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Corporation. power

fiscal agent,

etc.

Savannah Trust and Safe Deposit Company.

be considered and accepted as the security intended in all cases where bonds and sureties are required by law, and no other bond or security shall be required for the faithful performance of any duties imposed upon it, when this company shall accept such trusts. That all laws of force in this State, and not contrary to the provisions of this Act, concerning Executors, Administrators, Guardians, Trustees, Assignees or Receivers, shall apply to this company when appointed to such office.

And said corporation shall have power to act as fiscal agent for the State of Georgia, or for any corporation or municipality, for of to act as issuing, registering and countersigning bonds, certificates of stock and for paying coupons. And when the management of any estate or fund is vested in said company under the provisions of this Act, said company may be sued as to any matter connected therewith, in the county in which the appointment was made. And it shall be the duty of the company to have an agent in every such county upon whom service can be effected; and in case they fail to have such agent thay may be served by publication as nonresident defendants in equity causes are now served.

to invest

liabilties of.

SEC. IV. That when said company shall have moneys in its Powers of, hands, acting in any of the aforesaid judiciary capacities, which meneys in ought to be invested, it may invest the same in the bonds or public bonds, and debt of the United States, or of this State with like freedom from liability as though ordered to do so by the will or other instrument creating the trust, provided such investments be not contrary to any of its directions. That said company shall not be obliged to convert into cash, or change any investments in stocks, bonds or other securities, which may come into its hands when acting in any of the aforesaid official or fiduciary capacities unless directed by deed or will, or required to do so, for the payment of debts, expenses or pecuniary legacies. Upon any sum, not less than one hundred dollars, which shall be received by said company in its capacity of Trustee, Guardian, Assignee or Receiver, under the order of any court, a reasonable interest shall be allowed of not less than three (3) per cent. per annum, until the money so received shall be duly expended, distributed or permanently invested. When the annual income of an infant, of whose estate said company shall be the guardian, shall exceed the sum allowed, , or which may be sufficient for the education, maintenance and support of said infant, such surplus income shall be accumulated by said company for the benefit of such infant, by adding interest annually on the whole as a new principal.

Condition

agement of

SEC. V. That whenever any court sha'l appoint said company as Trustee, Assignee or Receiver, or deposit with said company any and man- moneys, such court may at any time appoint a suitable person to Co. subject investigate the condition and the management of said company, tigated, who shall report to said court his opinion of the safety and pruwhen and dence of its investments and the integrity and ability with which

to be inves

how.

Savannah Trust and Safe Deposit Company.

its affairs are conducted, and the security afforded to those by whom its engagements are held. The Governor of the State, may cause such examination to be made by proper person or persons annually, or oftener if in his opinion any emergency should require it.

vert and

to make de

SEC. VI. That married women and minors shall be competent Feme coto make deposits with said company, and their checks or receipts minors for the same shall be a sufficient discharge to the company, and competent such deposits shall not be subject to the claim, control, or the posits, etc. debts of the husband of such married woman, or the parent or guardian of such miner.

to receive

SEC. VII. That said company shall have power to receive upon Authorized deposit for safe-keeping, upon such terms as shall be prescribed, deposits. or shall be agreed upon, personal property of every sort and kind, including certificates of stock, securities and other evidences of the same, or of titles thereto, as well from Executors, Administrators, Guardians, Receivers, Trustees, public officers and all other fiduciaries, who are hereby expressly authorized to make such deposits or bailments, as from all other persons or corporations, and that said company is and shall be authorized to provide, and make bargains and arrangements for the use of safes, vaults and other receptacles for such property.

subscrip

subscribers.

SEC. VIII. That within six months from the passage of this Books of Act the persons named in the first section of this Act, or any tion. three of them, shall open books of subscription at such point or points as they may select, giving notice thereof by publication for ten days in at least one newspaper, published in the city of Savannah, and keep such books open as long as they think proper, to receive subscriptions to the stock of said company, to be located in the city of Savannah, to an amount not exceeding one million dollars, in shares of one hundred dollars each, whereof ten per centum shall be paid in cash at the time of subscription. All sub- Liabiliti's of scriptions to the capital stock of said company shall be binding upon the subscribers, and upon their heirs, assigns and legal representatives, and shall be payable at such times, and in such install ments, as the Directors may require. Each stockholder shall be entitled to one vote for each share of stock standing in his or her name at all elections for Directors, or in any convention of shareholders, and such vote may be given in person or by proxy duly appointed. All votes shall be by ballot in elections and a plurality of votes shall elect. Whenever two hundred and fifty thousand dollars have been subscribed and twenty-five thousand dollars paid in cash, then said persons who shall have opened said books as aforesaid, shall cause notice to be given to the subscribers by advertisement in at least one newspaper, published in the city of Savannah, (and elsewhere if they see fit) two consecutive weeks prior to the time appointed for the meeting of the subscribers, requiring them to assemble at the time and place to be designated in the publication, to organize and elect a Board of Directors. On the

Board of Directors, powers

Savannah Trust and Safe Deposit Company.

assembling of the subscribers, or such of them as may choose to attend, they shall proceed to hold an election for the first Board of Directors of the company.

SEC. IX. That the corporate powers of said company shall be vested in and exercised by the Board of Directors, who shall serve one year, and until the election of their successors, and who shall vested in. choose out of their own number a President and Vice-President, and shall have power to fill any vacancy which may occur, appoint such officers and clerks as may in their judgment be necessary, fix the compensation, and define the duties of such officers, and to remove them when it seems proper to them to do so. Said Board of Directors shall have power to make by-laws for the management of the affairs of the said company, and do all things necessary for the protection of its interests, in conformity with the provisions of this Act, and subject to revision, modification or repeal by the shareholders in convention assembled. The Directors shall have power to declare and pay dividends out of the earnings of the company: Provided, always, that no dividends shall be made until the earnings are sufficient to pay the same, after deducting all expenses, and losses, if any, and after placing at least ten per cent, of such net earnings annually, to a permanent surplus fund, until such surplus fund shall be equal to twenty per cent. of the paid up capital, after which time at least five per cent. of the net earnings shall be added to the surplus fund annually. No person shall be a Director who does not own at least twenty shares of stock. The number of Directors shall not be less than seven, nor more than thirteen, a majority of whom shall be residents of Savannah, and a majority of those known to be in the city at the time of any meeting of the Board, including the President or Vice President, shall be a quorum for the transaction of business.

of stock,

Certificates of stock shall be issued to shareholders, in such Certificate form, and transferred in such manner, as the Directors may prehow issued, scribe, but no transfer or assignment of shares shall operate to and effect release any holder from any obligation to the company without the consent of the Board.

of.

Company

SEC. X. That the company shall be responsible to its creditors to the extent of its property and assets, and shareholders shall be and share liable to the full amount of the unpaid shares subscribed for, in bilities of. proportion to the number of shares held by each.

holders, lia

Powers,

etc.,

SEC. XI. That the powers, franchises and privileges granted by this Act to said company, shall not be repealed or changed, so as franchises, to effect its power faithfully to execute and carry out any trusts held this Act not by the company, or so as to injure any interests committed to its pealed, but care and management, without the consent of the stockholders, consent of creditors, and persons interested.

to be re

with the

whom.

SEC. XII. All laws and parts of laws conflicting with this Act be, and the same are hereby, repealed. Approved September 30, 1879.

Charter of Cherokee Iron Company Amended,

TITLE II.

MANUFACTURING COMPANIES.

ACTS.

Charter of Cherokee Iron Company amended.

Authorizing Cumming Manufacturing Company to borrow money, etc.

CHARTER OF CHEROKEE IRON COMPANY AMENDED.

No. 97.

An Act to amend the charter of the Cherokee Iron Company so as to authorize said company to build and operate railroads from Cedartown, Georgia, to the Selma, Rome and Dalton Railroad, and for other purposes.

Iron Co. au

operate a

SECTION I. Be it enacted by the General Assembly of the State of Georgia, and it is hereby enacted by authority of the same, That from Cherokee and after the passage of this Act, in addition to the powers already thorized granted to the Cherokee Iron Company, they are hereby author- build and ized to build and operate railroads from their works in Cedartown railr'd from to the Selma, Rome and Dalton Railroad, by such route as said to the Selcompany may deem most available, and to connect with the said ma, Rome Selma, Rome and Dalton Railroad at or near Cave Spring, in the Railroad. county of Floyd, at or near Prior's Station, in the county of Polk, or at or near Tecumseh Depot via Easom Hill.

Cedartown

and Dalton

SEC. II, Be it further enacted, That said company be authorized Build and to build and purchase engines, cars, and all other machinery purchase necessary to a successful operation of said roads.

engines, etc.

SEC. III. Be it further enacted, That said company shali have a Right-ofright of-way of sixty-six feet wide through the lands along said way. route, upon paying the owners just and adequate compensation therefor.

quired.

SEC. IV. Be it further enacted, That in case the said company and How acthe owners of land through which said road may pass cannot agree as to the amount to be paid for the right-of-way, then said company shall select a man, the owner of the land another, and these a third man, who shall determine the value of said right-of-way: Pro

Authorizing Cumming Manufacturing Company to Borrow Money, Etc.

Either par

ty may ap

peal to the Superior Court.

tried.

vided, that if either party be dissatisfied, such party may, within two days, present the arbitrators a written demand for an appeal; whereupon the arbitrators shall return their award with such demand to the office of the Clerk of the Superior Court; said Clerk Appeal, how shall docket the same, and it shall stand for trial as an appeal from a Justice Court at the next term of said Superior Court, unless legally continued: Provided, that, pending said appeal, said com. pany may, upon tendering the amount of damages assessed by the arbitrators, and filing in said Clerk's office its bond, with good security, in double the amount of damages so assessed, conditioned to pay the eventual condemnation money, proceed with its work upon such land, as though no appeal had been taken.

SEC. V. Be it further enacted, That all laws and parts of laws militating against this Act be, and the same are hereby, repealed. Approved September 6, 1879.

M'f'g Co., of

AUTHORIZING CUMMING MANUFACTURING COMPANY TO
BORROW MONEY, ETC.

No. 334.

An Act to authorize the Cumming Manufacturing Company of Augus ta, to borrow money on bond, mortgage or other security, and for other purposes.

SECTION 1. The Senate and House of Representatives of the State of Georgia, in General Assembly met, do enact, That the "Cumming Cumming Manufacturing Company, of Augusta," a corporation created by Augusta, a law of the General Assembly of Georgia, approved August 27, 1872, is hereby authorized to borrow money on bond, mortgage or other security, on consent of the stockholders representing a majority of the stock.

authorized to borrow

money.

SEC. II. Be it further enacted, That so much of all laws or parts of laws, as are in conflict with this Act, are hereby repealed. Approved October 19, 1879.

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