receive donations, purchase property of any kind, whether real, personal or mixed, for the sole use and benefit of the said academy, the same to hold, use or dispose of at pleasure, and have and use a common seal; they shall further be empowered to make such rules, regulations and by-laws, for the good government of the said academy, as may be necessary, the same not being repugnant to the constitution of the United States, or of the constitution and laws of this state.

Unlawful to sell

SEC. 2. And be it further enacted, That it shall not be pirituous liquer, lawful for any person to sell spirituous liquors or wines at any point within one mile and a quarter, or less, of said academy, except for medical purposes; and if any person shall sell spirituous liquors or wines in violation of the provisions of this section, such person shall be subject to indictment, and on conviction, may be fined in a sum of not less than one hundred nor more than five hundred dollars for each and every such offence.

APPROVED, February 18, 1854.

To amend the Charter of the Town of Florence.

SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Alabama in General Assembly convened, That so much of the sixth section of the act incorporating said town, approved January 7th, 1826, as provided Taxes. that the mayor and aldermen of said town shall not have power to levy a tax exceeding the state tax on property, nor a poll tax on free polls exceeding one dollar, be, and the same is hereby repealed; Provided, That the tax on real estate shall not exceed sixty cents on each hundred dollars of the value thereof, nor the tax on merchandise sales one dollar for each hundred dollars thereof.

To incorporate the town of Orrville, in Dallas county.

SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Alabama in General Assembly convened, That the town of Orrville, in Dallas county, is hereby Incorporated. incorporated with all the privileges and immunities belonging to incorporated towns; and the corporate limits of said town shall include one mile square, the centre of which shall be the female academy, in said town.

SEC. 2. Be it further enacted, That the name and style of the said town shall be the Intendant and Council of the town of Orrville.

SEC. 3. Be it further enacted, That James F. Orr, A. Y. Howell, John A. Norwood, Thomas Craig and B. Shields, or any two of them, may hold an election at any time they may deem proper, on giving ten days notice, for an intendant and four councilmen; at said election the qualified voters residing within said corporate limits shall be entitled to vote. Said officers shall hold their offices for one year; they shall fill all vacancies which occur in their body before the next annual election; they may elect a constable, and such other officers as may be necessary, and fix their compensation; they ma may levy such tax on the items and articles of state taxation as may be necessary for the support and government of the said corporation, or for the good order and regulation of the same.

Name and style.

Election.